Jubilant Energy shares rise as drilling begins at Kharsang Oil Field

Shares in oil and gas exploration company Jubilant Energy rose on Tuesday morning after the company reported that spudding had commenced at its well in the oil producing Kharsang Field.

Shares in oil and gas exploration company Jubilant Energy rose on Tuesday morning after the company reported that spudding had commenced at its well in the oil producing Kharsang Field.

Spudding is the technical term used to describe the initial process of drilling a well. Jubilant Energy reported that the procedure was being undertaken at the first of six planned wells as part of its Phase III Extension development drilling campaign in Arunchal Pradesh, a northeastern state of India.

This particular phase was approved by the management committee of the Kharsang Field in January 2013 following the conclusion of a seven well Phase III drilling campaign undertaken between July 2011 and August 2012.

Six of the seven wells in the Phase III campaigbn have been put into production and currently contribute approximately 700 barrels of oil per day.

One further well tested also positively for gas and has been held for future gas productiobn as it is commercially viable.

The Kharsang Field is operated by GeoEnpro Petroleum, which is a joint venture between GeoPetrol and Jubilanty Enpro. Jubilant holds a 25% interest in the block through its subsidiary Jubilant Energy. The other member of the consortium is Oil India.

Jubilant Energy entered the oil and gas business in 1995 by acquisition of a stake in a producing field in the north eastern part of India. Its portfolio is located in the hydrocarbon basins of Krishna Godavari, Assam-Arakan, Cambay and Cauvery in India and the Bass basin in Australia.

Jubilant Energy's share price was up 5.19% to 20.25p at 08:00 on Tuesday.

MF

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?
Bitcoin

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?

As bitcoin continues to soar in value, many of the world’s central banks are looking to emulate it by issuing their own digital currencies. But centra…
8 Apr 2021
House prices: from boom to even bigger boom
House prices

House prices: from boom to even bigger boom

UK house prices have risen to new to record highs, says Nicole Garcia Merida. Demand continues to outpace supply, but continued low interest rates, th…
9 Apr 2021
Nuclear power might never be popular – but now looks a good time to invest
Commodities

Nuclear power might never be popular – but now looks a good time to invest

Nuclear power gets a very bad press, but it is the ultimate renewable energy source. Interest in it is perking up again, says John Stepek. Which means…
9 Apr 2021