Hardy Oil to abandon 1 well in KG D9 block; RIL stock down

Hardy Oil to abandon 1 well in KG D9 block; RIL stock down

UK-based Hardy Oil and Gas, which has 10% stake in Krishna-Godavari D9 block on the east coast of India, will abandon exploration of one well. The Hardy Oil stock was down 36% on the London Stock Exchange on the announcement.

India’s Reliance Industries (RIL), the field's operator, holds 90% in KG D9. RIL’s stock was seen under pressure after the news came out and was down about 4% on the National Stock Exchange at 14.35.

In response, RIL said it would comment only after informing the Directorate General of Hydrocarbons (DGH), the government body that overlooks the management of oil and natural gas resources in India.

The DGH in June had complained to market regulator Securities and Exchange Board of India (SEBI) when Hardy had “prematurely” announced its assessment of reserves in the KG blocks.

Market Watch: Sensex trips on profit booking; RIL, L&T weigh

RPT-UPDATE 1-Reliance shares hit as partner says to abandon well ...

Reliance down as Hardy Oil abandons well in KG D9 block

Reliance down as Hardy Oil abandons well in KG D9 block

India Infoline News Service / 02:26 PM , Oct 23, 2009

Hardy holds a 10% stake in the D9 block while, Reliance Industries is the operator, with a 90% stake.

Shares of Reliance Industries have declined by over 4% to Rs2064 after Hardy Oil & Gas Plc reportedly plans to abandon a well in the KG-basin that showed “poor” reservoir sands. Hardy Oil and Gas plc, announced the results of the drilling of the first of a four well programme on the Company's D9 (KG-DWN-2001/1) exploration license. The exploratory well KGD-A1 drilled to a total depth of 4,875 m TVDRT (4,861 m subsea) to explore the Middle and Lower Miocene targets, will be plugged and abandoned. While encountering some background gas while drilling, the well encountered poor reservoir sands in both the Middle and Lower Miocene target levels. The data obtained from this firstexploration parametric well is very significant and will be integrated with the existing geological model to improve the prospectivity of the block before drilling subsequent wells. The first phase of the D9 exploration licence provides for the drilling of a further three exploration wells in the block. Hardy holds a 10% stake in the D9 block while, Reliance Industries is the operator, with a 90% stake. Shares of Hardy Oil in the UK were slam-dunked by over 36% in a single trading session.

Src: All Leading Websites...

Srisai's Instinct Stock Calls

Srisai's Instinct Stock Calls

This(Srisai's Instinct Stock Calls) will be a New Initiative of this blog to Publish Blog Author's Own Investment/Trading Calls for Short-Medium Term perspective. But All these Calls are not given on Purely Technical perspective. Most of these Calls are given by Blog Author from His past Investment/Trading experiences. So Do not expect More depth in Calls. Author has tried his best to give some calls for the benefit of Investors/Traders from his experience and from some media/web/news based call. So author request all the investors/traders to take/try these Calls as RISK CALLS. And Keep Strict Stop Loss Own (or) Keep Resi,Supp levels As Stop Loss for their Trading(or) Trade/Invest @ your Own Financial Risk. All type of Comments are Welcome about this New Initiative. Dont Forget to Keep Stop Loss and Again Author Remembering you that he is giving calls only from his past trading experience...

3-5 calls will be given in every SRISAI's INSTINCT STOCK CALLS.

Date: 23.10.2009


Nifty Future: cmp 4998

NF Resi Seen at 5063-5087... Upside to resume only crossing this level. Supports pegged at 4970-4957-4930-4905 levels.
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Today Results: ITC, BHEL, NTPC, JSW, HCC, PunjLloyd etc
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SRF:

cmp 202

Supports at 193-188 levels. If falls to that levels Try LONG with Rs 5 as Stop Loss.

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Prism Cement: cmp 43.60

Stock Has strong support at 42-39 range.. So try this Stock for LONG for a tgt of 46-49 levels.

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UNitech

Cmp : 100.6

Unitech has support at 95-97 levels... If breaches this , then may test 88 range... Upside resi @ 103-108 levels. SO decision is yours...

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Jubilant

Cmp 211

Stock has down nearly 25% in recent times. Good set of results... Accumulate for INvestments

Top 5 picks of the day

Top 5 picks of the day

ET Bureau

Indian shares fell for the third straight session and closed 1.3% lower on Thursday to their lowest in two weeks, hurt by a decline in global equities and as results from engineering firms failed to cheer. The 30-share BSE index, Sensex, closed 1.29% or 219.43 points lower at 16,789.74, its lowest close since October 9. Only 6 of its components closed in the red.



Check out top five picks of the day by Anu Jain, vice-president, IIFL Pvt Wealth Management

(Views expressed are personal. The chartist may have interest in some or all the stocks.)

Yes Bank 23 Oct 2009, 0654 hrs IST

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Latest Quotes | Charts | News/Announcements | Quarterly Results | P&L | Price History Recommendation: Buy Last Close: Rs 248 Target: Rs 242 Stop Loss: Rs 265 The stock has been on a sharp breakout. It has made its 52-week high at 262+ one day prior to results. The stock is trading comfortably over 10 Day Moving Average of 222. Overbought on oscillators , but MACD strongly positive.

Nifty 23 Oct 2009, 0650 hrs IST

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Recommendation: Sell Last Close: 5002 Target: 5068 Stop Loss: 4945/4885 Nifty opened weak on global cues. First short signal emerged when Nifty could not hold 5,070 level, the second signal emerged when after flirting with 5,020-5,030 support, the market finally gave way to sub 5,000 levels.

i Infotech 23 Oct 2009, 0609 hrs IST

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Latest Quotes | Charts | News/Announcements | Quarterly Results | P&L | Price History Recommendation: Buy Last Close: Rs 94.7 Target: Rs 91.9 Stop Loss: Rs 99 Currently, the stock is in a band of 92-98. The stock has been taking support at 20 DMA of 92. Trend saturation visible for current trend of consolidation. It looks likely to cross target of 99 and move to 105 levels.

More on this: Top 5 picks of the day

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Mid-term picks

ET Bureau

Broking house Sharekhan has suggested following five stocks for mid-term picks of the day.

DISCLAIMER: The views expressed in these pages are from brokerages, analysts and fund managers. Readers should seek professional investment advice before acting on any recommendation. ET does not associate itself with the choices.

Click NEXT to see the Mid-term picks.

TCS 23 Oct 2009, 0645 hrs IST

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Latest Quotes | Charts | News/Announcements | Quarterly Results | P&L | Price History BUY MARKET PRICE: Rs 627.50 TARGET PRICE: Rs 674 In terms of the demand environment, TCS sees opportunities in the BFSI vertical in the near term on the back of M&A and integration work, and increase in the discretionary spending. The management believes in the bottoming out of the manufacturing, telecommunications and hi-tech verticals.

More on this: Mid-term picks



Src: Economictimes.Indiatimes.com