Shares of Hindustan Oil Exploration Company Ltd. rallied nearly 6% to a day’s high of Rs 270 on 30th August after the company announced that its wells D1 and D2 in the western offshore Block B-80 field have been successfully activated for production.

In a stock exchange filing, the company noted that both wells are currently in the stabilisation phase. This update follows HOEC’s earlier notification on 7th August about the progress in the B-80 field.

The activation of these wells is a significant step for HOEC in enhancing its production capabilities, as Block B-80 is part of the company’s portfolio.

On 7th August, the company announced that operations at its western offshore Block B-80 field were disrupted by adverse weather, with the FSO unit facing significant difficulties due to bad weather for over 10 days. Just a day ago, on 6th August, the mooring hawser broke.

The company reported a muted performance in Q1FY25, with net profit falling to Rs 41.9 crore from Rs 66 crore a year earlier. Total income also declined by 15.5% to Rs 146.7 crore from Rs 173.8 crore in the same quarter of the previous fiscal.

At 12:16 PM, the shares of HOEC were trading 4.47% higher at Rs 265.45 on NSE.

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