Adani Welspun Exploration (AWEL), a joint venture between the Adani Group and Welspun Enterprises, announced its first ever gas discovery in the NELP-VII block MB-OSN-2005/2.AWEL holds 100% participative interest (PI) and is the operator of this block. Spread across 714.6 square km, the block is located in the prolific gas-prone Tapti-Daman sector of Mumbai Offshore basin where production is already underway by another operator/other operators.
The pay zones and flow rates encountered have exceeded the company s initial estimates. With the information gleaned from adjoining fields/areas, this discovery is of substantial significance for both the company and the nation.
AWEL was awarded the block under the New Exploration Licensing Policy VII bid round. Early indications pointed to the occurrence of gas-bearing reservoirs within the sand stone reservoirs of the Mahuva and Daman formations.
Gateway Distriparks has received No objection from BSE and NSE for the draft scheme of amalgamation (merger by absorption) amongst the Company, Gateway East India and Gateway Rail Freight and their respective shareholders.
As next steps, the Company has filed the petitions before the NCLT, after processing the comments/observations on the Scheme received from SEBI / Stock Exchanges.
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