Sunday, December 19, 2010

Assam Company - Production Halted, Buys Duncan Macneill Power & Utilities Limited.

Canadian company Canoro Resources, involved in a legal dispute with the Union petroleum ministry for cancellation of its production sharing contract (PSC), has stopped production from its Assam oilfield, claiming an excess of water to oil ratio.

The Amguri field in Assam produces about 1,000 barrels of oil equivalent per day (boe). According to Sproule, an internationally recognised body engaged in making resource/reserve assessments, the reserve of oil condensate and gas at Amguri stood at 12.287 million Boe.

The company recently informed the ministry about stoppage of production, said a person familiar with the development. When asked, an official at CanoroĆ¢€™s office here refused to comment.

18 Dec 2010

Acquisition of shares of Duncan Macneill Power & Utilities Limited

Assam Company (India) Ltd has informed BSE that the Company has on December 17, 2010 acquired all the shares of Duncan Macneill Power & Utilities Limited, an unlisted Company, having its Registered Office at 52, Chowringhee Road, Kolkata- 700071, Consequently, Duncan Macneill Power & Utilities Limited had become a Wholly Owned Subsidiary of the Company.


Courtesy:
http://www.sify.com/finance/canoro-stops-production-at-disputed-assam-oil-block-news-equity-kmqbFkifbae.html
wwww.bseindia.com

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