EOL completed Phase I of exploration covering seismic studies during the last financial year in three exploration blocks awarded to it in the Fifth Round, contracts for which were signed on 30th October 1996. The relevant blocks are RJ-ON-90/4 and 90/5 onshore Rajasthan, and offshore block BB-OS/5, located south of Diu island off the Saurashtra coast.
In the Rajasthan blocks RJ-ON-90/4 & 90/5 the Company undertook a seismic acquisition, processing and interpretation programme covering over 1,400 lkm, in partnership with Polish Oil & Gas Company. EOL and POGC have progressed to Phase II of exploration in block 90/5, which will involve drilling an exploratory well during the next financial year 2000-01.
During the financial year 1999-00, the Company began the negotiation of Production Sharing Contract for proven medium size developed field Ratna & R-series. The contract is expected to be signed shortly.
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