ONGC Participation in SGL Fie

RNS Number : 1536W

Indus Gas Limited

06 June 2008

 



For Immediate Release                                                                                                                                                       6 June 2008

Indus Gas Limited
('Indus' or 'the Company')

ONGC Participation in SGL Field

Indus Gas Limited (AIM: INDI.L) an oil and gas exploration and development company with assets in India, today commenced trading on the AIM market of the London Stock Exchange, with a placing price of 164p. 

As referred to in the Admission Document, Oil and Natural Gas Corporation ('ONGC') has back in rights over a 30 per cent. participating interest in respect of each discovered commercial field in the Block RJ-ON/6 ('the Block'). 

Indus is pleased to announce that it has today been notified that ONGC has exercised its back in rights in respect of the SGL field. ONGC will therefore be responsible for its share of contract costs going forward as well as 100 per cent. of the applicable royalty and licence fees.

ONGC, the licensee of the Block, is the largest public sector Indian oil and gas company.

For further information please contact:

Indus Gas Limited
Ajay Kalsi	CEO	[phone]
John Scott	CFO
Arden Partners plc
Richard Day		[phone]
Adrian Trimmings
Pelham PR
Philip Dennis		[phone]
Hugh Barker		[phone]

 

END

 

 

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