The Hindu : Business : Assam Co. buys stake in Austin Exploration

Online edition of India's National Newspaper
Tuesday, May 16, 2006

Business

Business

Assam Co. buys stake in Austin Exploration

KOLKATA: Assam Company, along with other associates of Duncan Macneill Group, has acquired 50 per cent stake in Adelaide-based Austin Exploration Limited for oil and gas exploration in Australia and the U.S.

The company, which is mainly engaged in the business of tea plantation, is already involved in oil and gas exploration at Amguri in Assam.

Speaking to reporters here on Monday, Assam Company Managing Director and CEO, Aditya K. Jajodia, said Austin Exploration had exploration licences for two blocks each in the U.S. and Australia. Exploration activity at the four blocks would start by the end of the year.

He said 50 per cent of Austin, an unlisted company, was being held by DMS of Texas. Financial involvement in acquiring the 50 per cent stake in Austin was very small.

Total reserves of oil and gas in the four blocks were 798.1 million barrels of oil and 376.18 billion cubic feet of gas.

The two blocks in the U.S. are St. Gabriel and Polecat Creek, while the Australian ones are Yorketown and Tirrawarra. Austin Exploration has obtained licences for exploration oil and gas in these fields.

Regarding domestic exploration, Mr. Jajodia said Assam Company had tied up with DMS Exploration for providing technology for exploration.

Austin Exploration and Assam Company have entered into an agreement to bid for more blocks under the sixth round of New Exploration License Policy (NELP). — PTI

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