Vedanta jumps on new discovery

Vedanta is in the limelight today, going up almost 5% to Rs.234.55. The stocks high and  low stands at Rs.355.70 and Rs.200.75 respectively.

The stock price has gone up on news of it discovering natural gas in Krishna Godavari Basin (KGB).

Vedanta holds 100% participating interest in the block. A3-2 is the first exploration well drilled within the KG-OSN-2009/3 block.

 Multiple reservoir zones were encountered in the Mesozoic rift formation between the depths of 3351-3944m MDBRT with indications of hydrocarbon during drilling and formation evaluations. Further appraisal will be required to assess the potential commerciality of this Mesozoic rift discovery.