Companies & Sectors
John Energy starts drilling GSPC-GAIL's NELP VI

The companies are targeting the Jodhpur sands formation, which is likely to take up to 35 days to drill each well to 1,800 metres that has prospects for 'light oil'


Jaipur: Oil and gas sector company John Energy has begun a three well exploratory drilling programme for Gujarat State Petroleum Corp (GSPC) and GAIL at its 4,613-square km New Exploration Licensing Policy (NELP) VI land block in Rajasthan, reports PTI.

GSPC-GAIL 'squd' the first well on 10th June using a 1000-hp John rig. It is targeting the Jodhpur sands formation and is likely to take up to 35 days to drill each well to 1,800 metres, prospecting for 'light oil'.

Any 'light oil' discovered will be mixed with 'heavy oil' from two wells drilled earlier at the block in 2011. Yet another well drilled in February this year was plugged and abandoned after it turned out dry.

In total, the consortium has committed to drill six exploration wells in Phase-I, which ends in November 2012, according to a release.

John won the three-well assignment in April against competition from Essar, Quippo, Deep Industries and Shiv Vani.

GAIL and GSPC each hold a 22.22 per cent stake at the block; HPCL has 22.22 per cent, BPCL, Hallworthy shipping and Nitin Fire Protection System each old 11.11 per cent. They signed the production sharing Contact with Government of India on March 2, 2007, the release said.

The NELP-VI block is situated in Bikaner-Nagaur basin in the Thar desert, adjacent to the India-Pakistan border.


Lupin gets FDA nod for selling generic oral contraceptive in US

Ortho Tri-cyclen Lo is patented by Janssen Pharmaceuticals and had sales of $421 million during FY12


New Delhi: Pharmaceutical company Lupin Ltd on Tuesday said it received US health regulator's approval to sell generic version of oral contraceptive, Ortho Tri-cyclen Lo tablets in the American market, reports PTI.

The approval granted by the US Food and Drug Administration (USFDA) is for multiple strengths of norgestimate and ethinyl estradiol tablets in 0.18mg/0.025mg, 0.215 mg/0.025 mg and 0.25 mg/0.025mg, the company said in a filing to the BSE.

Norgestimate and ethinyl estradiol (Ortho Tri-cyclen Lo) tablets are indicated for prevention of pregnancy, it said.

Ortho Tri-cyclen Lo is patented by Janssen Pharmaceuticals Inc and it had sales of $421 million in the 12 months ended March 2012, the company said citing IMS Health sales data.


Barclays CEO too resigns on interest rate scam

Barclays' senior management and multiple traders were involved in manipulating Libor and Euribor rates and the bank was slapped a 290 million pounds fine by the US and UK authorities


London: Barclays Plc on Tuesday said its chief executive officer Bob Diamond has resigned with immediate effect after increasing pressure to step down following global interest rate manipulation scandal, reports PTI.


The move follows the decision by Barclays Chairman Marcus Agius to quit yesterday, although he would stay in office until a succession plan is in place.


Both the executives had come under intense pressure to quit after the British bank was slapped with 290 million pound (about $451 million) fine by the US and the UK authorities to settle the charges of manipulating global benchmark lending rates.


Diamond, who has served as the company for 16 years, resigns as CEO and a Director of Barclays with immediate effect, Barclays said in a statement.


"...The external pressure placed on Barclays has reached a level that risks damaging the franchise ? I can not let that happen," Diamond said, adding that he was "deeply disappointed by the impression created by last week's events".


The bank said Agius would stay in his position until the hunt for a chief executive is completed. He would chair the Barclays Executive Committee pending the appointment of a new Chief Executive and he would be supported in discharging these responsibilities by Deputy Chairman Michael Rake.


"The search for a new Chief Executive will commence immediately and will consider both internal and external candidates. The businesses will continue to be managed by the existing leadership teams," Barclays said.


Last week, Barclays had agreed to pay 290 million pounds worth penalties to the US and the UK authorities towards settling charges of attempting to manipulating Libor and Euribor rates, the global benchmark rates for lending.


The regulator had pointed out that Barclays' senior management and multiple traders were involved in the matter and that they also coordinated with traders at other banks to make false reports concerning both benchmark interest rates to benefit derivatives trading positions.


The information was used in determining the London interbank offered rate, Libor, and Euribor, which influence many other interest rates.


Libor is based on rate submissions from a relatively small and select panel of major banks, including Barclays, and is calculated and published daily for several different currencies by the British Banker's Association (BBA).


Generally, it reflects the cost of borrowing unsecured funds in the London interbank market.


Euribor, also calculated in a similar manner, measures the cost of borrowing in the Economic and Monetary Union of the European Union.


Yesterday, the bank said it would launch an audit of its business practices, led by Rake and a panel of non-executive Directors.


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