Jubilant wins oil exploration block in Myanmar

Jubilant holds 77.5% participating interest in this block through its subsidiary Jubilant Oil & Gas Pvt Ltd, and will be the operator of the block

Nay Pyi Taw: London-listed oil explorer Jubilant Energy has won an onland exploration block in Myanmar, the agreement for which was signed on Monday, reports PTI.

"Jubilant Energy (was) awarded block no. PSC-I under the Myanmar onshore blocks bidding round in 2011," the company said in a release.

The production sharing contract for the block was signed between Jubilant, Parami Energy Development Co and Myanmar's state-owned Myanma Oil & Gas Enterprise.

Jubilant holds 77.5% participating interest in this block through its subsidiary Jubilant Oil & Gas Pvt Ltd, and will be the operator of the block.

The India-focused energy company had bid for two blocks in the auction last year but was awarded one.

Myanmar awarded 10 onshore oil and gas blocks in its biggest energy tender in years.

Parami Energy Development Company Ltd holds the remaining 22.5% participating interest in this block.

The block covers an area of about 3600 sq km and is located about 125 kms north west of Yangon City.

"Jubilant will utilise its in-house expertise as operator of our Tripura, Manipur and Assam blocks, which are geological and tectonically similar in setup to our newly awarded block," company Chief executive Ajay Khandelwal said describing the Myanmar block as "highly prospective acreage".

"The Central Burma basin of Myanmar is rich in oil and gas resources with discoveries and production dating back to 1887 and the early 90's," he said.

Jubilant Energy is part of the New Delhi-based Jubilant Bhartia group that controls drugmaker Jubilant Life Sciences, agrochemicals maker Jubilant Industries and restaurant chain Jubilant FoodWorks.

Jubilant Energy, which listed in London in November 2010, currently holds a portfolio of nine blocks in India and an exploration block in Australia.

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Oil India Q4 net profit down 21% to Rs445 crore

OIL's net profit in January-March quarter at Rs444.81 crore was down from Rs1,013.98 crore in the same period a year earlier

New Delhi: State-owned Oil India Ltd (OIL) on Monday reported 21% drop in its fourth quarter net profit to Rs444.81 crore, reports PTI.

Net profit dipped after the government asked upstream firms Oil and Natural Gas Corp (ONGC) and OIL to make good 39.7% of the Rs1.38 lakh crore revenue that fuel retailers lost on selling diesel, domestic LPG and kerosene at government controlled rates in 2011-12.

Their share was 36.75% in the previous year.

OIL's net profit in January-March quarter at Rs444.81 crore was down from Rs1,013.98 crore in the same period a year earlier, the company said in filings to the stock exchanges.

Its sales dipped to Rs1,802.12 crore from Rs2,008.28 crore.

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SJVN Q4 net profit up by 8% to Rs120 crore

SJVN reported a 17% higher full year net profit at Rs1,068.68 crore

New Delhi: Hydro power producer SJVN on Monday posted over 8% increase in net profit at Rs119.74 crore in the three months ended March, reports PTI.

The company had a net profit of Rs 110.28 crore in the year-ago period, the company said in a filing to the BSE.

Its total income rose to Rs426.44 crore in the fourth quarter of 2011-12 period from Rs425.46 crore in the same period a year ago.

In the 2012 March quarter, the company recorded a deferred tax of Rs18.23 crore and Rs12.73 crore expense related to the Himachal Pradesh government withdrawing Khab project from SJVN.

"Since the time and quantum of recovery of the amount is uncertain, as a matter of prudence, full provision has been made in accounts for the year," the filing said.

The company's board has recommended a dividend of Rs0.94 per share for 2011-12 financial year.

SJVN reported a 17% jump in net profit at Rs1,068.68 crore in the full year ended March. In the comparable period last fiscal 2010-11, the same stood at Rs 912.13 crore.

In 2011-12 fiscal, the total income went up to Rs 2,136.79 crore from Rs 1,979.16 crore in the previous financial year.

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