Date:16/02/2005 URL: http://www.thehindubusinessline.com/2005/02/16/stories/2005021601480300.htm

Back Burren Energy buys Unocal's share in HOEC for $26 m

Our Bureau

Ahmedabad , Feb. 15

BURREN Energy of the UK has acquired the US energy major Unocal's entire 26.01 per cent stake in Hindustan Oil Exploration Co Ltd (HOEC) for $26.01 million and has made an open offer to acquire a further 20 per cent stake.

Burren Energy acquired Unocal's 1,52,81,633 equity shares in HOEC at Rs 74.30 per share, aggregating to Rs 113.71 crore ($26,010,000), according to official sources.

Burren Energy has also made the mandatory open offer to acquire 20 per cent shares at Rs 92.41 per share.

The Vadodara-based HOEC currently produces 4,500 barrels of crude oil per day from PY-3 field in Cauvery basin.

HOEC has 21 per cent stake in PY-3 in which Jehan Energy (18 per cent), Tata Petrodyne (21 per cent) and ONGC (40 per cent) are the other partners.

The private company has interests in nine fields spread from Gujarat to Assam.

These include 50 per cent held Asjol marginal oilfield and PY-1 field in Cauvery basin.