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RIL reiterates that it adhered to PSC provisions
The Comptroller and Auditor General (CAG) of India reported that RIL had violated the
terms of its production sharing contract (PSC) for its blocks in the KG Basin off the Andhra
Pradesh coast. As per CAG, the company entered the second and third phases without
relinquishing 25% each of the contract area, hoarded D6 exploration and front loaded the
capex, amongst other things. However, the company reiterated that it had complied with
the PSC provisions and adopted Good International Petroleum Practices (GIPIP) at its
operations. We continue to maintain our Buy rating on the stock with a target price of
`1,099.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
RIL reiterates that it adhered to PSC provisions
The Comptroller and Auditor General (CAG) of India reported that RIL had violated the
terms of its production sharing contract (PSC) for its blocks in the KG Basin off the Andhra
Pradesh coast. As per CAG, the company entered the second and third phases without
relinquishing 25% each of the contract area, hoarded D6 exploration and front loaded the
capex, amongst other things. However, the company reiterated that it had complied with
the PSC provisions and adopted Good International Petroleum Practices (GIPIP) at its
operations. We continue to maintain our Buy rating on the stock with a target price of
`1,099.
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