Selan Exploration Technology Limited Buyback 2018
Selan Exploration Technology Limited (SELAN) is a private sector listed company, incorporated in 1985, engaged in oil exploration and production since 1992.
The Promoters and Management have extensive experience and domain knowledge in the field of Petroleum Exploration, Development and Production as well as in the field of Geophysical Data Acquisition, Processing and Interpretation.
Following the move by the Government of India in 1992 in opening up the oil sector for private initiative in exploration and production of Hydrocarbons, SELAN was amongst the first private sector companies to have obtained rights to develop three discovered oilfields situated in the state of Gujarat namely Bakrol, Indrora and Lohar, all with proven oil and gas reserves. SELAN was subsequently awarded two more fields in Gujarat namely Ognaj Oilfield and Karjisan Gas field.
All the oil and gas blocks have a well laid out infrastructure. Hence these blocks are easily accessible and are in close proximity to the Government’s crude gathering station as well as are in close proximity to a large industrial town.
The various seismic and reserves assessment studies have established substantial amounts of oil and gas reserves in these blocks.
SELAN thus has significant oil and gas assets in its control which require developmental work and for the purposes, it would require substantial amounts of Capital investment to augment its development and growth objectives.
SELAN has a Development Plan for drilling of additional wells in these blocks in the next 3 to 5 years. The Plan is intended to be executed in a phased manner and would involve large capital expenditures, to be funded through a combination of external borrowings and internal accruals. The proposed external borrowings shall be drawn in various stages of completion of each phase. This approach offers a view to judiciously monitor the debt
Buy Back Offer Deal:
|Buyback Type:||Open Market|
|Buyback Opening Date:||Jan 07 2019|
|Buyback Closing Date:||Jul 06 2019|
|Buyback Offer Amount:||₹ 25 Cr|
|Date of Board Meeting approving the proposal:||Dec 27 2018|
|Date of Public Announcement:||Dec 27 2018|
|Buyback Offer Size:||8.66%|
|Buyback Number of Shares:||8,33,333|
|Buyback Price:||₹ 300 Per Equity Share|