Oil Discovery by RIL in Cambay Basin

Online, November 10, 2009 (Newswire.com) - Mumbai, November 10, 2009: Reliance Industries Limited (RIL) is pleased to announce the first oil discovery in the onland exploratory block CB-ONN-2003/1 (CB 10 A&B) awarded under the NELP-V round of exploration bidding. RIL holds 100% participating interest (PI) in this block which is located at a distance of about 130 kms from Ahmedabad in Gujarat, India, in the Cambay basin. The block covers an area of 635 sq km in two parts viz., Part A located in the west with an area of 570 square kilometers & Part B located to the east with an area of 65 square kilometers.
3D Seismic data has been acquired over 80% of the block area and 2D Seismic data has been acquired over the entire area. Five wells have been drilled in this block. The fifth well, CB10A-A1, which is the discovery well was drilled to a total depth of 1451 m in Part A of the block with the objective of exploring the play fairway in the Miocene Basal Sand (MBS) of Babaguru formation. A gross reservoir thickness of about 15 m was encountered and the well flowed at a rate of 500 barrels of oil per day (bopd) through a 6 mm bean with a flowing tubing head pressure of 360 psi on conventional testing. This Discovery is expected to open future potential within the block.
The Discovery, named 'Dhirubhai-43' has been notified to Government of India and Directorate General of Hydrocarbons. Commerciality of this Discovery is being ascertained through more data gathering and analysis. This Discovery supplements RIL's understanding of the petroleum system in this block in the Cambay basin. Based on interpretation of the acquired 3D seismic data in the Contract Area, several prospects have been identified at different stratigraphic levels to fulfill Minimum Work Obligation under the PSC.
About Reliance Industries Ltd.
Reliance Industries Limited (RIL) is India's largest private sector company on all major financial parameters, after amalgamation with Reliance Petroleum Ltd. of Reliance Group, with a turnover of Rs. 1,50,771 crore (US$ 29.7 billion), cash profit of Rs. 21,566 crore (US$ 4.3 billion), and net profit (excluding exceptional income) of Rs. 15,607 crore (US$ 3.1 billion) as of March 31, 2009. RIL is the first private sector company from India to feature in the Fortune Global 500 list of 'World's Largest Corporations' and ranks 103rd amongst the world's Top 200 companies in terms of profits. Reliance Industries is amongst the 30 fastest climbers ranked by Fortune. RIL features in the Forbes Global list of the world's 400 best big companies and in the FT Global 500 list of the world's largestc ompanies. RIL ranks amongst the 'Worlds 25 Most Innovative Companies' as per a list compiled by the US financial publication-Business Week in collaboration with the Boston Consulting Group.