Friday, October 23, 2009

Reliance shares fall after partner says to abandon well

Shares in Indian energy major Reliance Industries slid as much as 3.9 percent on Friday after partner Hardy Oil and Gas said it will stop exploring a well for gas in the D9 block off India's east coast.

Hardy Oil said in a statement the well, in the Krishna Godavari basin, encountered poor reservoir sands, and will be plugged and abandoned.

Reliance declined to comment. Reliance Industries holds a 90 percent interest in the D9 block, while Hardy Oil holds the rest.

Reliance Industries was down 3.2 percent at 2,065 rupees, after falling to as much as 2,050 rupees earlier. India's benchmark BSE index was up 0.3 percent.

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