Assam Company

[yuvrajjj]

APRIL 30, 2008,

Assam Company Ltd and Canoro Resources Ltd (its Canada-based operating partner) has encountered two hydrocarbon bearing zones in the Barail formation at Amguri 13B, based on log and drilling results. This well came in approximately 10 meters structurally higher than the original Amguri 1 discovery well.

The information gathered indicates the following:

� Approximately 10 meters of net oil pay and 24 meters of potential net gas pay in the Barail formation. The oil pay correlates to the Main Barail sand in Amguri 1, while the gas pay correlates to the upper gas zone previously tested in Amguri 1

� Confirmation and enlargement of a separate hydrocarbon pool from the main gas condensate pool

� Proved reserves should increase as there are no booked proved reserves currently for this pool

Amguri 13 achieved its objectives to evaluate the eastern part of the block and identify the Barail formation oil/water contact in the Amguri 1 discovery well. The Amguri 1 well had previously produced approximately 225,000 barrels of light oil prior to Canoro assuming operatorship of the field.

Further pool delineation is being planned using one of Canoros two contracted rigs. Fast-track development options are being initiated with the evaluation of offset drilling locations.

Canoro is a Canadian-based international oil and gas company operating in the Assam/Arakan basin of northeast India. Canoro is the operator of Amguri field with a 60% working interest. Canoro is the operator with a 65% working interest in the AA-ON/7 exploration block. Canoro also has a 15% non-operated working interest in the AA-ONN 2003/2 exploration block.

CMP : 27.20
BSE Code : 500024
NSE : ASSAMCO

Anybody tracking this scrip ?

 

[hiteshsjoshi]

Please read Ahmedji's thread "Fundamental Picks". He has already given a call on this scrip.
He might be able to give elaborate answers on this scrip.

Thanks,
Hitesh

 

[jalanbk]

I am also holding this scrip from the level of 24...

After Ahmed sir had given a buy call on this, there are several other brokers also maintaining a buy call on this with target 35-40 in short term...

 

[yuvrajjj]

PROS
1)Has struck oil
2)Developing SEZ in Gujarat
3)Tea sector is doing good

CONS
1)Promoters and Reliance capitals shareholding has come down

 

[yuvrajjj]

Oil price rise drives up Assam Co shares

The Economic Times

10 May, 2008

Shares of Assam Company have been on a boil over the past few sessions, rising a little over 13% in the last one week. Key business segments of the company are oil and gas exploration and tea plantation. Dealers attribute the renewed interest in the stock to surging crude oil prices. According to grapevine, the rar(e)ing bull has been one of the most active buyers of Assam Company shares recently.

The stock had caught the fancy of leading fund managers some months back. During October-December 2007, institutional holding in the stock more than doubled to 38% from 16.6% in the preceding quarter. As on March 31, 2008, these investors hold a little over 36%. But the stock performance, so far in 2008, has been a big disappointment for the big-ticket investors. After hitting a peak of Rs 57 on January 1, the stock price has been steadily sliding. A high percentage of institutional holding is usually a sign of confidence.

CMP : 29.80

 

[geomatster]

Assamco is performing quite well right now. There seems to be more of Bearish events taking place.