Gujarat State Petroleum Corp Ltd (GSPC) is planning to sell more than 50% of its stake in Deendayal gas block in Krishna-Godavari Basin (KG Basin), India, to Oil and Natural Gas Corporation Limited (ONGC).

The Deendayal block is currently owned by GSPC (80%), Jubilant Offshore Drilling Private Limited (10%) and GeoGlobal Resources (India) (10%). It is estimated to contain recoverable reserves of 7.6tcf.

The acquisition will complement ONGC’s investments in KG Basin.

Sound Energy plc is issuing bonds through a private placement to raise $32.81m. An agreement has been reached with Greenberry PLC and other investors for the subscription of these five-year non-amortising 5% bonds.

Sound Energy also plans to offer 70.3 million warrants for a period of up to five years from the date of issue.

The amount raised from the placement will be used to repay a reserve-based lending facility, and a corporate loan secured from Greenberry.

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Image: ONGC plans to invest $5bn to develop the KG basin oil and gas block in India. Photo: courtesy of Nandu Chitnis.