Hardy holds 10 percent stake in the block which is operated by RIL with 60 percent interest. BP of UK has the remaining 30 percent stake.
Reliance Industries will relinquish its Krishna Godavari basin gas discovery block, KG-D3, mainly because of operational restrictions placed by the Defence Ministry.
RIL, which had made four consecutive gas discoveries with close to 500 billion cubic feet of in-place reserves in block, proposed immediate relinquishment, its minority partner Hardy Oil and Gas plc of UK said today.
Hardy said the block oversight panel headed by upstream regulator DGH yesterday considered RIL proposal.
Without stating what the Management Committee (MC) decided, Hardy in a statement said the firm has agreed to the relinquishment proposed by the operator, RIL.
Hardy holds 10 percent stake in the block which is operated by RIL with 60 percent interest. BP of UK has the remaining 30 percent stake.
"The proposal sets out that as per the Government of India notification dated November 10, 2014, access restrictions have been imposed and the operator recommended the relinquishment of the block with immediate effect," it said.
Disclosure: Network 18, which publishes moneycontrol.com, is now part of the Reliance Group.
Reliance stock price
On December 24, 2014, Reliance Industries closed at Rs 886.80, down Rs 7.1, or 0.79 percent. The 52-week high of the share was Rs 1142.50 and the 52-week low was Rs 794.00.
The company's trailing 12-month (TTM) EPS was at Rs 69.65 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 12.73. The latest book value of the company is Rs 609.19 per share. At current value, the price-to-book value of the company is 1.46.
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