“Hindustan Oil Exploration Company Limited (HOEC) has notified the stock exchanges that the Management of HOEC has approved, subject to the necessary Government approvals, if any, the following with respect to Block No. AAP-ON-94/1:
a) Enhancement of Participating Interest (PI) of HOEC from the existing 25% to 40.323% (without compensation), following the withdrawal of M/s. Premier Oil North East India BV, holding 38% PI and the Operatorship, from the said Block.
b) Assumption of Operatorship of the said Block w.e.f. 1st January 2006 under the terms and conditions of the Production Sharing Contract and Joint Operating Agreement, by HOEC from Premier Oil North East India BV.”