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Friday, September 07, 2001



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British Borneo Oil sells HOEC stake to Jehan Energy

Our Bureau

New Delhi, Sept. 6

BRITISH Borneo Oil & Gas (Netherlands) BV has sold its holding in Hindustan Oil Exploration Company (HOEC) to the UK-based Jehan Energy Ltd.

Jehan Energy has acquired the entire 8.5 per cent equity stake held by British Borneo Gas in a negotiated deal, the amount of which was not disclosed.

The company has informed the stock exchanges about the acquisition. Currently, HOEC shares are being traded at around Rs 20. The 52-week high and low for the share is Rs 23 and Rs 9, respectively.

HOEC is jointly promoted by Unocal Bharat Ltd, Mauritius, Hardy Oil and Gas (Netherlands) BV, British Borneo Oil, HDFC Ltd and IL&FS Ltd.

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