Interlink Petroleum Ltd.
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  • Interlink Petroleum Ltd.
  • Interlink Petroleum Ltd.
  • Interlink Petroleum Ltd.
  • Interlink Petroleum Ltd.
  • Interlink Petroleum Ltd.
  • Interlink Petroleum Ltd.
  • Interlink Petroleum Ltd.
  • Interlink Petroleum Ltd.
  • Interlink Petroleum Ltd.
  • Interlink Petroleum Ltd.
  • Interlink Petroleum Ltd.
  • Interlink Petroleum Ltd.
The Company
Interlink Petroleum Limited (IPL) is a public limited company, incorporated in 1991, under the laws of India and is listed on the Bombay Stock Exchange. IPL has been engaged in the exploration and production of oil & gas since 1995.

Following the liberalization of the hydrocarbon sector by the Government of India, IPL was among the early private sector companies that were awarded the rights to develop hydrocarbon assets. IPL was awarded two discovered fields namely Baola and Modhera, located in the state of Gujarat. The Production Sharing Contract (PSC) for the Baola field was signed in 1995. This was followed by the signing of the PSC, in 2001, for the Modhera field. The Mining Licence (ML) for the Baola field was formally granted in 2004 by the Govt. of Gujarat. The Mining License for Modhera Field was granted by the Govt. of Gujarat in November 2008.

Both the fields are located in the petroliferous Cambay basin which has excellent infrastructure and is in close proximity to the well established market for oil and gas. After obtaining “permission to produce” from Baola field in 2001, IPL commenced gas productions @12000 Standard cubic meters/day from Baola Well # 1.

IPL supplied the produced gas to the consumer base in the local area. However, production had to be suspended (due to water ingress in the well) by the end of 2004.

In 2008, Jit Sun Investment Pte Ltd., a company incorporated under the laws of Singapore, assumed majority control of IPL through the infusion of fresh capital. Under the changed management stewardship of Jit Sun, the 3D seismic data acquisition, processing and interpretation of the both the fields was completed. Based on the interpreted results of the newly acquired 3D API, IPL drilled one well each in Baola & Modhera Fields in the Year 2010 and 2011 respectively.

In early 2010, the Company also raised funds to the tune of US$ 5.2 Million through Preferential Allotment of equity shares to four non promoter foreign companies for the funding of its petroleum operations in both the fields.

Further, during the year 2010, Jit Sun Investments Pte. Ltd. Singapore, the Promoter of the Company, transferred its entire shareholding in the Company (1,03,10,000 Equity shares representing 41.37% of the paid up capital of the Company) to its wholly owned subsidiary, Loyz Oil Pte. Ltd., Singapore after complying SEBI (SAST) Regulations.

In 2010, Jit Sun Investments Pte Ltd., transferred its entire holding in Loyz Oil Pte Ltd., to Sim Siang Choon Limited (renamed as Loyz Energy Limited), a listed entity on the Singapore Stock Exchange, after complying the SEBI (SAST) Regulations by swapping its holding in the Company for Loyz Energy Limited’s Shares. At the same time, Dr. Kenneth Gerard Pereira, the then Managing Director of the Company also transferred his entire holding in the Company to Loyz Energy Limited through a share swap. Loyz Energy Limited also procured further shares from a mandatory open offer made pursuant to SEBI (SAST) Regulation. Currently, total shareholding of the Loyz Energy Limited in the Company stands at 51.78%. Jitsun Investments Pte Ltd. continues to be a promoter of the Company in view of their significant holding in Loyz Energy Limited. The entire shareholding of the promoters stood at 53.55% (including 1.77% held by Mr. Vijay Misra, an Indian national, & his relatives).

The induction of new members to the Board of Directors of IPL with vast experience in oil and gas industry enabled the Company to move ahead and transform it into a vibrant and innovative E&P company.

In 2010 the Company announced the discovery of oil in its Baola field in the new well drilled (Baola # 8), which was later formally ratified by the Directorate General of Hydrocarbon, Ministry of Petroleum and Natural Gas, Government of India.

In 2011 the Company raised External Commercial Borrowings of USD 8 million to fund the operational program.

The Company also conducted tests in the newly drilled wells in both the Baola & Modhera fields, the result of which remained inconclusive. Further, the Company also carried out well intervention in the discovery well Modhera well No.1 in Year 2011 to validate the discovery potential. The company intends to conduct further tests to ascertain the commercial potential of these wells to produce oil/gas.

During the year 2011, the Company also conducted flow tests in the old wells Baola wells No. 1 & 5 and found sufficient quantities of producible gas. It is currently looking for suitable buyer(s) to supply the gas. The Company expects to finalize the Gas Sale and Purchase Agreement (GSPA) very soon. This is likely to result in generation of operational revenues for the Company.
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