Vedanta Limited: Proposed Entry into 41 Revenue Sharing Contracts With the Government of India
Vedanta Limited American Depositary Shares (Each representing four equity shares) (VEDL)
US:NYSE Investor Relations:
vedantalimited.com/investor-relations.aspx
Company Research
Source: PR Newswire
MUMBAI, India, Aug. 29, 2018 /PRNewswire/ -- Vedanta Limited has been successfully awarded 41 exploration blocks in sedimentary basins throughout India pursuant to the Indian Open Acreage Licensing Policy ("OALP") at a total bid cost of US$551 million. The OALP is a government-led initiative organised by the Directorate General of Hydrocarbons of the Government of India (GoI). The 41 blocks awarded to the Company comprise 33 onshore blocks and 8 offshore blocks. Subject to approval from the shareholders of Vedanta Resources plc, the Company will enter into 41 revenue sharing contracts ("RSCs") with the GoI to effect the Transaction. Following the signing of the RSCs, a licence permitting exploration, development and production operations of all types of hydrocarbons will be granted pursuant to the terms of the relevant RSC in relation to each Block.The exploration period shall consist of two phases: (i) the Initial Exploration Phase; and (ii) the Subsequent Expl
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