Selan Exploration Technology Share price

Selan Exploration Technology Limited (hereinafter referredto as the Company or Selan) was incorporated in the UnionTerritory of Delhi as private limited company and obtainedcertificate of incorporation on 5-7-85. The company becamepublic limited company with effect from 15-10-90 andobtained modified Certificate of Incorporation from theRegistrar of Companies Delhi & Haryana. The Companystarted bidding for consulting assignments and seismic workin 1986 entered into the first contract with ONGC in 1989.The work commenced on 10 September 1991 after completion ofprocedural formalities. The Company has not faced and isnot facing any labour problems.PRESENT BUSINESSThe company is presently undertaking seismic dataacquisition work for Oil & Natural Gas Commission (ONGC) inCauvery Basin in South India. The company entered into anagreement with ONGC for acquisition of land seismic datafor a period of 4 years with a provision of negotiation ofprice after completion at first two years of operation.The seismic work commenced in September 1991 and till date1666 Ground Line Kilometers (GLK) have been covered. Thesecond two year phase work commenced on 20 August 1994with an increase of 33% in rate for Seismic Data Acquisionwork for ONGC. The company is acquiring data at the rate of3.6 GLK per day and has deployed 26 people onsite includinghighly qualified and experienced Seismologists GeophysistsEngineers Surveyors and the like Six of the Seismologistsand Engineers were trained in USA for several weeks withthe original equipment manufacturers who have supplied thelatest and most advanced equipment. The American suppliersalso sent their experts to India for several weeks whichhelped in smooth start up of operations.Selan is gearing itself to provide additional dataacquisition and processing services both to national andinternational companies. This valuable experience willprovide a stepping stone towards running a full-fledgedexploration programme independently both in India andabroad.The Company is now entering into the Business of developingproven oil fields (where presence of Hydro Carbon isalready established) the rate and probability of successdepends largely on the accuracy of data acquisition andevaluation. The Company''s experience in siesmic surveywould be of immense help in carrying out the preliminarystudies before bidding tar any oil blocks.