Jubilant wants Toronto listing within 12 months

Vol 10, PW 4 (15 Jun 06) People & Policy

Jubilant Enpro hopes to list its oil division on the Toronto Stock Exchange within the next 12 months and has already incorporated a company in Canada for this purpose: Jubilant Energy Ltd. With its HQ in Calgary, Jubilant Energy has appointed a CFO and in India parent company Jubilant Enpro has assigned a whole division of people to prepare for the floatation.

We wanted to do it last year, reveals a source. But the plans fell through.

Talk to company officials and they already describe the groups oil and gas division as a Canadian company. All of Jubilants eight assets in India will be held by the Canadian company, adds a source.

We are a Canadian company. Before it lists, Jubilant is waiting for good news from the Krishna Godavari basin where it holds 10% of the reported $50bn gas discovery made by operator Gujarat Petroleum at shallow water block KG-OSN-2001/3.

We need a success story to support the listing, adds a source. Were waiting for the final (KG) results.

Timing is important. Others at Jubilant admit that the continual stream of reports about operational problems at the present KG#17 well the fourth in a 14-well commitment were an embarrassment.

Jubilants principal success story in India so far has been the modestly successful Kharsang oilfield in Arunachal Pradesh where it is joint operator with Geopetrol of France. At Kharsang, Jubilant believes production will rise from the present 1300-1500 b/d to 3000-3500 b/d next year after an in-fill programme.

The beauty about Kharsang, says Jubilant, is that every well you drill produces oil. Jubilant hopes to use its new listed Canadian company as a vehicle to raise its exploration and production profile in India and abroad.

Oman and Syria are frequently cited as two countries targeted for possible investments with existing partners GAIL and GSPC. We are looking for joint venture partners to bid abroad, we hear.

But we already have a good relationship with GSPC and GAIL and will also go with them.

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