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Reliance Industries shares fall on KG D6 reserve estimate
June 21, 2012 / 5:30 AM / 5 years ago

Reliance Industries shares fall on KG D6 reserve estimate

MUMBAI, June 21 (Reuters) - India’s Reliance Industries shares extended falls on Thursday after Canada’s Niko Resources sharply cut the reserves estimate at the KG D6 gas blocks, off India’s east coast, where the two companies are partners.

By 10:56 a.m. India time, Reliance shares fell 3.2 percent to 714.15 rupees.

The Canadian oil and gas producer late Wednesday estimated that total proved plus probable reserves at the KG D6 block, as of March 31, had decreased to 1.93 trillion cubic feet.

The block had been estimated to hold more than 9 trillion cubic feet (tcf) of gas.

Niko holds a 10 percent stake in the D6 block. Reliance holds 60 percent, while BP Plc has a 30 percent stake.

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