Alkor Petro Ltd claims to be number one Andhra E

Hyderabad, May 29 (UNI) Alkor Petro Limited, a vertical of Gorlas Group, today claimed that it had become the first and largest Oil and Gas Exploration and Production (E and P) company from Andhra Pradesh in terms of exploration acreage with 74,000 sqkm.

Alkor Petro Limited had recently acquired through successful bidding seven oil and gas exploration blocks -- two in Cambay basin in India, three in the Republic of Yemen and another two in Egypt -- one of which was an offshore block. Gorlas was working in joint venture partnerships with ONGC, GSPC, Jubilant Oil and Gas, HOEC, Geo Global - Canada and Gallo Oil (Jersey) Indonesia in the E and P segment.

The company had recently acquired Heramec Ltd, a company having interests in six oil and gas development fields in Cambay and had successfully drilled a well. The five others were expected to go on stream in October this year, producing about 1,000 barrels of oil and associated gas per day by 2009.

Group Chairman and Managing Director Gorla Saibabu said it had also become a credible player in housing and urban infrastructure through its another vertical, Jayadarsini Housing Pvt Ltd. The Group announced the launch of Gorlas Citi at Medchal, a 230-acre integrated township project to be implemented in two phases. The first phase, to be developed in 80 acres, would comprise villas, residential apartments and a business park.

With a business of Rs 45 crore this year, the Gorlas Group was likely to be a Rs 100 crore company in the next two years.

UNI