REG - Indus Gas Limited - Gas Sales Price Increase

Indus GasAnnouncement

18/08/2022 07:00

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RNS Number : 3920W  Indus Gas Limited  18 August 2022

Indus Gas Limited

 

("Indus" or the "Company")

 

Gas Sales Price Increase

 

 

Indus is pleased to announce, that for its existing gas sales purchase
agreement ("GSPA"), a gas price increase in respect of sales from RJ-ON/6
Block has been agreed with the gas buyer, GAIL (India) Limited ("GAIL").

 

The gas price for RJ-ON/6 Block effective 1 April 2022 will be as per the
Domestic Gas Price on Gross Calorific Value basis (GCV) as notified by
Petroleum Planning & Analysis Cell of the Government of India. The floor
price of gas sales will continue to be US$4.5146 per MMBTU on GCV which is
equivalent to the existing price realization of US$5 per MMBTU on a Net
Calorific Value basis up to 31 March 2022. The GSPA otherwise remains
unchanged.

 

This gas price revision has resulted in the gas price being revised to US$6.1
per MMBTU on Gross Calorific Value basis from 1 April 2022 to 30 September
2022 resulting in a price increase (as compared to the floor price) of about
35%. The Board is very pleased to have agreed this higher gas price with GAIL.

 

 

For further information please contact:

 

Indus Gas Limited

 

Jonathan
Keeling
 +44 (0) 20 8133 3375

 

 

 

 

Strand Hanson Limited (Nominated and Financial Adviser)

 

Ritchie Balmer, Rory
Murphy
 +44 (0) 20 7409 3494

 

 

 

 

Arden Partners plc (Broker)

 

Equity Sales: James
Reed-Daunter
 +44 (0) 20 7614 5900

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