Gujarat Natural Resources Limited (GNRL) and its subsidiary GNRL Oil & Gas Limited (GOGL) have announced a significant development in their ongoing drilling campaign at the Kanawara field. The company has successfully completed and brought into commercial production its third well, K#13, which is expected to substantially increase the field's overall output.

Production Boost

The addition of Well K#13 is anticipated to enhance the Kanawara field's commercial production by 70-100 barrels of oil per day (BOPD). This increase represents a notable step forward in GNRL's efforts to expand its oil production capabilities.

Drilling Progress

Despite facing delays due to an extended monsoon season, GNRL has made steady progress in its drilling operations. The company is currently focused on its fourth well, K#17, which has already reached a depth of 1,000 meters. The target depth for this well is set at 1,700 meters.

Future Outlook

GNRL expects Well K#17 to enter commercial production by the first week of November, further contributing to the company's oil output. This development aligns with GNRL's strategy to enhance its presence in the oil and gas sector.

Operational Summary

The company's Managing Director, Shalin Shah, has assured stakeholders that GNRL will continue to provide updates on this significant initiative, demonstrating the company's commitment to transparency and shareholder communication.

Investors and market watchers will likely keep a close eye on GNRL's progress, particularly as the new wells come online and contribute to the company's overall production figures. The success of this drilling campaign could have implications for GNRL's future growth and market position in the oil and gas sector.

Gujarat Natural Resources Limited (GNRL) has announced that the Securities and Exchange Board of India (SEBI) has appointed a forensic auditor to examine the company's financial statements. This development comes as part of SEBI's ongoing efforts to ensure transparency and protect investor interests in the securities market.

Audit Scope and Timeline

The forensic audit will cover GNRL's financial statements from the fiscal year 2020-21 to 2022-23, spanning a three-year period. SEBI communicated this decision to the company through a letter dated September 22, 2023.

Reasons for the Audit

According to the company's disclosure, the primary objectives of the audit are to:

• Examine the disclosure of financial information
• Review business transactions of the company

The regulatory body aims to ensure that these aspects have not been dealt with in a manner that could be detrimental to the interests of investors or the securities markets.

Company's Response

In response to SEBI's directive, Gujarat Natural Resources Limited has affirmed its commitment to full cooperation with the audit process. The company stated:

"The Company would like to confirm its commitment to providing all required information, assistance, and cooperation in this matter, and will promptly notify the exchange of any further developments."

Implications and Next Steps

While the initiation of a forensic audit does not necessarily imply wrongdoing, it signifies SEBI's proactive approach to maintaining the integrity of financial reporting in the securities market. Investors and market participants will likely keep a close watch on the outcomes of this audit, which could have implications for GNRL's market position and investor confidence.

As the audit progresses, Gujarat Natural Resources Limited is expected to provide updates to the stock exchange and its shareholders regarding any significant findings or developments.

Stakeholders are advised to monitor official communications from the company and regulatory bodies for further information on this matter.