Reliance Inds Exploration contracts in Colombia

Thebullishtrends : RIL shares closed today at Rs.2878. As per the reports RIL has signed on two contracts for Exploration with Colombia company Colombia Agencia for its Borojo and Borojo South blocks. Each contract has six year tenture spread over four phases and RIL will have right to withdraw at any phase. The exploration budget for two blocks will be around $50 million dollars. There will be a chance of some upward movement in share price tomorrow.