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This is an archive article published on June 14, 2013

Reliance Industries shares gains on reserves hopes

Reliance Industries is the operator of the block with a 60 percent stake.

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Reliance Industries Ltd shares gain 1.7 percent after its KG-D6 block partner Niko Resources Ltd said its proved reserves increased by 160 percent,and that a recent gas discovery in the D6 block off India8217;s east coast could add significantly to future reserves.

Reliance Industries is the operator of the block with a 60 percent stake. BP Plc holds 30 percent and Niko the rest.

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The Canadian oil and natural gas producer said in May it made a significant gas discovery,along with its partners,in the KG-D6 block off India8217;s east coast.

Niko shares also rose as much as 13 percent in morning trading on the Toronto Stock Exchange on Thursday.

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