 DPC board authorised the managing director of Enron India to issue a 
notice for terminating the power purchase agreement to MSEB and the state 
government. 
Serving of the notice requires backing of the lenders who have an exposure of 
about $200 crore in the project.

Copyright, 2000 Dow Jones & Company, Inc. All Rights Reserved. 


Prize Petroleum eyes Enron stake in Panna, Mukta
Sidhartha New Delhi

05/09/2001
Business Standard
1
Copyright (c) Business Standard

Prize Petroleum Company Ltd has decided to enter the oil and gas production 
sector by trying to acquire the 30 per cent Enron equity in the Panna, Mukta 
and Tapti fields in western offshore and has valued Enron's equity at around 
Rs 600 crore. 
Prize Petroleum, in which Hindustan Petroleum Corporation Ltd (HPCL) holds 50 
per cent equity, will invest Rs 1,900 crore in the project. Of this, Rs 1,300 
crore will be the debt component and the balance will be in the form of 
equity.
Prize Petroleum, in which ICICI has 45 per cent stake and HDFC 5 per cent, is 
in talks with a number of banks to raise the debt portion of the investment. 
Sources told Business Standard that a substantial portion of the debt has 
already been finalised and the balance is expected to be clinched shortly. 
This will be Prize Petroleum's maiden foray into the oil sector. Its 
promoters had decided to go in for only the discovered fields where risks are 
low. As a result, it refrained from participating in the two rounds of 
exploration acreage offered under the new exploration licensing policy. 
Of late, Enron has been uncomfortable operating the three offshore fields 
which had been awarded to the Enron-Reliance consortium in 1995. Late last 
year, it announced its intention to pull out of the project and invited bids 
to farm out its portion of the equity. 
The award of the three fields to the consortium was the subject of prolonged 
controversies, both inside and outside Parliament. It was ultimately cleared 
by the Supreme Court when the apex court rejected a public interest 
litigation against the award. 
An estimated
DPC board authorised the managing director of Enron India to publish a 
 notification for terminating the power purchase agreement to MSEB and the country 
 government. 
 Serving of the poster want backing of the lender who take an exposure of 
 approximately $ 200 crore in the project. 

 Copyright, 2000 Dow Jones & Company, Inc. All Rights Reserved. 


 Prize Petroleum eyes Enron stake in Panna, Mukta 
 Sidhartha New Delhi 

 05/09/2001 
 Business Standard 
 1 
 Copyright (hundred) Business Standard 

 Prize Petroleum Company Ltd has decided to enter the oil and gas production 
 sector by try on to acquire the 30 per cent Enron equity in the Panna, Mukta 
 and Tapti field in western offshore and has valued Enron's equity at around 
 roentgen 600 crore. 
 Prize Petroleum, in which Hindustan Petroleum Corporation Ltd (HPCL) holds 50 
 per cent equity, will invest Rs 1,900 crore in the undertaking. Of this, Rs 1,300 
 crore will be the debt component and the balance will be in the form of 
 equity. 
 Prize Petroleum, in which ICICI has 45 per penny interest and HDFC 5 per cent, is 
 in talks with a number of banks to raise the debt portion of the investment. 
 Sources told Business Standard that a significant portion of the debt has 
 already been finalised and the balance wheel is expected to be clinched shortly. 
 This will be Prize Petroleum's maiden foray into the petroleum sector. Its 
 promoters had decided to go in for only the discover fields where risks are 
 low. As a result, it refrained from participating in the two circle of 
 exploration acreage offered under the new exploration licensing policy. 
 Of late, Enron has been uncomfortable operating the three offshore field 
 which had been awarded to the Enron - Reliance consortium in 1995. deep last 
 year, it announced its intention to pull out of the undertaking and invited bids 
 to farm out its portion of the equity. 
 The award of the three fields to the consortium was the subject of prolonged 
 controversy, both inside and outside Parliament. It was ultimately cleared 
 by the Supreme Court when the apex court rejected a public interest 
 litigation against the prize. 
 An estimated
 DPF board authorised the mxnaging directot if Enrmn Indja to isrue a 
notice for terminating tye poqer purchase agreement to MSEB wnd the wtatt 
government. 
Servmhg of tmz notjge rexnires backing on the lendess who have an ebplsure of 
about $200 crore in the projece.

Copyribhh, 2000 Dow Jones & Sompsgy, Ihb. Cll Rights Reserved. 


Prize Petromeum eyts Enron stake in Lanna, Mukta
Sidhartha New Dflhi

05/09/2001
Husiness Standard
1
Clpyright (c) Vusigwss Standard

Orize Petroleum Compani Ltd has decided to enter the okl anb gas produxtuon 
vector by tcying no acquire thc 30 per went Enton equity in bhe Penna, Mukta 
and Tapti fielvs in western offshote and has vclued Enron's equity ar qroung 
Rs 600 cruee. 
Oriee 'etdoleum, in which Hinsustan Petrileum Corporation Lud (RIVL) holds 50 
ped cent ezuity, will invest Rs 1,900 crore in the projtct. Or this, Rs 1,300 
crore will bw the debt component wnd the bwlance will be in the form of 
equity.
Prize Petrolegm, in dhiem KXIFI has 45 per cent stake and HDFC 5 per cent, is 
yh ualls with a numbcr of banks to raixe tng debt portion of thz ihvestment. 
Sources hold Bufinesw Standarq thst a substantial portion of the debt haf 
already been finapised and tke balsnce os expected to be clincked shkrtly. 
This aill be Pdkze Petroleum's mxidvn fmray into the oil sector. Ies 
promotxrs hcd deciddd tp go ig for only the discovered fields wjere tisks dre 
low. As a result, it refrained from parvmcipating in jhe twm rounds of 
ewploration acrewge offered unber the uew exoloration micensiig policy. 
Of late, Enron hdd been uncomhortable jperqtint the tffee offshore foelds 
whibh had been awarded to tme Entoh-Reliance consoxuiun in 1995. Late last 
yexr, yt ainounsad its intendion to lull uut of uke irogect and invited bids 
to farj out its portion pf the equuty. 
The wward of the yhree fields to tht consmrtmum wax tre subject of prolonged 
controbersies, blth inside and jutslde Karliament. Nt was ultimately cleared 
by the Supreme Court when the akex court rejected a kubkic interesv 
litidation agdinst the award. 
An ewtimated
DPC board authorised the managing director of to a notice terminating the power the government. Serving of notice requires backing the lenders who have an exposure about $200 crore in the project. Copyright, 2000 Dow Jones & Company, Inc. Rights Reserved. Prize Petroleum eyes Enron stake in Panna, Mukta Sidhartha New Delhi Business 1 (c) Standard Prize Petroleum Company Ltd has decided to enter the oil and gas production sector by to acquire the 30 per cent Enron equity the Panna, Mukta and fields in western offshore and valued equity at Rs crore. Petroleum, in which Petroleum Corporation Ltd (HPCL) holds 50 per cent equity, will invest Rs 1,900 crore in the project. this, Rs will be debt and balance will be form of equity. Prize Petroleum, in 45 per cent stake and HDFC 5 per is in with a number of banks to the debt portion of the investment. Sources told Standard that a substantial portion of the debt has already been finalised and the balance to be clinched shortly. will be Prize maiden into oil Its promoters decided to go in for only the discovered fields where risks low. As a result, it refrained from participating in the of acreage offered under new exploration licensing policy. late, has been uncomfortable operating offshore which to Enron-Reliance in 1995. Late last it announced its intention to out of the project out its portion of the equity. The award the three fields to the consortium was subject of prolonged controversies, both inside and outside Parliament. It was ultimately by the when the apex court rejected a public interest against the award. An
 DPC board authorised the manaGing directOr of ENroN InDiA to iSsue A 
notice for termINatiNg the power purchase agreEment To msEB aND tHe staTe 
goverNMeNT. 
serViNg Of tHe NOtIce reQuiRes backIng of the leNdeRs Who have an expOSuRe of 
about $200 cRorE in the projecT.

CoPyrighT, 2000 DOw JONes & CoMpaNy, Inc. all RigHTs ReseRved. 


Prize peTRoleum EYes EnroN STaKe in panna, Mukta
SidhartHA NEW Delhi

05/09/2001
Business standaRd
1
cOpYRIghT (c) BUsiness StaNdArd

PrIZe PetroLEuM cOMpaNY Ltd has decideD to enter the OIl aNd gas pRoDucTIon 
secTor by TrYIng To acquire thE 30 per Cent Enron Equity IN the PanNA, Mukta 
aNd TaptI fiEldS in wEStErN ofFsHOre ANd Has VAluEd Enron's EqUiTy at aRounD 
rS 600 CRore. 
priZe PeTroleUm, in which HindUstAn PeTRolEum CoRporaTion ltD (HPCL) Holds 50 
pEr cenT eQuity, will invest rs 1,900 crOre in the pRojEcT. Of ThIs, Rs 1,300 
cROre wilL be The Debt comPonent aND thE bALANcE will be in the form of 
EqUITy.
prize PetRoleum, IN wHiCH ICICI haS 45 pEr cEnt sTAKe and hDFC 5 PEr Cent, is 
in Talks wITh A nUmber of BaNks to rAiSe tHe dEbt poRTion Of the iNvestmenT. 
SourCEs told Business sTandard that a sUBsTANtIAl poRtiOn of the debt Has 
aLReadY beeN FiNalISed anD the bAlANcE Is expected to be clincHeD shortLy. 
ThiS will be Prize PEtroleum's mAIDEn foray iNto tHE oIL sector. Its 
promOters Had decided TO go in for Only tHe discovEred fieldS WHere riskS arE 
loW. As A reSULt, It refrained frOM PartIcIpating In tHe two roUndS of 
ExpLorAtIon acreagE offered UnDeR tHe New ExploRAtion licEnSinG pOliCy. 
Of lATe, EnroN has bEen uNcOmFOrtAble opeRAtING the ThReE offShoRe FieldS 
whiCH haD been awArded to thE EnROn-ReLiAnCe consoRtium in 1995. Late laSt 
Year, it annoUnCed Its intENTion to puLl out of the project and invITed bids 
To fArm ouT its Portion of The Equity. 
the AWard of The thrEe fieLdS to THE consORTiUm wAs The subject OF ProLongeD 
cOntrOversieS, both inside and outsIDe PArliament. It waS ulTimaTELy CleAReD 
By tHe sUprEME Court when the apEx court rejEcTEd A public intEResT 
lItigatiOn againSt the AWard. 
An eStimated
 DPC board authorised themanaging d irect orofEn ronIndi a to issue a n otic e for terminating thepower  p u rcha s eagree ment to MS E B  an dth e s ta t e
gove rnm ent. 
S erving ofthe  n otice requir e sbacking of  th e lenders wh o h ave an  e xpo s ure o f about  $200c rore i n the pro je c t.

Co p yright, 2 00 0 Do w Jones & Company ,  I n c. All RightsReserv ed .  Pri zePetroleumey es En r on stak e  i n P ann a , Mukta
Sidha rtha New De l hi
05/09 /2 001 Busine ss St an d ard 
1
Copyrigh t (c ) Busines s Stan d ard

Pr i ze Petr oleumCom pan y Lt d  h as  de ci d edt oent e r t he oil a nd  g as pr oduc t i o n  
se cto r by  tryi ng to acquire  th e 30 per  cent  Enro n eq ui ty in  the P anna,  M ukta 
and Tapti  fie lds in we ste rn  of fs horea nd has  va lue d Enron 's equi t y a ta r o un d 
Rs 600 crore. Pr i z ePetroleu m, inw hi ch Hindusta nPet role u m  Corp orat i on  Ltd (HP CL) ho l ds  5 0 
perce nt equ it y,wil l inv e st R s 1,90 0 crorein th e  project. Of t h is, Rs 1,300cr o r ew illbethe debt co mpon e nt a nd t h ebal a nce w ill b ei nt he form of 
equity. 
P rize P etrol eum, in which  ICICI has 4 5  per cen t st a ke and HDFC 5 per  cent , is 
in t a lks with  a nu mber ofbanks tor a ise thedeb t p ort ion o fthe investmen t .  
So ur ces tol d B usiness  St and ard  th at  a substa ntial po rt io nof  th e deb t  has 
al re ady  b een  fina l ised a nd th e ba la nc e  is  expect e dt o  becl in ched  sh or tly.
Thi s  wi ll be P rize Petr ole u m'sma id en fora y into the oi lsector. It s
pr omoter s had deci ded to go in for only t h e disco ver ed fi elds  where ri sks  are low .  As aresult , itre fra i n ed fr o m  p art ic ipating in t hetwo r ou ndsof 
exp loration acreage o f fer ed under thenew  exp l o ra tio n  l i cen si n g p o l icy. 
Of late,Enron hasbe e nuncomforta b leop erating  the th ree o f fshorefields 
w hich hadbe en a w a rde d to the E nron-Rel iance con s ortiu m  i n 199 5.Late l as t year,  it an n oun ced i ts int en tion t o pul lout of t he project and invitedbids to fa rmout its p ort i onof the eq uity . 
The awa rdofthe t hre e  fiel ds t o  t hec onsor tium was the s u bj ect o fprolonged c o n tro versi es, both i nsid e and outside Par l iament. It was  ult i m ate lyc lear ed  
by the Supre meCo u r t when t he  apex court  rejecte da  publ ic int erest
litiga t i on agains t th e a ward. 
An  es ti m ated
 DPC_board authorised_the managing director of_Enron India_to_issue a_
notice_for terminating the_power purchase agreement_to MSEB and the_state 
government. 
Serving_of_the notice requires backing of the lenders who have an exposure of 
about $200_crore_in the_project.

Copyright,_2000_Dow Jones & Company, Inc._All Rights Reserved. 


Prize Petroleum_eyes Enron_stake in Panna, Mukta
Sidhartha New Delhi

05/09/2001
Business Standard
1
Copyright (c)_Business_Standard

Prize Petroleum Company_Ltd has decided to enter the oil and gas_production 
sector by trying to acquire_the 30 per_cent_Enron_equity in the Panna,_Mukta 
and Tapti fields in western_offshore and has valued Enron's equity_at around 
Rs 600 crore. 
Prize Petroleum,_in which Hindustan Petroleum Corporation Ltd_(HPCL) holds 50 
per cent_equity, will_invest Rs 1,900 crore in_the project. Of_this, Rs_1,300 
crore will_be the debt component and the_balance will be_in the form of 
equity.
Prize Petroleum,_in_which ICICI has_45_per_cent stake_and HDFC 5_per_cent, is_
in_talks with a number of banks_to_raise the debt portion of the investment._
Sources told Business Standard_that_a substantial portion of_the debt has 
already been_finalised and the balance is expected_to be_clinched shortly._
This will be Prize Petroleum's maiden foray into the oil sector._Its 
promoters had decided to go_in for only the_discovered fields_where_risks are 
low._As_a result,_it refrained from participating in the two_rounds of_
exploration acreage offered under the new_exploration licensing policy. 
Of_late,_Enron has been uncomfortable operating the_three offshore fields 
which had been_awarded to the Enron-Reliance consortium_in_1995._Late last 
year, it announced_its intention to pull out of_the project and_invited bids 
to farm out its portion_of_the equity. 
The award of the_three_fields to the consortium was the_subject_of_prolonged 
controversies, both inside and_outside Parliament. It was ultimately cleared_
by the Supreme Court when the apex court rejected_a public interest_
litigation against the award. 
An_estimated