Further Exploration Acreage f

RNS Number : 0895W

Cairn Energy PLC

05 June 2008

 



For Immediate Release                                                                                                   5 June 2008

The below release was issued 5 June 2008 by Cairn India Limited ('Cairn India') to the Bombay Stock Exchange and the National Stock Exchange of India.

Cairn India

Further Exploration Acreage for Cairn India 

The Government of Sri Lanka has awarded an exploration licence to explore for oil and natural gas in the Mannar Basin, to Cairn India.

Block SL 2007-01-001 is offshore north west Sri Lanka and covers approximately 3,400 km2  in water depths of 200 metres to 1800 metres.

The Petroleum Resources Agreement for the offshore block will be signed in due course.

Enquiries to:

Analysts/Investors

Anurag Mantri, Investor Relations Manager                               [phone]  

Media

David Nisbet, Director, Corporate Communications                     [phone]

About Cairn India Limited

• 'Cairn India' where referred to in the release means Cairn India Limited and/or its subsidiaries, as appropriate. 

• 'Cairn' where referred to in this release means Cairn Energy PLC and/or its subsidiaries (including Cairn India), as appropriate. 

• Cairn India is headquartered in Gurgaon on the outskirts of Delhi, with operational offices in Chennai, Gujarat, Andhra Pradesh and Rajasthan.

• On 9 January 2007, Cairn successfully concluded the flotation of its Indian business with the commencement of trading of Cairn India Limited on the Bombay Stock Exchange and the National Stock Exchange of India. Cairn Energy PLC currently holds a 65% shareholding in Cairn India Limited. 

• Cairn India is currently focused on exploration and production in India where it has a working interest in 14 blocks, two of which are producing hydrocarbons.  The company holds material exploration and production positions in west India and east India along with new exploration rights elsewhere in India. 

• This focus on India has already resulted in a significant number of oil and gas discoveries.  In particular, Cairn made a major oil discovery (Mangala) in Rajasthan in the north west of India at the beginning of 2004. More than 20 discoveries have been made in Rajasthan block RJ-ON-90/1. 

• In Rajasthan, Cairn India operates Block RJ-ON-90/1 under a Production Sharing Contract (PSC) signed on 15 May 1995. The main Development Area (1,858 km2), which includes Mangala, Aishwariya, Saraswati and Raageshwari; is shared between Cairn India and ONGC, with Cairn India holding 70% and ONGC having exercised their back in right for 30%. A further Development Area (430 km2), including the Bhagyam and Shakti fields, is also shared between Cairn India and ONGC in the same proportion.

• The Operating Committee for Block RJ-ON-90/1 consists of Cairn India and ONGC.

• India currently imports approximately 2,000,000 barrels of oil per day (bopd).  It produces approximately 700,000 bopd itself of which approximately 50,000 bopd comes from the Cairn India operated Ravva field on the east coast of India.

• For further information on Cairn India Limited see www.cairnindia.com

 

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