Statement re Cairn India
Cairn Energy PLC
27 April 2007
The following replaces the Statement re Cairn India announcement released today
at 13:31 under RNS Number 6633V.
The announcement now contains financial tables which were previously omitted.
The full amended text appears below
The attached release was issued today by Cairn India to the Bombay Stock
Exchange and the National Stock Exchange of India.
In accordance with its Indian reporting obligations, Cairn India has today
issued its Q107 financial results. This financial information is reported in
Indian rupees and is prepared under Indian GAAP.
Cairn Energy PLC has a 69% holding in Cairn India. Cairn Energy PLC will next
release group financial information to the UK market in its 2007 interim results
announcement. These consolidated results will be reported in US$ under IFRS and
will include the group's interest in Cairn India.
Key differences between the financials prepared under Indian GAAP to those under
IFRS are summarised in the table below:
IGAAP IFRS
Accounting
policy
Exploration Unsuccessful and other Unsuccessful costs are written off;
write off exploration costs (eg other exploration costs are
(income seismic) are expensed as capitalised pending determination
statement) incurred
Depletion & Based on working interest Based on entitlement interest
Decommissioning production and reserves production and reserves
Disclosure
Operator fees Included in income from Included within other operating
operations income
Interest income Included in other income Included in finance income
The average exchange rate for Q107 was 44.14 rupees:$1
For Immediate Release 27 April 2007
Cairn India Limited (Consolidated) First Quarter Results 2007
The following commentary is provided in respect of the unaudited financial
results and operational achievements of Cairn India Limited and its subsidiary
companies (referred to as 'Cairn India') during the first quarter of 2007.
OPERATIONAL
• Rajasthan midstream solution progressing well with ONGC - discussions on
going with Government of India (GoI)
• Civil works for Rajasthan development underway
• First oil production from Mangala on schedule for 2009
• Field Development Plan for Bhagyam submitted to Operating Committee
• First phase development drilling completed at Saraswati and Raageshwari
oil fields
• Ravva infill drilling campaign ongoing - four development wells
completed
• Ravva exploration well spudded April 2007
• Two blocks awarded in NELP VI licensing round
• 500km 2D seismic programme initiated in Bihar
• IFC-Cairn programme agreed for Rajasthan community projects
• Gross operated production 74,830 barrels of oil equivalent per day
(boepd) (working interest 19,811 boepd)
FINANCIAL
For the first quarter of 2007 the consolidated revenue of Cairn India Limited
and its subsidiaries was Rs. 2,726 million (US$ 62 million). The consolidated
profit after tax (PAT) for the quarter was Rs 376 million (US$ 8.55 million).
The cash flow from operations, worked out as PAT prior to non-cash expenses
(non-cash employee cost, depreciation, depletion, amortization and deferred tax)
and exploration cost write off was Rs 1,801 million (US$ 40.96 million) for the
quarter.
• Net Revenue from operating activities at Rs. 2,364 million (US$ 53.77
million); Average oil price realisation US$ 61.04 per bbl, average gas price
realisation - US$ 4.07/mscf, average price realisation US$ 42.25/boe
• Credit facility of US$ 850 million in place
• Cash (net of borrowings) available at the end of 31 March is Rs 24,010
million (US$ 552.40 million)
* Amounts shown in US$ are converted based on average exchange rate for the
first quarter - 43.967 and closing exchange rate as at 31 March 2007 - 43.465
Rahul Dhir Chief Executive Cairn India said:
'Cairn India remains focused on driving forward the Rajasthan development to
bring new production onstream, while maximising the production potential from
existing assets, enabling increased exploration activity and ensuring the
Rajasthan upstream project remains on track to produce first oil in 2009.'
BUSINESS REVIEW
Overview
It is just over three years since Cairn made the transformational discovery of
Mangala in Rajasthan. Following the successful completion of the IPO and listing
in 2007 and its establishment as an autonomous business, Cairn India is well
placed to move that discovery and others in Rajasthan forward in preparation for
first oil production in 2009.
Cairn India's oil and gas fields at Ravva and CB/OS-2 continue to be the
cornerstone of its existing production. During 2006 both of these assets
benefited from revised gas prices and improved oil production. An ongoing
drilling programme at Ravva and new developments planned on CB/OS-2 will ensure
that these assets continue to underpin Cairn's India's activities elsewhere in
India.
The step change in production is expected from 2009, when the first of the
Rajasthan developments is scheduled to come onstream. The Mangala field will be
brought on production first followed by the Bhagyam and Aishwariya fields and
the targeted gross production from these three fields is 150,000 barrels of oil
per day (bopd). Once on stream, these fields will create significant value for
the GoI, the Rajasthan State Government and for investors and other stakeholders
in both Cairn and Cairn India.
Laboratory studies have indicated that the early application of enhanced oil
recovery (EOR) techniques on the Mangala and Bhagyam fields is expected to
extend significantly the production plateau and ultimate reserves for these
fields. Further work is also planned to determine the best method of extracting
the oil from the potentially productive Barmer Hill formation.
Cairn India has recently secured two new exploration blocks in the NELP VI
licensing round and now holds interests in a total of 15 blocks in India. Cairn
India is well placed to build on this asset base and to bid for further
exploration acreage that may be offered in future licensing rounds.
Rajasthan Upstream
The upstream picture in Rajasthan is progressing well. Current estimates for the
proven and probable (2P) hydrocarbons in place for the six fields Mangala,
Bhagyam, Aishwariya, Saraswati, Raageshwari Oil and Raageshwari Deep Gas total
2.2 billion boe and the associated 2P reserves plus contingent resources are 864
million boe.
The additional smaller and/or low permeability fields and reservoirs have an
estimated 2P hydrocarbons in place volume of more than 1.4 billion boe. Over the
coming years, Cairn India's focus will be on converting as much of this
contingent resource base into 2P reserves as is economically feasible.
The first phase of development drilling on Saraswati and Raageshwari has been
completed successfully. Development drilling on Mangala is scheduled to commence
in 2008.
The GoI has approved the Declaration of Commerciality for Bhagyam, the second
largest field in Block RJ-ON-90/1, along with the Shakti field, following which
the FDP for Bhagyam was submitted to the Operating Committee in Q1 2007.
Rajasthan Midstream
A proposal to the GoI seeking approval to include within the FDP a pipeline to
transport Rajasthan crude from Mangala to a coastal terminal facility is
currently under discussion. The proposed routing of the pipeline will allow
access to the existing pipeline infrastructure and refinery network, with a
final coastal delivery point that also affords access to the majority of India's
refining capacity. It is proposed that the pipeline will fall within the
definition of the field development activities and will accordingly be funded
70% by Cairn India and 30% by ONGC. If the pipeline is included in the FDP, the
costs would be recoverable under the PSC. The conceptual engineering and route
identification for the pipeline are at an advanced stage.
OPERATIONAL REVIEW
Gross operated production in India for the first quarter of 2007 was 74,830
boepd (working interest 19,811 boepd)
Operational activity has been largely focused on the continued appraisal of
Block RJ-ON-90/1 in Rajasthan. There are now a total of 20 discoveries in this
block including the world class Mangala and Bhagyam oil fields in the northern
part of the acreage. FDPs have been approved or are pending on 6 of these 20
discoveries.
An independent report prepared by DeGolyer and McNaughton (D&M) in August 2006
estimated 3.4 billion boe in place in the combined discoveries in the Rajasthan
block. Cairn currently estimates there to be at least 3.6 billion boe
hydrocarbons in place, of which 2.2 billion are under active development
planning, with the remaining 1.4 billion identified in other fields under
review.
The Mangala, Aishwariya, Saraswati, Raageshwari Oil and Raageshwari Deep Gas
fields all have GoI development approval, while work on approvals for the
development of other discoveries, in particular Bhagyam and Shakti, is ongoing.
The remaining discoveries require further appraisal or evaluation.
RAJASTHAN BASIN - North West India
Development Area (Cairn India 70% (Operator); ONGC 30%)
Civil construction work is now underway to meet the planned first oil production
from Mangala in 2009. FDPs for the Mangala, Aishwariya, Saraswati and
Raageshwari fields have been agreed by the GoI and, in addition to the retained
IPO proceeds, bank funding has been secured for the current development.
All the permits and permissions required to begin major construction work have
been granted and Cairn India is in the process of procuring the major items of
long lead equipment required to establish the production facilities. It is
planned to contract purpose built rigs which will be used to drill the
development wells.
The GoI has approved the Declaration of Commerciality for Bhagyam, the second
largest field in Block RJ-ON-90/1, along with the Shakti field. These fields are
contained within a second development area of 430 km2. The FDP for Bhagyam was
submitted to the Operating Committee in Q1 2007. The current 2P reserves base
case for Bhagyam envisages a plateau production rate of 40,000 bopd
Two more small scale discoveries (Shakti North East and N-1-North) have been
retained within the Bhagyam/Shakti development area, together with the N-I, N-E,
N-P and Bhagyam South discoveries.
The Saraswati Crest-1 well was spudded in April 2007.
Enhanced Oil Recovery
Work is also ongoing to establish optimal EOR techniques in the Rajasthan block
with a view to extending plateau production and increasing ultimate recovery of
oil. Laboratory work is currently underway to establish the potential of these
technologies to facilitate early implementation of a field scale pilot project
at Mangala, the largest of the Rajasthan fields.
Northern Appraisal Area (Cairn India 100%)
In June 2005, Cairn was granted an 18 month extension (until 14 November 2006)
to complete its activities in the northern appraisal area to the north and west
of the Development Area. However, the work programme in this area was
interrupted by the severe flooding in Rajasthan in 2006. Cairn India has ceased
operations in this area and is in discussions with the GoI for a further
extension of part of this acreage to complete its planned work programme.
Southern Fields
In the south of the Rajasthan block, first commercial production by trucking
from the Saraswati field is ready to start and will begin as soon as an
arrangement for oil sales has been finalised with the GoI. First commercial
production from the Raageshwari oil field is expected to commence within 12
months of Saraswati. The first phase of development drilling on Saraswati and
Raageshwari has been completed successfully.
Block RJ-0NN-2003/1 (Cairn India 30%, ENI Operator)
In early January 2007, the Operator commenced acquisition of a 3D seismic survey
on this Rajasthan block, which was awarded in NELP V. The 3D programme is
nearing completion.
CAMBAY BASIN - Western India
Block CB/OS-2: Lakshmi and Gauri Gas Fields (Cairn India 40% (Operator))
Average gross production from the Lakshmi and Gauri fields for the first quarter
2007 was 16,997 boepd (comprising average oil and condensate production of 3,555
bopd and average gas production of 81 mmscfd).
The CB/OS-2 joint venture is focused on further development of the field with a
planned offshore four well infill development drilling programme and also the
conversion of three wells into oil producing wells following the continuing
success of the Gauri-3 oil producer. The infill development drilling programme
is scheduled to commence in H2 2007.
Engineering studies to upgrade the oil handling facilities at Gauri to 9,000
bopd have been completed and this upgrade is scheduled for completion in Q3
2007.
The onshore CB-X well has been completed and the pipeline installation is in
progress to deliver planned first gas in Q2 2007.
The gas sales contracts (GSCs) with the buyers (GTCL and GPEC) have been
successfully re-negotiated whereby the contractual terms for volume commitment
and price have been reset and the Gauri gas field volume committed to the
current buyers under the new pricing scheme.
Cambay Basin
CB-ONN-2001/1 (Cairn India 30%, ONGC Operator)
The fourth and final commitment well was drilled and abandoned in April.
CB-ONN-2002/1 (Cairn India 30%, ONGC Operator)
Following the acquisition of a 100 km2 3D seismic programme on this block, three
wells are scheduled to be drilled during 2007.
GS-OSN-2003/1 (Cairn India 49%, ONGC Operator)
The Operator is currently acquiring a 3D marine seismic programme on this block.
The programme is nearing completion.
KRISHNA-GODAVARI (KG) BASIN - Eastern India
Ravva (Cairn India 22.5% (Operator))
Average gross production from the Ravva field for the first quarter 2007 was
57,833 boepd (comprising average oil production of 45,929 bopd and average gas
production of 71 mmscfd).
An extensive offshore infill development and exploration drilling programme on
Ravva commenced in October 2006 and is ongoing. Production from RD-7 commenced
in December 2006 and from RD-8 in January 2007. The Ravva field has been on
plateau for a number of years and the current drilling programme is aimed at
continuing the strong production performance at Ravva.
The RC-5 well has been completed and commenced production in March 2007. A
subsequent workover well on RC-3 was also successfully carried out in March 2007
aswell as a further successful infill well (RE-4).
The Ravva exploration well RX-10 spudded in April 2007. An exploration well MM
301 is scheduled to be drilled later in Q2 2007.
The ceiling prices under each of the Ravva GSCs have been increased following
re-negotiation with the buyer (GAIL). The ceiling price for associated gas has
increased by 18% and the ceiling price for non-associated gas has increased by
30%.
KG-DWN-98/2 (Cairn India 10%, ONGC (Operator))
The UD-1 ultra-deep water exploration well, located 140 km south of Ravva, was
spudded in late September 2006 in 2,841 metres water depth after the acquisition
and interpretation of an additional 255 km 2D seismic data. The well encountered
gas in a secondary objective. Options for further appraisal are currently under
consideration with the Operator.
KG-ONN-2003/1 (Cairn India 49% ONGC (Operator))
Plans are underway to commence a seismic acquisition programme of 2D and 3D data
on this block in late 2007.
NELP VI
Cairn India has secured an interest in two new exploration blocks in India -
PR-OSN-2004/1 and KK-DWN-2004/1 - in the sixth New Exploration Licensing Policy
round (NELP VI).
HIMALAYAN FORELAND BASIN - Northern India
Ganga Valley
GV-ONN-2002/1 (Cairn India 50%)
An aeromagnetic survey commenced in January 2007 was completed in April 2007. A
500 kilometre 2D seismic acquisition programme started in April 2007.
GV-ONN-97/1 (Cairn India 15%, ONGC Operator)
The first exploration well in the Himalayan Foreland Basin in which Cairn India
participated (Tisua-1) was plugged and abandoned after encountering residual oil
shows.
GV-ONN-2003/1 (Cairn India 24%)
Subject to the receipt of the requisite approvals, a 2D seismic acquisition
programme is scheduled to commence in Q4 2007 or early 2008.
VN-ONN-2003/1 (Cairn India 24%)
Seismic reprocessing is underway and planning will commence later in 2007 for a
2D seismic acquisition programme which is expected to commence in 2008.
Corporate Appointments
In the first quarter Cairn India has made the following senior appointments:-
Indrajit Banerjee joined as Chief Financial Officer (CFO) and assumed his
responsibilities and joined the board of directors of Cairn India Limited on 1
March 2007. Indrajit replaced Jann Brown, who stood down as interim CFO of Cairn
India Limited with effect from 1 March 2007.
Ian Vann, recently retired as Group Vice President for Exploration and Business
Development at BP, has joined Cairn India as an external advisor. Ian who was at
the helm of BP's Global exploration team and spent more than 30 years at BP in a
variety of roles will work with the exploration team at Cairn India and also sit
on the Rajasthan Project Engineering Technical Advisory Board.
David Ginger will be responsible for the exploration team at Cairn India which
currently has an interest in 15 exploration blocks in India. David joined Cairn
in July 2006 from Amerada Hess where he was latterly their Exploration and
Production (E&P) Manager for South East Asia. David has 23 years E&P experience
in Asia, Africa and the North Sea. In addition to 11 years at Amerada Hess, he
worked for LASMO and BP and has been leading exploration teams for the past 8
years.
The Cairn India Corporate Advisory Board (CAB) has been set up to provide advice
and direction to the management of Cairn India Limited on matters pertaining to
stakeholder relations and CSR activities at project and corporate level.
The CAB will be chaired by Sundeep Bhandari who has had a long involvement with
Cairn. Sundeep has many years experience in the oil and gas industry in India
and overseas and has previously advised not only Cairn but other international
companies including Mobil and Marathon on E & P projects.
Rajasthan Community Overview
The International Finance Corporation (IFC) has strengthened its ties with Cairn
India by reaching agreement for a joint funding mechanism to support the
socio-economic development initiatives in the Rajasthan block.
The Financial Support Agreement for the IFC-Cairn Linkage programme has been
signed by Iyad Malas, Director, South Asia, IFC, and Rahul Dhir, CEO, Cairn
India.
The agreement entails the creation of a Trust Fund which over a three year
period will support the following:
• Establishing and Maintaining an Enterprise Centre at Barmer for local
development and vocational skill development;
• A rural Dairy Development Project to create alternative income generation
activities for rural households
• A Child and Maternal Health Awareness project for Rural women and children
The implementation partners for each of the above projects have been selected
and programme details are being worked out. IFC will manage the programme and
Cairn will be the financial sponsor. A manager for the Enterprise Centre has
been appointed and will have responsibility for delivering the programme
objectives. An Executive Committee with representation from IFC and Cairn will
oversee implementation and monitor delivery of the projects.
Cairn India Limited
Registered Office : 101, West View, Veer Savarkar Marg,
Prabhadevi, Mumbai 400025
-----------------------------------------------------
Corporate Office : 3rd & 4th Floors, Orchid Plaza, Sun City
Sector 54, Gurgaon 122 002
-----------------------------------------------------
-----------------------------------------------------
Unaudited Financial Results for the Quarter ended 31 March 2007
(All amounts are in thousands of Indian Rupees, unless otherwise stated)
-----------------------------------------------------
Quarter ended Period ended
31 March 2007 31 December 2006
Unaudited Audited
----- ------------------------------- ------------ -----------
1 Income from Operations 4,977 -
2 Other Income 121,047 59,065
3 Total Income (1+2) 126,024 59,065
4 Total Expenditure - -
a) Staff cost 207,246 345,962
b) Others 4,015 3,630
Total 211,261 349,592
5 Interest and Finance costs 199 1,714
6 Depreciation - -
7 Profit/(Loss) before taxation (3-4-5-6) (85,436) (292,241)
8 Provision for taxation - -
9 Net Profit/(Loss) after tax (7-8) (85,436) (292,241)
10 Paid-up Equity Share Capital 17,783,994 17,653,144
(Face value of Rs. 10 each)
11 Reserves excluding Revaluation Reserves 275,017,837
12 Loss per Share (par value Rs. 10 each)
- Basic/diluted* (Rs.) 0.05 0.94
13 Aggregate of Public shareholding
- Number of shares 551,555,629
- Percentage of shareholding 31.01%
----- ------------------------------- ------------ -----------
* Not annualised
Notes :
1 The above unaudited financial results were reviewed and recommended by the Audit Committee and approved by
the Board of Directors at their meeting held on 27 April 2007. The limited review, under clause 41 of the
Listing Agreement, has been carried out by auditors of the Company.
2 The Company was incorporated on 21 August 2006 and hence the comparison with the corresponding quarter of
the previous year is not applicable.
3 The Company operates in only one segment i.e 'Oil and Gas Operations'
4 During the current quarter, the Company issued stock options amounting to 1,708,195 options under the
Cairn India Performance Option Plan (2006) and 3,467,702 options under the Cairn India Employee Stock
Option Plan (2006).
5 The Company was listed on 9 January 2007 on the National Stock Exchange and the Bombay Stock Exchange. The
number of investors' complaints received and disposed of during the quarter ended 31 March 2007 were as
follows-
1) Pending at the beginning of the period -
2) Received during the period 9,316
3) Disposed of during the period 8,903
4) Pending at the end of the quarter (31 March 2007) 413
6 As on 31 March 2007, the Company has utilised Rs. 63,253,600 thousands for the purposes listed in the
Prospectus, as against the projected utilisation of Rs.88,248,800 thousands. The funds utilised till 31
March 2007, are as follows-
Rs. in thousands
a) Acquisition of shares of Cairn India Holdings Limited from Cairn UK Holdings Limited 59,580,800
b) Exploration/Development expenses 3,392,300
c) Issue expenses 280,500
The Company and its subsidiary Cairn India Holidings Ltd has an unutilised amount of Rs. 24,995,200
thousands as at 31 March 2007, held as-
a) Cash and Cash Equivalents 21,090,771
b) Current investments 3,904,429
For and on behalf of the Board
Place : Delhi Rahul Dhir
Date : 27 April 2007 Chief Executive Officer
Cairn India Limited
Consolidated Financial Results
Registered Office : 101, West View, Veer Savarkar Marg,
Prabhadevi, Mumbai 400025
-------------------------------------------------------
Corporate Office : 3rd & 4th Floors, Orchid Plaza, Sun City
Sector 54, Gurgaon 122 002
-------------------------------------------------------
-------------------------------------------------------
Unaudited Financial Results for the Quarter ended 31 March 2007
(All amounts are in thousands of Indian Rupees, unless otherwise stated)
-------------------------------------------------------
Quarter ended Period ended
31 March 2007 31 December 2006
Unaudited Audited
---- ---------------------------------- ----------- -----------
1 Income from Operations 2,363,933 387,417
2 Other Income 361,588 62,215
3 Total Income (1+2) 2,725,521 449,632
4 Total Expenditure
a) Increase/(Decrease) in stock-in-trade 95,483 28,898
b) Staff costs 308,507 361,126
c) Other Administration costs 152,685 13,167
d) Operating expenses 472,978 53,119
Total 1,029,653 456,310
5 Exploration costs written off 474,060 59,481
6 Interest and Finance costs 1,511 2,746
7 Depreciation, Depletion Amortisation & Site Restoration expenses 527,818 61,226
8 Profit/(Loss) before taxation (3-4-5-6-7) 692,479 (130,131)
9 Provision for taxation
a) Current Tax 90,910 11,777
b) Deferred Tax 216,449 43,861
c) Fringe benefit Tax 9,500 789
10 Net Profit/(Loss) after tax (8-9) 375,620 (186,558)
11 Minority Interest - 25,184
12 Net Profit/(Loss) after tax and Minority Interest 375,620 (211,742)
13 Paid-up Equity Share Capital 17,783,994 17,653,144
(Face value of Rs. 10 each)
14 Profit/(Loss) per Share (par value Rs. 10 each)
- Basic/diluted* (Rs.) 0.21 (0.68)
----- ---------------------------------- ----------- -----------
* Not annualised
Notes :
1 The above unaudited financial results were reviewed and recommended by the Audit Committee and approved
by the Board of Directors at their meeting held on 27 April 2007
2 The Company was incorporated on 21 August 2006; the Company acquired majority ownership of Cairn India
Holdings Ltd (including its subsidiaries) on 20 December 2006 and subsequently on 29 December 2006,
acquired 100% ownership of Cairn India Holdings Ltd. The audited consolidated financial results for the
period ended 31 December 2006, incorporate the results of Cairn India Holdings Ltd (including its
subsidiaries) for the period from 20 December 2006 to 31 December 2006. The comparison with the
corresponding quarter of the previous year is therefore not applicable
3 The Company and its subsidiaries operate in only one segment i.e. 'Oil and Gas Operations'
For and on behalf of the Board
Place : Delhi Rahul Dhir
Date : 27 April 2007 Chief Executive Officer
Enquiries to:
Analysts/Investors
Indrajit Banerjee, Chief Financial Officer +91 124 2703000
Media
David Nisbet, Director, Communications +91 99104 87715
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 69% shareholding in Cairn India Limited.
• Cairn India is currently focused on exploration and production in India
where it has a working interest in 15 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 India made a major oil discovery
(Mangala) in Rajasthan in the north west of India at the beginning of 2004.
Cairn India has now made 20 discoveries 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
Glossary
Technical
2P proven plus probable
3P proven plus probable and possible
2D/3D two dimensional/three dimensional
boe barrel(s) of oil equivalent
boepd barrels of oil equivalent per day
bopd barrels of oil per day
bscf billion standard cubic feet of gas
EOR enhanced oil recovery
FDP field development plan
mmboe million barrels of oil equivalent
mmscfd million standard cubic feet of gas per day
PSC production sharing contract
The Fatehgarh is the name given to the primary reservoir rock of the Northern
Rajasthan fields of Mangala, Aishwariya and Bhagyam.
The Barmer Hill is a lower permeability tight rock which overlies the Fatehgarh.
The Dharvi Dungar forms the secondary reservoirs in the Guda field and is the
reservoir rock encountered in the recent Kameshwari West discoveries.
The Thumbli forms the youngest reservoirs encountered in the basin. The Thumbli
is the primary reservoir for the Raageshwari field.
These materials contain forward-looking statements regarding Cairn India, our
corporate plans, future financial condition, future results of operations,
future business plans and strategies. All such forward-looking statements are
based on our management's assumptions and beliefs in the light of information
available to them at this time. These forward-looking statements are, by their
nature, subject to significant risks and uncertainties and actual results,
performance and achievements may be materially different from those expressed in
such statements. Factors that may cause actual results, performance or
achievements to differ from expectations include, but are not limited to,
regulatory changes, future levels of industry product supply, demand and
pricing, weather and weather related impacts, wars and acts of terrorism,
development and use of technology, acts of competitors and other changes to
business conditions. Cairn India undertakes no obligation to revise any such
forward-looking statements to reflect any changes in Cairn India's expectations
with regard thereto or any change in circumstances or events after the date
hereof. Unless otherwise stated the reserves and resource numbers within this
presentation represent the views of Cairn India and do not represent the views
of any other party, including the Government of India, the Directorate General
of Hydrocarbons or any of Cairn India's joint venture partners.
This information is provided by RNS
The company news service from the London Stock Exchange
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