Cairn India Board Appointment

RNS Number : 0717P

Cairn Energy PLC

18 March 2009

 



For Immediate Release

March 2008

Cairn Energy PLC

The attached release was issued today by Cairn India Limited ('Cairn India') to the Bombay Stock Exchange and the National Stock Exchange of India.

Enquiries to:

Analysts/Investors   Cairn Energy PLC Jann Brown, Finance Director David Nisbet, Head Group Corporate Affairs	Tel: [phone]
Media   Brunswick Group LLP Patrick Handley David Litterick	Tel: [phone]

For Immediate Release                                                                                                  18 March 2009

Cairn India Board Appointment

Cairn India Limited has appointed Edward Story as a Non-Executive Director with effect from 18 March 2009.

Mr. Story, who has more than 40 years experience in the international oil and gas industry is the founder, President and Chief Executive Officer of Soco International plc, an international exploration and production (E&P) company listed on the London Stock Exchange. SOCO International has E&P interests in South East Asia and Africa. 

Mr. Story, who has been associated with several international oil and gas companies is a science graduate from Trinity University, San Antonio, Texas and holds a Masters degree in Business Administration from the University of Texas. He has also been conferred an honorary Doctorate degree by the Institute  of  Finance and Economics of Mongolia and is Chairman of the North America Mongolia Business Council.

Mr. Story has been appointed as a member of the Nomination and Audit Committees of Cairn India Limited. 

Sir Bill Gammell, Chairman and Non-Executive Director Cairn India Limited said: 

'We are delighted that Ed Story has agreed to join the Cairn India Board.  His significant experience within the global oil and gas industry will be of great benefit to the Company as we gear up for first production from Rajasthan and future growth opportunities both in India and elsewhere.'

Mr Edward Story said:

 'I'm very pleased to accept this opportunity to join Cairn India as a Non Executive Director. Cairn India has an exciting future with its Rajasthan project and unfolding growth story.'

Enquiries to:

Analysts/Investors

Anurag Mantri, Group Treasurer                     [phone]  

Media

Manu Kapoor, Director, Corporate Affairs        [phone]

About Cairn India Limited

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

• Cairn Lanka (Private) Limited, is a wholly owned subsidiary of Cairn India that holds a 100% participating interest in the Mannar block.

• '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 and Sri Lanka 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 and Sri Lanka.

• 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 Block consists of three Development Areas (DA). The first DA (1,859 km2), includes Mangala, Aishwariya Raageshwari and Saraswati and second DA (430 km2) includes the Bhagyam and Shakti fields. Both the DA(s) are shared between Cairn India and ONGC, with Cairn India holding 70% and ONGC having exercised their back in right for 30%. A further third Development Area (822 km2), including the Kaameshwari West #2, #3 and #6 discoveries has recently been approved by the GoI.

• 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 and Cambay fields in the western coast of India.

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

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.

 

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