MUMBAI, India, Jan. 22, 2016 /PRNewswire/ --
Operational Highlights
- Rajasthan production up 1.4% QoQ to 170,444 boepd, aided by
Mangala EOR and Aiswariya infill
- Mangala EOR average production jumped to c. 19 kbopd as
injection volumes ramp-up from 200 kbpld to 330 kbpld, as
expected
- First cargo of Rajasthan crude oil successfully loaded through
Salaya-Bhogat pipeline for MRPL, generating superior
realization
- Signed an agreement with GSPL for construction of pipeline from
RGT to Palanpur
- Successful testing of three zones in Raageshwari Deep Main
establishes a southern extension of the Raageshwari Deep gas
field
- Rajasthan water flood operating costs continues to improve,
lowered by 6% QoQ to $5.1/boe
Financial Highlights
- Revenue of INR 2,039 crore
(US$ 309 mn); 42% lower YoY,
primarily due to decline in crude prices
- EBITDA of INR 665 crore
(US$ 101 mn); higher polymer volume
injection increases operating cost
- Profit after Tax of INR 9 crore
(US$ 1 mn); impacted by lower
operating profit
- Strong Cash and Cash Equivalents position of INR 18,470 crore (US$ 2.8
bn
Corporate and Regulatory Developments
- With regard to proposed merger with Vedanta Ltd, the company is
seeking directions of the Bombay High Court for convening meeting
of all our relevant stakeholders.
- To ensure timely investment decision in Rajasthan block and
realize fair price for our crude, we have approached the High Court
to expedite the PSC extension process and allow us to export the
crude. The matters are subjudice. The High Court has
directed the parties to exchange the requisite
information/documents and to communicate, in a time bound
manner.
- In an encouraging development, GoI has also supported the
industry's view on rationalizing the Cess charges given prevailing
low oil prices.
Mr. Mayank Ashar, Managing
Director and CEO of Cairn India commented:
"We maintain our strategic objective of generating healthy free
cash flow which has been successfully guiding us through the
constantly deteriorating oil pricing scenario. Our unwavering
commitment to improve cost efficiency continues to help us to
navigate through the weak oil price situation and to generate free
cash flow. Focus on adoption of advanced technologies remains the
key to improve our efficiency and productivity. I'm pleased to
inform you that the world's largest EOR project at Mangala is
yielding results exactly as we envisaged. We continue to pursue
pre-development activities for our growth projects to make them
future ready for rapid development on oil prices rebound.
We are continuously engaging with the Government to take actions
to support the oil & gas industry in such a low oil price
environment."
Operational Review
During Q3FY16, Cairn had a gross production of 18.6 mmboe across
all the assets, of which net working interest production was 11.8
mmboe. Gross production per day for Q3FY16 was 202,668 boepd and
working interest production per day was 128,402 boepd. Gross Sales
averaged 200,449 boepd.
Average Daily
Production
|
Units
|
Q3
|
Q2
|
9M
|
FY16
|
FY15
|
y-o-y
(%)
|
FY16
|
q-o-q
(%)
|
FY16
|
FY15
|
y-o-y
(%)
|
Total Gross
operated*
|
Boepd
|
211,843
|
228,622
|
(7%)
|
214,247
|
(1%)
|
214,663
|
219,757
|
(2%)
|
Gross
operated
|
Boepd
|
202,668
|
218,900
|
(7%)
|
205,361
|
(1%)
|
205,909
|
210,399
|
(2%)
|
Oil
|
Bopd
|
196,135
|
210,748
|
(7%)
|
197,685
|
(1%)
|
199,167
|
203,694
|
(2%)
|
Gas
|
Mmscfd
|
39
|
49
|
(20%)
|
46
|
(15%)
|
40
|
40
|
1%
|
Working
Interest
|
Boepd
|
128,402
|
136,701
|
(6%)
|
128,021
|
0%
|
128,991
|
132,576
|
(3%)
|
|
Rajasthan (Block
RJ-ON-90/1)
|
Total Gross
operated*
|
Boepd
|
178,679
|
188,263
|
(5%)
|
176,281
|
1%
|
178,209
|
183,189
|
(3%)
|
Gross
operated
|
Boepd
|
170,444
|
180,010
|
(5%)
|
168,126
|
1.4%
|
170,258
|
175,451
|
(3%)
|
Oil
|
Bopd
|
167,979
|
178,400
|
(6%)
|
165,585
|
1%
|
168,074
|
173,966
|
(3%)
|
Gas
|
Mmscfd
|
15
|
10
|
53%
|
15
|
(3%)
|
13
|
9
|
47%
|
Gross DA 1
|
Boepd
|
150,496
|
151,866
|
(1%)
|
147,443
|
2%
|
149,195
|
146,599
|
2%
|
Gross DA 2
|
Boepd
|
19,948
|
28,144
|
(29%)
|
20,683
|
(4%)
|
21,063
|
28,851
|
(27%)
|
Gross DA 3
|
Boepd
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Working
Interest
|
Boepd
|
119,311
|
126,007
|
(5%)
|
117,688
|
1%
|
119,180
|
122,815
|
(3%)
|
|
Ravva (Block
PKGM-1)
|
Total Gross
operated*
|
Boepd
|
22,975
|
29,470
|
(22%)
|
27,162
|
(15%)
|
26,555
|
25,942
|
2%
|
Gross
operated
|
Boepd
|
21,703
|
27,783
|
(22%)
|
26,064
|
(17%)
|
25,430
|
24,107
|
5%
|
Oil
|
Bopd
|
19,056
|
23,410
|
(19%)
|
22,491
|
(15%)
|
22,253
|
21,155
|
5%
|
Gas
|
Mmscfd
|
16
|
26
|
(39%)
|
21
|
(26%)
|
19
|
18
|
8%
|
Working
Interest
|
Boepd
|
4,883
|
6,251
|
(22%)
|
5,864
|
(17%)
|
5,722
|
5,424
|
5%
|
|
Cambay (Block
CB/OS-2)
|
Total Gross
operated*
|
Boepd
|
10,189
|
10,890
|
(6%)
|
10,805
|
(6%)
|
9,899
|
10,626
|
(7%)
|
Gross
operated
|
Boepd
|
10,521
|
11,107
|
(5%)
|
11,172
|
(6%)
|
10,221
|
10,842
|
(6%)
|
Oil
|
Bopd
|
9,099
|
8,938
|
2%
|
9,609
|
(5%)
|
8,840
|
8,573
|
3%
|
Gas
|
Mmscfd
|
9
|
13
|
(34%)
|
9
|
(9%)
|
8
|
14
|
(39%)
|
Working
Interest
|
Boepd
|
4,208
|
4,443
|
(5%)
|
4,469
|
(6%)
|
4,089
|
4,337
|
(6%)
|
* Includes internal gas consumption
Operations[1]
Rajasthan (Block RJ-ON-90/1)
Gross production from Rajasthan block was at 15.7 mmboe in Q3
FY16 at an average of 170,444 boepd driven by ramp-up in Mangala
EOR production and additional volumes from new infill wells coming
online at Aishwariya. In-line with our expectation, average
production from Mangala EOR ramped-up to 19 kbopd in 3Q FY16.
During the quarter, a total of 15.1 mn barrels of oil was sold, at
an average rate of 163,869 bopd. RDG field continued the gas
production at an average of 28 mmscfd in Q3 FY16. Total gas
production in the quarter was 2.6 bscf. We successfully commenced a
15 well hydro-frac campaign in December
2015 to sustain the growth level and campaign is expected to
continue till Q1 FY17. Total gas sales were 1.4 bscf, continuing at
an average rate of 14.8 mmscfd.
During Q3 FY16, Salaya Bhogat Pipeline (SBPL), storage terminal
& marine export facilities at Bhogat were commissioned and
consequently first cargo of Rajasthan crude oil was successfully
loaded through the terminal for Mangalore Refinery Petroleum Ltd.
We are generating superior realization through this sale.
The water-flood operating expense in Rajasthan declined 6% Q-o-Q
to US$ 5.1/boe. Increase in the
polymer injection volumes lifted the blended operating cost to
US$ 6.9/boe.
The average facility uptime for the quarter was over ~99%
Ravva (Block PKGM-1)
During the quarter, the block produced 2.0 mmboe at an average
rate of 21,703 boepd, which was affected by its natural decline and
shut down of a well for a week. A coil tubing campaign is planned
in 4Q FY16 to arrest the natural decline. During the quarter, 1.92
mmbbls of crude and 1.46 bcf of gas were sold, averaging 20,918
bopd of crude oil and 15.9 mmscfd of gas, respectively.
The facilities recorded an uptime of 99.85 % and LTI free
man-hours at 4.0 million in Q3 FY16 due to company's continuous
emphasis on minimum down time and un-interrupted production
operations.
Cambay (Block CB/OS-2)
For the quarter, total production was 0.97 mmboe at an average
rate of 10,521 boepd impacted by its natural decline. As part of
the asset's long term facility augmentation plan, an additional
storage tank to expand the crude storage capacity at Suvali
terminal and an offshore gas lift compressor package to provide
artificial lift to the wells have been commissioned in this
quarter. During the quarter, 0.84 mmbbls of crude and 0.78 billion
scf of gas were sold, averaging 9,130 bopd of crude oil and 8.5
mmscfd of gas, respectively.
Facilities maintained an excellent uptime of 99.9% during the
quarter. Operational safety continued to be key focus area as the
asset recorded ~2.9 million LTI free man-hours since last LTI as of
Q3 FY16.
[1] EUR numbers stated for development projects are as until
2030
Development
Our development projects continued to see traction in the third
quarter:
Mangala EOR: The injection ramp up plan is on track as it has
been increased from 200,000 barrels of polymer solution per day in
Q2 FY16 to 330,000 polymer solution per day in Q3 FY16. Further
increase in injection volume to 400,000 barrels per day is expected
by March 2016, as per the plan. We
have observed significant increase in the polymer driven volume to
c. 19 kbopd in 3Q FY16, as per plan. Since there is a lag between
injection and impact on production, we expect the volume to rise
further.
All the EOR wells have been drilled and completed. Almost 66% of
polymer injection wells have been hooked up to the surface
facilities and modifications activities for polymerized fluids
handling are also reaching completion.
Aishwariya Infill: By end of 3Q FY16, 17 wells out of the 20
wells infill campaign were operating & balance wells will also
be brought online before the end of FY16.
Bhagyam EOR: Front-End Engineering Design is in advanced stage.
Tendering is ongoing for rigs, services and drilling &
completion long lead items.
Gas Development at RDG Field: During the quarter, we achieved
progress regarding the pipeline by signing an agreement with GSPL
India Gasnet Limited (GIGL) which has agreed to construct the
pipeline connecting Raageshwari Gas Terminal to Palanpur via their
upcoming Mehsana Bhatinda Pipeline under Petroleum and Natural Gas
Regulatory Board (PNGRB) approval. Tendering process for the new
gas processing terminal is also progressing well.
Exploration
Rajasthan
We continued testing key wells in the new discoveries and
acquiring seismic data over high priority areas. Successful testing
of key wells has enabled gathering of critical information for
progressing these discoveries to development. During Q3FY16, three
wells were in various stages of fraccing and testing:
- In Raageshwari Deep Main well, two zones produced oil at
175-220 bopd and one zone produced gas at 1 mmscfd in the Volcanics
section. Zones 4 and 5 in the Fatehgarh section have been fracced
and the flow back is in progress. The successful testing of these
zones has established a southern extension of the Raageshwari Deep
gas field.
- In Vandana-10A well, two zones in the Barmer Hill Turbidites
produced oil at 300 bopd on co-mingled flow.
- In Raageshwari South-3A well, a zone in the Dharvi Dungar
formation produced oil at 252 bopd.
Our seismic crew shot 3D images of another 100 sq km in the
DP-Shakti area in DA1. With this, we have covered most of the areas
of interest in the block with 3D seismic data.
Other India and
International Assets
KG Offshore (Block KG-OSN-2009/3): Drilling is anticipated to
commence in Q3 FY17, subject to all statutory clearances. Cairn
India is engaging with the DGH and
the MoPNG for full life cycle clearances from the Ministry of
Defence in order to commence drilling preparations.
KG Onshore (Block KG-ON-2003/1): ONGC, Cairn India's Joint
Venture partner and the operator of the block, has submitted a
Field Development Plan to the Management Committee. The project is
in the pre-development phase.
Mumbai Offshore (Block MB-DWN-2009/1): Based on the results of
various studies, Cairn India is evaluating options regarding
further exploration in the block.
Palar-Pennar (Block PR-OSN-2004/1): Cairn India is in
discussions with the joint venture partners regarding timelines for
fulfilling its obligations in the block.
Sri Lanka (SL 2007-01-001):
Block closure documents have been submitted to the Petroleum
Resources Development Secretariat, the regulatory authority for
petroleum resources in Sri Lanka
and they are in the process of finalizing closure.
South Africa (Block 1):
De-risking of inboard leads and prospects is ongoing. Awaiting
decision on proposed changes to the MPRDA and fiscal regime before
considering a decision to progress into the 2nd exploration license
phase.
Financial Review
|
Q3
|
Q2
|
9M
|
INR
Crore
|
FY16
|
FY15
|
y-o-y
(%)
|
FY16
|
q-o-q
(%)
|
FY16
|
FY15
|
y-o-y
(%)
|
Net
Revenue
|
2,039
|
3,504
|
(42%)
|
2,242
|
(9%)
|
6,909
|
11,969
|
(42%)
|
EBITDA
|
665
|
2,113
|
(69%)
|
966
|
(31%)
|
2,934
|
7,933
|
(63%)
|
Margin
(%)
|
33%
|
60%
|
|
43%
|
|
42%
|
66%
|
|
PAT
|
9
|
1,350
|
(99%)
|
673
|
(99%)
|
1,516
|
4,720
|
(68%)
|
Margin(%)
|
0%
|
39%
|
|
30%
|
|
22%
|
39%
|
|
EPS (INR) –
Diluted
|
0.05
|
7.17
|
(99%)
|
3.58
|
(99%)
|
8.06
|
25.03
|
(68%)
|
Cash EPS
(INR)
|
4.06
|
10.72
|
(62%)
|
5.54
|
(27%)
|
17.96
|
40.37
|
(56%)
|
Note: EBITDA includes forex gain/(loss) on operating
activities
Average Price
Realization
|
Units
|
Q3
|
Q2
|
9M
|
FY16
|
FY15
|
y-o-y
(%)
|
FY16
|
q-o-q
(%)
|
FY16
|
FY15
|
y-o-y
(%)
|
Cairn
India
|
US$/boe
|
35.2
|
68.1
|
(48%)
|
43.7
|
(19%)
|
45.0
|
85.2
|
(47%)
|
Oil
|
US$/bbl
|
35.0
|
68.7
|
(49%)
|
43.7
|
(20%)
|
45.1
|
86.2
|
(48%)
|
Gas
|
US$/mscf
|
7.2
|
6.3
|
14%
|
7.0
|
3%
|
6.9
|
6.4
|
8%
|
Net revenue for Q3 FY16 decreased 9% QoQ to INR 2,039 crore mainly due to sharp decline of 13% in
crude prices and increase in discount to Brent for Rajasthan crude
to $9.2/bbl. Our average realization
came down by 19% QoQ to $35.2/bbl as
realization for Rajasthan crude reduced to $34.5/bbl. Our constant effort to improve the
cost efficiency helped us reduce our already low Rajasthan
water-flood operating cost by 5.8% QoQ to $5.1/bbl. The cost reduction was achieved despite
of higher work over activities carried out in the last quarter. We
lowered our cost through constant re-negotiation with the vendors
and improvement in our operating efficiency. As a result of 8-10%
improvement in the efficiency of well maintenance units, we have
demobilized 15% of the units, which has helped us realize cost
saving on our operating activities. We have also commenced
purchasing 10MW power from open exchange at about 25% lower costs.
A fast ramp-up in the polymer injection volumes has increased the
blended operating cost by 7.8% QoQ to $6.9/bbl.
EBITDA for the quarter came in at INR 665
crore with a healthy EBITDA margin of 33%. Lower revenue and
increase in the overall operating cost led to decline in EBITDA. A
relatively stable Rupee as compared to 3.3% depreciation versus US
Dollar in the second quarter resulted into a lower forex gain of
INR 49 crore in 3Q FY16 against INR
381 crore in 2Q FY16, on our
investments and operating activities.
Net profit decreased to INR 9
crore due to lower EBITDA and foreign exchange gain, as
highlighted above. Earnings per share came down proportionately to
INR 0.05 in the third quarter from INR 3.6 in the second quarter.
Cash EPS was also down 27% QoQ to INR 4.1 due to lower EBITDA and
foreign exchange gain.
Cash flow from operations for the quarter was INR 692 crore. Net capital expenditure for the second
quarter stood at INR 386 crore
(US$ 58 million) with 70% of the
investment made on development projects and 30% on exploration
activities. Our closing cash and cash equivalent position was solid
at INR 18,470 crore (US$ 2.8 billion), of which 68% is invested in
rupee funds and 32% in dollar funds.
Health, Safety, Environment and Sustainability
MBA Operations, Raageshwari Operations and Rajasthan Projects
clocked 29.9, 11 & 27.8 million Lost Time Incident (LTI) free
man-hours respectively by Q3 FY16. RJ HSE Learning &
Development Centre is being set up to comply with DGMS requirements
and to improve HSE induction process. A Process Safety Events
reporting system is now incorporated within our Cairn online
Incident Reporting framework as a step towards full scale
implementation of Process safety management system across all our
assets. Apart from these activities we are continuing with our
flagship health programs on Fitness and Yoga.
Corporate Social Responsibility
Cairn was awarded the prestigious CII-ITC Sustainability Award
under Corporate Social Responsibility Domain Excellence; and was
amongst the top 12 finalists for Platts Global Energy Awards under
CSR. The quarter saw major developments in CSR. Key among these
were finalization of partners for the safe drinking water project,
top quality job offers and partnerships with Government agencies at
the Cairn Centre of Excellence (CCOE), new courses and spoke
centres under the Cairn Enterprise Centre (CEC) umbrella, strong
public relations development for the solar micro grid and Natural
Resource Management Program etc. The Rajasthan Chief Minister
visited the CEC on 23rd October and interacted with the
students and was extremely appreciative of the Cairn effort in
CSR.
FY16 Outlook
Cairn India continues to remain
committed to creating long term shareholder value. Planned net
capital investment for FY16 is US$ 300
million; 62% in Core MBA fields, 15% in Growth projects of
Barmer Hill, Satellite Fields & Gas and 23% in Exploration. The
company maintains its view to ramp-up the investment as oil prices
improve and costs bottom out. We continue to create optionalities
and be ready for their rapid development following upswing in the
oil prices. The company aims to have healthy cash flows post capex
so as to retain the ability to pay dividends.
Contact
Media Relations
Arun
Arora, Chief Communication Officer
+91 124 4593039; +91 8826999270; cilmedia@cairnindia.com;
spokesperson@cairnindia.com
Investor Relations
Dheeraj Agarwal
+91 124 4593409; +91 9769732150; cilir@cairnindia.com
Cairn India Limited Fact Sheet
On 9 January, 2007, Cairn India
Limited was listed on the Bombay Stock Exchange and the National
Stock Exchange of India. Cairn
India is now a subsidiary of
Vedanta Limited; part of the Vedanta Group, a globally diversified
natural resources group.
Cairn India is headquartered in
Gurgaon in the National Capital Region. The Company has operational
offices in India including Andhra
Pradesh, Gujarat, Rajasthan, Tamil Nadu and International offices
in Colombo and Houston.
Cairn India is one of the
largest independent oil and gas exploration and production
companies in India. Together with
its JV partners, Cairn India accounted for ~27.2% of India's domestic crude oil production in FY15.
Average gross operated production was 211,671 boepd for FY15. The
Company sells its oil and gas to major PSU and private buyers in
India.
The Company has a world-class resource base, with interest in
seven blocks in India, one in
Sri Lanka and one in South Africa. Cairn India's resource base is located in four
strategically focused areas namely one block in Rajasthan, two on
the west coast of India, five on
the east coast of India (including
one in Sri Lanka) and one in
South Africa.
The blocks are located in the Barmer Basin, Krishna-Godavari
Basin, the Palar-Pennar Basin, the Cambay Basin, the Mumbai
Offshore Basin, the Mannar Basin and Orange Basin.
Cairn India's focus on
India has resulted in a
significant number of oil and gas discoveries. Cairn India made a major oil discovery (Mangala) in
Rajasthan in the north west of India at the beginning of 2004. To date,
thirty eight discoveries have been made in the Rajasthan block
RJ-ON-90/1
In Rajasthan, Cairn India operates Block RJ-ON-90/1 under a PSC
signed on 15 May, 1995 comprising of
three development areas. The main Development Area (DA-1; 1,859
km2), which includes discoveries namely Mangala, Aishwariya,
Raageshwari and Saraswati is shared between Cairn India and
ONGC. Further Development Areas (DA-2; 430 km2), including
the Bhagyam, NI and NE fields and (DA-3; 822 km2) comprising of the
Kaameshwari West Development Area, is shared between Cairn India
and ONGC, with Cairn India holding 70% and ONGC having exercised
their back in right for 30%.
In Andhra Pradesh and Gujarat, Cairn India on behalf of its JV
partners operates two processing plants, with a production of over
36,000 boepd for FY15.
Block SL-2007-01-001 was awarded to Cairn Lanka in the bid round
held in 2008. This offshore block is located in the Gulf of Mannar.
The water depths range from 400 to 1,900 meter. The signing of the
Petroleum Resources Agreement (PRA) to explore oil and natural gas
in the Mannar Basin was undertaken in July
2008 in Colombo.
The farm-in agreement was signed with PetroSA on 16 August,
2012 in the 'Block-I' located in Orange basin, South Africa. The block covers an area of
19,898 sq km. The assignment of 60% interest and operatorship has
been granted by the South African regulatory authorities.
For further information on Cairn India Limited, kindly visit
www.cairnindia.com
Corporate
Glossary
|
|
|
Cairn
India
|
Cairn India Limited
and/or its subsidiaries as appropriate
|
Company
|
Cairn India
Limited
|
Cairn
Lanka
|
Refers to Cairn Lanka
(Pvt) Ltd, a wholly owned subsidiary of Cairn India
|
Cash EPS
|
PAT adjusted for
DD&A, impact of forex fluctuation, MAT credit and deferred
tax
|
CFFO
|
Cash Flow from
Operations includes PAT (excluding other income and exceptional
item) prior to non-cash expenses and exploration costs.
|
CPT
|
Central Processing
Terminal
|
CY
|
Calendar
Year
|
DoC
|
Declaration of
Commerciality
|
E&P
|
Exploration and
Production
|
EBITDA
|
Earnings before
Interest, Taxes, Depreciation and Amortisation includes forex
gain/loss earned as part of operations
|
EPS
|
Earnings Per
Share
|
FY
|
Financial
Year
|
GBA
|
Gas Balancing
Agreement
|
GoI
|
Government of
India
|
GoR
|
Government of
Rajasthan
|
Group
|
The Company and its
subsidiaries
|
JV
|
Joint
Venture
|
MC
|
Management
Committee
|
MoPNG
|
Ministry of Petroleum
and Natural Gas
|
NELP
|
New Exploration
Licensing Policy
|
ONGC
|
Oil and Natural Gas
Corporation Limited
|
OC
|
Operating
Committee
|
PPAC
|
Petroleum Planning
& Analysis Cell
|
PRA
|
Petroleum Resources
Agreement
|
qoq
|
Quarter on
Quarter
|
SL
|
Sri Lanka
|
Vedanta
Group
|
Vedanta Resources plc
and/or its subsidiaries from time to time
|
yoy
|
Year on
Year
|
Technical
Glossary
|
|
|
2P
|
Proven plus
probable
|
3P
|
Proven plus probable
and possible
|
2D/3D/4D
|
Two dimensional/three
dimensional/ time lapse
|
Blpd
|
Barrel(s) of
(polymerized) liquid per day
|
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
|
Tcf
|
Trillion standard
cubic feet of gas
|
EOR
|
Enhanced Oil
Recovery
|
FDP
|
Field Development
Plan
|
MDT
|
Modular Dynamic
Tester
|
Mmboe
|
million barrels of
oil equivalent
|
Mmscfd
|
million standard
cubic feet of gas per day
|
Mmt
|
million metric
tonne
|
PRDS
|
Petroleum Resources
Development Secretariat
|
PSU
|
Public Sector
Utilities
|
SPM
|
Single Point
Mooring
|
PSC
|
Production Sharing
Contract
|
|
|
Field
Glossary
|
|
Barmer Hill
Formation
|
Lower permeability
reservoir which overlies the Fatehgarh
|
Dharvi
Dungar
|
Secondary reservoirs
in the Guda field and is the reservoir rock encountered in the
recent Kaameshwari West discoveries
|
Fatehgarh
|
Name given to the
primary reservoir rock of the Northern Rajasthan fields of Mangala,
Aishwariya and Bhagyam
|
Mannar
Basin
|
Located in the Gulf
of Mannar, situated on the NE shallow continental shelf of Sri
Lanka
|
MBARS
|
Mangala, Bhagyam,
Aishwariya, Raageshwari, Saraswati
|
Thumbli
|
Youngest reservoirs
encountered in the basin. The Thumbli is the primary reservoir for
the Raageshwari field
|
Disclaimer
This material contains forward-looking statements regarding
Cairn India and its affiliates, 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 document
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.
For further
information, please contact:
|
|
Communications
|
|
Roma
Balwani
|
Tel: +91 22 6646
1000
|
President – Group
Communications, Sustainability & CSR
|
gc@vedanta.co.in
|
|
|
Investor
Relations
|
|
Ashwin
Bajaj
|
Tel: +91 22 6646
1531
|
Director – Investor
Relations
|
vedantaltd.ir@vedanta.co.in
|
|
|
Sunila
Martis
|
|
Manager – Investor
Relations
|
|
|
|
Vishesh
Pachnanda
|
|
Manager – Investor
Relations
|
|
About Vedanta Limited (Formerly Sesa Sterlite Ltd.)
Vedanta Limited (Vedanta Ltd) is a diversified natural resources
company, whose business primarily involves exploring and processing
minerals and oil & gas. The Company produces oil & gas,
zinc, lead, silver, copper, iron ore, aluminium and commercial
power and has a presence across India, South
Africa, Namibia,
Ireland, Australia, Liberia and Sri
Lanka.
Vedanta Ltd, formerly Sesa Sterlite Ltd. is the Indian
subsidiary of Vedanta Resources Plc, a London-listed company. Governance and
Sustainable Development are at the core of Vedanta's strategy, with
a strong focus on health, safety and environment and on enhancing
the lives of local communities. Vedanta Ltd is listed on the Bombay
Stock Exchange and the National Stock Exchange in India and has ADRs listed on the New York
Stock Exchange.
For more information please log on to www.vedantalimited.com
Vedanta Limited
(Formerly known as Sesa Sterlite Limited)
Vedanta, 75, Nehru Road,
Vile Parle (East), Mumbai - 400
099
www.vedantalimited.com
Registered Office:
Sesa Ghor, 20 EDC Complex,
Patto, Panaji (Goa) - 403
001
CIN: L13209GA1965PLC000044
Disclaimer
This press release contains "forward-looking statements" – that
is, statements related to future, not past, events. In this
context, forward-looking statements often address our expected
future business and financial performance, and often contain words
such as "expects," "anticipates," "intends," "plans," "believes,"
"seeks," "should" or "will." Forward–looking statements by their
nature address matters that are, to different degrees, uncertain.
For us, uncertainties arise from the behaviour of financial and
metals markets including the London Metal Exchange, fluctuations in
interest and or exchange rates and metal prices; from future
integration of acquired businesses; and from numerous other matters
of national, regional and global scale, including those of a
political, economic, business, competitive or regulatory nature.
These uncertainties may cause our actual future results to be
materially different that those expressed in our forward-looking
statements. We do not undertake to update our forward-looking
statements.
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