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Cairn India announces three new oil discoveries in Rajasthan block

17 Sep 2014 Evaluate

Cairn India has announced three new oil discoveries in Rajasthan block. These three new oil discoveries have been made in Block RJ-ON-90/1, taking the total number of discoveries in the block to date to 36. This further exemplifies the capabilities of Cairn’s exploration team operating in this prolific onshore block.

Exploration well DP-1 has encountered 70m gross oil bearing interval in the Barmer Hill formation. The well has been fracced and tested, flowing oil at 120 bopd. The DP structure is located 6 km NW of Mangala field and has an aerial extent of 21 km2. This is a significant discovery, in view of its proximity to the Mangala oil field and fast track appraisal is planned to facilitate rapid commercialization of this discovery.

Exploration well Saraswati SW-1 has been tested in a Mesozoic sand interval and flowed oil @ 248 bopd.

Well Aishwariya-46 flowed oil at 182 bopd in Dharvi Dungar formation, making it the 36th Discovery in RJ-ON-90/1. This well represents the first Dharvi Dungar oil discovery in the northern part of Barmer basin.

Cairn India is primarily engaged in the business of oil and gas exploration, production and transportation. In Q1FY15, the company’s net profit had declined 67.63% at Rs 643.81 crore as compared to Rs 1989.12 crore for the quarter ended June 30, 2013.

 

Peers
Company Name CMP
ONGC 283.95
Oil India 470.10
Jindal Drilling&Inds 540.15
Deep Industries 476.90
Asian Energy Service 306.05
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