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Cairn India spurts on announcing three new oil discoveries in Rajasthan block

Cairn India Ltd. (Amalgamated) | Oil Exploration | Oil & Gas | BSE: 532792 | NSE: CAIRN

17 Sep 2014 Evaluate

Cairn India is currently trading at Rs. 327.15, up by 6.90 points or 2.15 % from its previous closing of Rs. 320.25 on the BSE.

The scrip opened at Rs. 324.60 and has touched a high and low of Rs. 329.35 and Rs. 320.55 respectively. So far 111019 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 385.00 on 11-Jun-2014 and a 52 week low of Rs. 304.25 on 25-Jul-2014.

Last one week high and low of the scrip stood at Rs. 342.00 and Rs. 319.10 respectively. The current market cap of the company is Rs. 61245.28 crore.

The promoters holding in the company stood at 59.90 % while Institutions and Non-Institutions held 26.63 % and 13.47 % respectively.

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 Share Price

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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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Cairn India spurts on announcing three new oil discoveries in Rajasthan block

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