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Cairn India’s subsidiary notifies of second discovery in Krishna-Godavari Basin

03 Apr 2012 Evaluate

Cairn India’s subsidiary - Cairn Energy India PTY - has notified of an oil discovery in the Nagayalanka-SE-1 well, in the onshore block KG-ONN-2003/1, in the Krishna-Godavari Basin on the east coast of India. However, the extended second phase of exploration ends on August 7, 2012.

Nagayalanka-SE is the second discovery in the KG-ONN-2003/1 block and Nagayalanka-SE-1 well is the second successive discovery well in this block by the Cairn-ONGC JV consortium. The Nagayalanka-SE-1 well was spud on November 25, 2011 as an exploration well, to test the hydrocarbon potential of Cretaceous Golapalli sands. CEIL (24%) is the operator of the block while CIL holds 25% with the  other joint venture consortium partner ONCG holding 51%.

A gross 573 hydrocarbon column in Cretaceous sandstone between the depths 4369.2-4426mMD has been interpreted from log data, core and testing data, to be Oil bearing. The testing interval of 4385-4387 of 4416-4420mMD flowed an average rate of 70bbl/day Oil and 0.6mmscf/days of gas.

Cairn India is primarily engaged in the business of Oil & Gas exploration, production and transportation. The company has a world class resource base, with interest in nine blocks in India and one in Sri Lanka.

Peers
Company Name CMP
ONGC 283.05
Oil India 465.35
Jindal Drilling&Inds 535.35
Deep Industries 473.85
Asian Energy Service 312.75
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