Cairn India surges as its Q4 average daily gross operated oil production soars by 12%

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

10 Apr 2013 Evaluate

Cairn India is currently trading at Rs. 292.80, up by 2.15 points or 0.74% from its previous closing of Rs. 290.65 on the BSE.

The scrip opened at Rs. 295.00 and has touched a high and low of Rs. 295.00 and Rs. 288.20 respectively. So far 107197 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 365.90 on 17-Sep-2012 and a 52 week low of Rs. 267.90 on 28-Mar-2013.

Last one week high and low of the scrip stood at Rs. 297.40 and Rs. 282.40 respectively. The current market cap of the company is Rs. 55587.93 crore.

The promoters holding in the company stood at 58.77% while Institutions and Non-Institutions held 25.69% and 15.54% respectively.

Cairn India’s Q4 average daily gross operated production was 202,014 barrels of oil equivalent (boe), 12% higher than the corresponding prior period. Working interest production was 18% higher at 126,623 barrels of oil equivalent per day (boepd). The increase was driven by ramp-up at the Rajasthan block, where gross production was 22% higher at 168,594 bopd in Q4.

At the end of Q4, oil production was commenced from Aishwariya, the third largest oil field in the Rajasthan block, which will ramp up to the FDP approved production level of 10,000 bopd. Commercial gas sales were also commenced from the Rajasthan block during Q4 with initial volumes of 5 million standard cubic feet per day.

Following clarification from the government of India that exploration would be permitted in development areas, exploration drilling was commenced in the Rajasthan block in February. This is a step towards realizing the basin potential of 300,000 bopd. Recent exploration drilling has resulted in a discovery, the 26th in the Rajasthan block.

In the Sri Lanka block, the Phase-II exploratory well encountered multiple reservoir sands without hydrocarbons, and was plugged and abandoned. Earlier, a three-well Phase-I exploration resulted in two successful discoveries. The company continue to work on the Sri Lanka block, and the data from this Phase-II well along with the results of the prior two discoveries are being integrated to fully understand the future block potential.

Cairn India is primarily engaged in the business of oil and gas exploration, production and transportation. Average daily gross operated production was 205,014 boe in Q3 FY2012-13. The Company sells its oil to major refineries in India and its gas to both PSU and private buyers.

Cairn India Share Price

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Peers

Company Name	CMP
ONGC	279.25
Oil India	454.40
Jindal Drilling&Inds	535.85
Deep Industries	457.70
Asian Energy Service	297.85
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