Cairn India’s wholly owned subsidiary, Cairn Lanka has struck natural gas reserves in Sri Lanka. The company has notified the appropriate authorities in the Government of Sri Lanka of a gas discovery in the COL-Dorado-91H/1z well, drilled in a water depth of 1,354 meter, located in the block SL 2007-01-001, Mannar Basin, Sri Lanka. Cairn Lanka is the operator and has a 100% participating interest in the block. The CLPL-Dorado-91H/1z well is the first one to be drilled in Sri Lanka in 30 years and the first well to discover hydrocarbons in the country.
A gross 25m hydrocarbon column in sandstone between the depths of 3043.8-3068.7m MD has been interpreted from log and MDT data to be predominantly gas bearing with some additional liquid hydrocarbon potential. Further drilling will be required to establish the commerciality of the discovery.
At present, Cairn India has got the Sri Lanka block as the only overseas property. The Mannar basin in Sri Lanka is a frontier petroleum province that is yet to be fully explored. In 2008 Sri Lanka bid round, the company was awarded Block SL 2007-01-001. Between December, 2009, and January, 2010, Cairn Lanka acquired 1,750 square kilometres of 3D seismic data in the Mannar Basin of Sri Lanka. Based on interpretation of the 3D seismic data, several prospects and leads have been identified. Cairn will drill three wells in the block using drillship ‘Chikyu’. The drilling campaign will cost $110 million.
Sri Lanka's government had said previous seismic data showed potential for more than 1 billion barrels of oil under the sea in a 30,000 sq km area of the Mannar Basin, located further south along the western coast. Sri Lanka produces no oil and is totally dependent on imports, which cost it $3 billion in 2009.
| Company Name | CMP |
|---|---|
| ONGC | 273.45 |
| Oil India | 632.95 |
| Jindal Drilling&Inds | 760.75 |
| Hind Oil Exploration | 193.20 |
| Deep Industries | 311.80 |
| View more.. | |
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Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
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The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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