Cairn India inches up as its subsidiary strikes natural gas in Sri Lanka

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

15 Nov 2011 Evaluate

Cairn India is currently trading at Rs. 318.85, up by 1.15 points or 0.36% from its previous closing of Rs. 317.70 on the BSE.

The scrip opened at Rs. 318.80 and has touched a high and low of Rs. 319.00 and Rs. 318.00 respectively. So far 6,040 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 372.00 on 05-Apr-2011 and a 52 week low of Rs. 250.00 on 26-Aug-2011.

Last one week high and low of the scrip stood at Rs. 324.80 and Rs. 309.10 respectively. The current market cap of the company is Rs. 60,667.00 crore.

The promoters holding in the company stood at 52.10% while Institutions and Non-Institutions held 14.30% and 33.60% respectively.

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 CLPL-Barracuda-1G/1 well, located in the block SL 2007-01-001, Mannar Basin, Sri Lanka. This is the second well in a three well frontier basin programme. Cairn Lanka is the operator and has a 100% participating interest in the block.

The well was drilled to a total depth of 4741 metres (m) in water depth of 1509m and encountered 24m of hydrocarbon bearing sandstone in three zones between the depths of 4067m and 4206m. The reservoirs are predominantly gas bearing with some additional liquid hydrocarbon potential.

Cairn will evaluate the well results and work with appropriate authorities to determine the commercial potential of this discovery. The CLPL-Barracuda-1G/1 well is the second successive discovery, located 38 kilometres (km) west of the CLPL-Dorado-91H/1z discovery well and approximately 68 km from the Sri Lanka coastline.

An update on the well results will be provided after the end of the programme, which is expected to be complete by early next year.

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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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