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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Optimistic Cairn to drill more wells in Sri Lanka

Optimistic Cairn to drill more wells in Sri Lanka

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
* Offshore oil exploration on schedule

Cairn India says its subsidiary Cairn Lanka would drill more exploratory wells on Sri Lanka’s side of the Mannar Basin next year.

"An additional 600 square kilometers of 3D seismic data has been acquired which will firm up several promising leads. This will prepare Cairn Lanka for further exploration drilling in mid CY2013," Cairn India said in its recently published annual report.

"Cairn Lanka (Private) Limited, a wholly owned subsidiary of Cairn India, has successfully completed the first phase of the exploration campaign in the Sri Lanka Block SL 2007-01-001 (located in the Mannar Basin). The exploration programme involved the acquisition, processing and interpretation of 1,753 square km of 3D seismic data and a three well deep water drilling programme.

"The seismic programme exceeded the Phase- I commitment by 20% and the drilling programme exceeded the drilling depth commitment by 50%. The exploration programme resulted in two successive gas and condensate discoveries: the CLPL-Dorado- 91H/1z well and, the CLPL-Barracuda-1G/1 well. The third well, CLPL-Dorado North 1- 82K/1 was plugged and abandoned as a dry hole on 14 December, 2011.

"The potential commercial interest notification has been submitted for the Dorado Discovery, as per the terms of the Petroleum Resources Agreement (PRA). Thus, Cairn Lanka’s successful drilling programme — the first for Sri Lanka in 30 years—has established a working petroleum system in the frontier Mannar Basin. All these operations were conducted safely, in accordance with the highest global standards; and within the schedule, the budget and in compliance with the Sri Lankan regulations," Cairn India said.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=57187

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