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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Cairn gives notice of Potential commercial interest in second well

Cairn gives notice of Potential commercial interest in second well

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Cairn Lanka is going into the next stage of exploration in mid-2013. This comes after acquiring an additional 600 sq km of 3D seismic data, which they say “will firm up several promising leads”.

To date the potential commercial interest notification has been submitted for the two discoveries, the Dorado and Barracuda wells, as per the terms of the Petroleum Resource Agreement (PRA).

Thus, Cairn Lanka’s successful drilling program — the first for Sri Lanka in 30 years — has established a working petroleum system in the Mannar Basin. Cairn Lanka is now tendering for the drill rig and the associated services for the next stage of the exploration.

Cairn India Managing Director and Chief Executive Officer Rahul Dhir said in their first Quarter Report for the Financial Year 2012/13 that Cairn has recently crossed the cumulative production milestone of 100 million barrels from the Rajasthan block, which has helped India reduce oil imports by US$ 9 billion and contribute US$ 3 billion to India’s national exchequer.

Cairn India has 10 blocks in its portfolio. These are located in three strategically-focused areas: one block in Rajasthan, three on the west coast, and six on the east coast, which includes a block in offshore Sri Lanka. Of these, eight including the three producing blocks, are operated by the company.

Cairn Lanka has successfully completed the first phase of the exploration campaign in the Sri Lanka Block SL 2007-01-001. 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 exploration programme resulted in two successive gas and condensate discoveries: the CLPL-Dorado- 91H/1z well and, the CLPL-Barracuda-1G/1 well.
http://www.ft.lk/2012/07/26/cairn-gives-notice-of-potential-commercial-interest-in-second-well/

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