Releasing its second quarter financial results yesterday (22) Cairn India said, "The 600 sq km 3D seismic acquisition program under Phase 2 exploration period was completed in Block SL 2007-01-001 in order to evaluate certain leads and to finalise future drilling locations. The 3D seismic acquisition programme has been carried out on time, within budget and without any (significant uncontrolled incidents). Data processing of the acquired survey is in progress. The Phase 2 exploration well is planned to be drilled in mid 2013".
The oil exploratory activity is being conducted by Cairn Lanka (Pvt) Ltd, a subsidiary of Cairn India.
Cairn Lanka has successfully completed the first phase of exploration campaign, which resulted in two successive discoveries in the three well drilling programme.
Last month, the company organised a vendor partnership programme in Colombo. The objective of the conference was to encourage local business partners to join Cairn in the growth of Oil and Gas sector in Sri Lanka. The ‘Colombo Partnership Meet’ emphasized how local entrepreneurs and organization could benefit from the country’s oil and gas exploration activities.
Cairn India reported a profit after tax of US$ 564 million during the quarter. The company said it helped reduce India’s oil import bill by US$ 1.8 billion and contributed US$ 800 million to the exchequer.