MUMBAI, India, September 17, 2014 /PRNewswire/ --
The following release was issued today by Sesa Sterlite
Limited's subsidiary Cairn India Limited.
Cairn India Limited
Interim Dividend Declaration and
Rajasthan Exploration Update
Cairn India Limited (CIL), the fastest growing energy company*
in the world, today declares interim dividend and announces three
new oil discoveries in Rajasthan block.
(Logo:
http://photos.prnewswire.com/prnh/20140117/663814 )
Interim Dividend Declaration
The Board of Directors at its meeting held today has declared
interim cash dividend of INR 5 per Equity share of INR 10
face value. The dividend is proposed to be paid on or before
13th October, 2014 to shareholders on record as on
23rd September, 2014. This will entail an outflow
of INR 1,097 crore including the
dividend distribution tax of INR 159
crore.
Update on Rajasthan Exploration
Three new oil discoveries have been made in Block RJ-ON-90/1,
taking the total number of discoveries in the block to date to 36.
This further exemplifies the capabilities of Cairn's exploration
team operating in this prolific onshore block.
Exploration well DP-1 has encountered 70m gross oil bearing
interval in the Barmer Hill formation. The well has been
fracced and tested, flowing oil @ 120 bopd. The DP structure
is located 6 km NW of Mangala field and has an aerial extent of 21
km2. This is a significant discovery, in view of
its proximity to the Mangala oil field and fast track appraisal is
planned to facilitate rapid commercialization of this
discovery.
Exploration well Saraswati SW-1 has been tested in
a Mesozoic sand interval and flowed oil @ 248 bopd.
Well Aishwariya-46 flowed oil @ 182 bopd in Dharvi
Dungar formation, making it the 36th Discovery in
RJ-ON-90/1. This well represents the first Dharvi Dungar oil
discovery in the northern part of Barmer basin.
Mr. Sudhir Mathur, Interim CEO,
Cairn India said:
"The objective of our dividend policy
is to continuously enhance
value to our shareholders. In line with
this policy, we are delighted to announce
an interim dividend of INR 5 per share."
* Source: 2013 Platts Top 250 Global Energy
Rankings
Cairn India Limited Fact Sheet
On 9 January, 2007, Cairn India
Limited was listed on the Bombay Stock Exchange and the National
Stock Exchange of India. Cairn
India is now part of the Vedanta
Group, a globally diversified natural resources group.
Cairn India is headquartered in
Gurgaon in the National Capital Region. The Company has operational
offices in India including Andhra
Pradesh, Gujarat, Rajasthan, Tamil Nadu and International offices
in Colombo and London.
Cairn India is one of the
largest independent oil and gas exploration and production
companies in India. Together with
its JV partners, Cairn India accounted for ~28% of India's domestic crude oil production in FY14.
Average gross operated production was 217,869 boepd in Q1 FY15. The
Company sells its oil and gas to major PSU and private buyers in
India.
The Company has a world-class resource base, with interest in
seven blocks in India, one in
Sri Lanka and one in South Africa. Cairn India's resource base is located in four
strategically focused areas namely one block in Rajasthan, two on
the west coast of India, five on
the east coast of India (including
one in Sri Lanka) and one in
South Africa.
The blocks are located in the Barmer Basin, Krishna-Godavari
Basin, the Palar-Pennar Basin, the Cambay Basin, the Mumbai
Offshore Basin, the Mannar Basin and Orange Basin.
Cairn India's focus on
India has resulted in a
significant number of oil and gas discoveries. Cairn India made a major oil discovery (Mangala) in
Rajasthan in the north west of India at the beginning of 2004. To date,
thirty six discoveries have been made in the Rajasthan block
RJ-ON-90/1 and the exploration and appraisal drilling campaign is
targeting over 3 billion barrels of gross oil in place resources.
In Rajasthan, Cairn India operates Block RJ-ON-90/1 under a PSC
signed on 15 May, 1995 comprising of
three development areas. DA 1 (1,859 km2) includes
discoveries namely Mangala, Aishwariya, Raageshwari and Saraswati,
DA 2 (430 km2), includes the Bhagyam and Shakti fields
and DA 3 (822 km2) comprising of the Kaameshwari West
Development Area, is shared between Cairn India and ONGC, with
Cairn India holding 70% and ONGC having exercised their back in
right for 30%.
The total resource base supports a long term vision to produce
300,000 boepd, subject to exploration success, further development
investments and regulatory approvals.
In Andhra Pradesh and Gujarat, Cairn India on behalf of its JV
partners operates two processing plants, 11 platforms and more than
200 km of sub-sea pipelines with a production of over 34,000 boepd
as of Q1 FY 15.
Block SL-2007-01-001 was awarded to Cairn Lanka in the bid round
held in 2008. This offshore block is located in the Gulf of Mannar.
The water depths range from 400 to 1,900 meter. The signing of the
Petroleum Resources Agreement (PRA) to explore oil and natural gas
in the Mannar Basin was undertaken in July
2008 in Colombo.
The farm-in agreement was signed with PetroSA on 16 August,
2012 in the 'Block-I' located in Orange basin, South Africa. The block covers an area of
19,898 sq km. The assignment of 60% interest and operatorship has
been granted by the South African regulatory authorities.
India's gross imports of crude
oil stood at 3.8* million bopd in 2013. India's domestic crude oil production for
FY2013-14 was approximately 0.76** million bopd of which Cairn
India operated assets (Ravva, CB/OS-2 and the RJ-ON-90/1)
contributed ~28%.
For further information on Cairn India Limited, kindly visit
http://www.cairnindia.com
*BP Statistical Review of World Energy 2014
**MoPNG March 2014 production
statistics
Corporate Glossary
Cairn India Limited
and/or its subsidiaries
Cairn India as appropriate
Company Cairn India Limited
Refers to Cairn Lanka
(Pvt) Ltd, a wholly
owned subsidiary of
Cairn Lanka Cairn India
PAT adjusted for DD&A,
impact of forex
fluctuation, MAT credit
Cash EPS and deferred tax
Cash Flow from
Operations includes PAT
(excluding other income
and exceptional item)
prior to non-cash
expenses and exploration
CFFO costs.
Central Processing
CPT Terminal
CY Calendar Year
Declaration of
DoC Commerciality
Exploration and
E&P Production
Earnings before
Interest, Taxes,
Depreciation and
Amortisation includes
forex gain/loss earned
EBITDA as part of operations
EPS Earnings Per Share
FY Financial Year
GBA Gas Balancing Agreement
GoI Government of India
GoSL Government of Sri Lanka
The Company and its
Group subsidiaries
JV Joint Venture
MC Management Committee
Ministry of Petroleum
MoPNG and Natural Gas
New Exploration
NELP Licensing Policy
Oil and Natural Gas
ONGC Corporation Limited
OC Operating Committee
Petroleum Resources
PRA Agreement
Petroleum Planning &
PPAC Analysis Cell
qoq Quarter on Quarter
SL Sri Lanka
Vedanta Resources plc
Vedanta and/or its subsidiaries
Group from time to time
yoy Year on Year
Technical Glossary
2P Proven plus probable
Proven plus probable and
3P possible
Two dimensional/three
2D/3D/4D dimensional/ time lapse
Barrel(s) of oil
Boe equivalent
Barrels of oil
Boepd equivalent per day
Bopd Barrels of oil per day
Billion standard cubic
Bscf feet of gas
Trillion standard cubic
Tcf feet of gas
EOR Enhanced Oil Recovery
FDP Field Development Plan
MDT Modular Dynamic Tester
million barrels of oil
Mmboe equivalent
million standard cubic
Mmscfd feet of gas per day
Mmt million metric tonne
Petroleum Resources
PRDS Development Secretariat
PSU Public Sector Utilities
Production Sharing
PSC Contract
Field Glossary
Lower permeability
Barmer Hill reservoir which overlies
Formation the Fatehgarh
Secondary reservoirs in
the Guda field and is
the reservoir rock
encountered in the
Dharvi recent Kaameshwari West
Dungar discoveries
Name given to the
primary reservoir rock
of the Northern
Rajasthan fields of
Mangala, Aishwariya and
Fatehgarh Bhagyam
Located in the Gulf of
Mannar, situated on the
NE shallow continental
Mannar Basin shelf of Sri Lanka
Mangala, Bhagyam,
Aishwariya, Raageshwari,
MBARS Saraswati
Youngest reservoirs
encountered in the
basin. The Thumbli is
the primary reservoir
for the Raageshwari
Thumbli field
Disclaimer
This material contains forward-looking statements regarding
Cairn India and its affiliates, our corporate plans, future
financial condition, future results of operations, future business
plans and strategies. All such forward- looking statements are
based on our management's assumptions and beliefs in the light of
information available to them at this time.
These forward-looking statements are by their nature
subject to significant risks and
uncertainties; and actual results, performance and achievements may
be materially different from those expressed in such statements.
Factors that may cause actual results, performance or
achievements to differ from expectations
include, but are not limited to,
regulatory changes, future levels of industry product
supply, demand and pricing, weather and weather related impacts,
wars and acts of terrorism, development and use of technology, acts
of competitors and other
changes to business conditions. Cairn
India undertakes no
obligation to revise any such
forward-looking statements to reflect any
changes in Cairn India's expectations with regard
thereto or any change in circumstances or events
after the date hereof. Unless otherwise stated the reserves and
resource numbers within this document represent the views of Cairn
India and do not represent the views of any other party, including
the Government of India, the
Directorate General of Hydrocarbons or any of Cairn
India's joint venture partner.
About Sesa Sterlite Limited
Sesa Sterlite Limited ("Sesa Sterlite") is one of the world's
largest diversified natural resources companies. Our business
primarily involves exploring, extracting and processing minerals
and oil & gas. We produce oil & gas, zinc, lead, silver,
copper, iron ore, aluminium and commercial power and have a
presence across India,
South Africa, Namibia, Ireland, Australia, Liberia and Sri
Lanka. Sesa Sterlite has a strong position in emerging
markets with over 80% of its revenues from India, China,
East Asia, Africa and the Middle East.
Sustainability is at the core of Sesa Sterlite's strategy, with
a strong focus on health, safety and environment and on enhancing
the lives of local communities.
Sesa Sterlite is a subsidiary of Vedanta Resources plc, a
London-listed company. Sesa
Sterlite is listed on the Bombay Stock Exchange and the National
Stock Exchange in India and has
ADRs listed on the New York Stock Exchange.
Disclaimer
This press release contains "forward-looking statements" - that
is, statements related to future, not past, events. In this
context, forward-looking statements often address our expected
future business and financial performance, and often contain words
such as "expects," "anticipates," "intends," "plans," "believes,"
"seeks," "should" or "will." Forward-looking statements by their
nature address matters that are, to different degrees, uncertain.
For us, uncertainties arise from the behavior of financial and
metals markets including the London Metal Exchange, fluctuations in
interest and or exchange rates and metal prices; from future
integration of acquired businesses; and from numerous other matters
of national, regional and global scale, including those of a
political, economic, business, competitive or regulatory nature.
These uncertainties may cause our actual future results to be
materially different that those expressed in our forward-looking
statements. We do not undertake to update our forward-looking
statements.
Sesa Sterlite Limited
(Formerly known as Sesa Goa Limited)
Vedanta, 75, Nehru Road,
Vile Parle (East), Mumbai - 400
099
http://www.sesasterlite.com
Registered Office:
Sesa Ghor, 20 EDC Complex,
Patto, Panaji (Goa) - 403 001
CIN: L13209GA1965PLC000044
For Further information, please contact
Communications
Roma Balwani
Executive Vice President - Group Communications & CSR
Tel: +91-22-6646-1330
gc@vedanta.co.in
Investor Relations
Ashwin Bajaj
Senior Vice President - Investor Relations
Sheetal Khanduja
Associate General Manager - Investor Relations
Tel: +91-22-6646-1531
Sesasterlite.ir@vedanta.co.in
For further details, please contact:
Media Relations
Neerja Sharma, Director -
Assurance, Communication and Company Secretary
+91-124-4593169; +91-9717098035; cilmedia@cairnindia.com;
spokesperson@cairnindia.com
Investor Relations
Nidhi Aggarwal, Head - Investor
Relations
+91-124-4593490; +91-9810197755; cilir@cairnindia.com