Cairn Releases Preliminary 2007 Report
Cairn is providing information on recent operations and guidance in respect of the Group's trading performance in 2007. This information is unaudited and is subject to further review.
Gross operated production for 2007 reached 87,031 boepd. This is in comparison to 105,028 boepd in 2006. The company's average net entitlement production equaled 19,809 boepd (2006: 24,523 boepd). The average price realized per boe was U.S. $40 (2006: US$32).
In India, Mangala plateau production potential increased by 25% to 125,000 bopd. Major contracts have been awarded for construction of Mangala processing facility and related infrastructure. Pipeline Front End Engineering and Design (FEED) was completed, line pipe and Engineering Procurement Construction (EPC) contracts have been awarded or are pending.
For Capricorn, the Magnama-1 well offshore Bangladesh was plugged and abandoned with gas shows in a secondary objective. The Hatia-1 exploration well is currently operating. Cairn plans the commencement of exploration drilling offshore Tunisia Q4 2008. Additionally, new exploration acreage position has been established offshore west Greenland.
"The potential of Mangala to produce up to 125,000 barrels of oil per day has led to a review of the optimum scale and scope of the Rajasthan development, and we are confident of achieving first oil in the second half of 2009," Sir Bill Gammell, Cairn chief executive said. "Capricorn continues to build new acreage positions, including Greenland where exploration is at an embryonic stage."
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