Cairn India Reports on Exploration Highlights from Last 15 Months

Cairn India has provided an exploration update from its operational results for the fifteen month period ended March 31, 2009.

Proven and probable contingent resource additions for the year 2008 (unaudited) comprised 118% of entitlement production over the same period.

During the period January 2008 to March 2009 Cairn India operated four of the nine wells in which it participated, three of the operated wells were successful:

  • Raageshwari East-1Z in Rajasthan, the 25th discovery in the Barmer Basin, flowed 500 bopd and 0.4 mmscfd on test from Thumbli sands in a separate oil accumulation adjacent to the Raageshwari field. The discovery was later renamed the Shaheed Tukaram Ombale A.S.I. (Tukaram) field.
  • The Mangala North-1 well extended the contingent resource in the Barmer Hill Formation of the Mangala field.
  • The RB-4 well in Ravva encountered additional oil sands that were later put on stream at 500 bopd through the Ravva production facilities.

Three wells were drilled in CB-ONN-2002/1 one of which made a sub-commercial oil discovery and one well was drilled in each of GV-ONN-2002/1 and GV-ONN-97/1, all of which were dry. The first well in RJ ONN 2003/1 was still operating at the end of March 2009.

Seismic acquisition included both 2D and 3D seismic in blocks KG-ONN-2003/1, and 2D in blocks GV-ONN-2003/1 and VN-ONN-2003/1. Marine 2D seismic surveys were also completed in blocks PR-OSN-2003/1 and KK-DWN-2004/1 in 2008.

The Government of Sri Lanka awarded Cairn India an exploration license to explore for oil and natural gas in the Mannar Basin. The block covers approximately 3,000 Km2 in water depths of 200 meters to 1,800 meters.

At the end of 2008, on going technical evaluation work and the addition of the Sri Lanka license had helped Cairn India's exploration portfolio grow to over 1,400 mmboe unrisked prospective resources, spread over a the full range of operating environments, risk and basin settings.

Over the next 12 months further drilling and seismic programs are planned. Drilling is scheduled onshore in the KG basin, with acquisition of 3D seismic totalling 1,800 km2 to commence offshore India and in Sri Lanka.

Block Updates

Western India - Barmer and Cambay Basins

RJ ON 90/1 (Cairn India 70% (Operator))

Two wells were drilled during Q4 2008 and Q1 2009, both of which discovered oil. Raageshwari East-1Z became the 25th discovery in the block and flowed 500 bopd and 0.4 mmscfd of 40 API oil on test from Thumbli sands in a separate oil accumulation adjacent to the Raageshwari field. The discovery was later renamed the Shaheed Tukaram Ombale A.S.I. (Tukaram) field.

Additional contingent resources were also added in the Barmer Hill formation as a result of the Mangala North-1 well.

CB-ONN-2002/1 (Cairn India 30% (ONGC Operator) block relinquished)

A three well drilling program started in Q3 2008 with the first well completed in August 2008. A small quantity of oil with a flow rate of 100 bopd was recovered from a 2,483-2,479m zone. Two further wells were drilled and both were dry holes. With the completion of the PSC commitments Cairn India has withdrawn from the PSC as the small discovery made with the first well is considered to be non-commercial in size.

Southern India - Krishna-Godavari Basin

Ravva (Cairn India 22.5% (Operator))

The RB-4 well in Ravva drilled as an appraisal of the LM6 sands found to be oil bearing in the RX-8 well drilled in 2007, encountered additional oil sands that were later put on stream at 500 bopd through the Ravva production facilities.

KG-ONN-2003/1 (Cairn India 49% (Operator - exploration phase))

Two seismic programs have been undertaken in this block. The acquisition of a 500 km 2D seismic program commenced in Q1 2008 followed by the acquisition of a 255km2 3D program. Drilling is expected to commence in Q4 2009.
KG-DWN-98/2 (Cairn India 10% (ONGC Operator))

The block comprises two Discovery Areas until January 2010 in the south and July 2010 in the North. Three wells have been approved by the JV partnership and the first is expected to spud in 2009.

PR-OSN-2004/1 (Cairn India 35%, (Operator))

The acquisition of an offshore 3,100 km 2D seismic program was successfully completed in Q2 2008. Processing of the data is complete and interpretation continues in support of 3D seismic acquisition that is expected to commence at the end of 2009.

Northern India - Ganga Valley

GV-ONN-97/1 (Cairn India 15% (ONGC Operator) - block relinquished in 2008)

The last commitment well on this block, Banda-1, was completed in Q2 2008 and the block was subsequently relinquished mid year.

GV-ONN-2002/1 (Cairn India 50% (Operator) Capricorn 50%)

The Havidhi-1 exploration well was drilled in Q1 2009 and completed the remaining work program commitment in the first exploration phase of the PSC. A decision on further work in this PSC is still being considered.

GV-ONN-2003/1 (Cairn India 49% (Operator - exploration phase) Capricorn 25%)

The acquisition and processing of a 550 km 2D seismic program was completed in Q1 2009 and interpretation of the new data has commenced.


Other Areas - Vindhyan, Kerala-Konkan and Mjalar Basins

VN-ONN-2003/1 (Cairn India 49% (Operator - exploration phase))

The acquisition of a 500 km 2D seismic program was completed in mid November 2008. Interpretation of the data is ongoing.

KK-DWN-2004/1 (Cairn India 40% (ONGC, Operator))

A 3,500 km 2D seismic program was completed in December 2008.

RJ-ONN-2003/1 (Cairn India 30% (ENI - Operator))

The first commitment well spud by the operator at the end of March 2009. Subsequent activity will depend on the outcome of the first well.

Sri Lanka- Mannar Basin
SL 2007-01-001 (Cairn Lanka 100% (wholly owned subsidiary of Cairn India))

A Petroleum Resource Agreement (PRA) for was signed in July 2008 and the PRA became effective when the Petroleum Exploration Licence was signed in October 2008.

The Sri Lankan part of the Mannar basin is an un-explored frontier petroleum province. Subject to the required approvals Cairn India intends to acquire initial seismic data by the end of 2009 or in 2010.

 

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