MUMBAI, India, July 21, 2015 /PRNewswire/ --
The following release was issued today by Vedanta Limited's subsidiary Cairn India Limited.
Cairn India Limited
Results for the First Quarter ended 30th June, 2015
~400% growth in quarterly Earnings led by improved cost performance and oil prices
Financial Highlights
(Logo: http://photos.prnewswire.com/prnh/20150422/740375 )
Operational Highlights
Production
Development
Exploration
Operational Excellence
Mr. Mayank Ashar, Managing Director and CEO of Cairn India commented:
"Our strategic focus is to maintain healthy cash flows post capex, fuel future growth through investments and use technology to our advantage to drive value in what we do. The first quarter of this fiscal year has been notable for four key reasons:
We will continue to maintain our focus on all elements of cost and drive growth projects through the year."
Corporate and Regulatory Developments
At the Annual General Meeting held earlier in the day, members have voted on all items of the AGM Notice. The results shall be declared within the prescribed time limits and will also be placed at the website of the Company and CDSL.
Financial Review
INR Crore Q1 FY 16 Q1 FY 15 y-o-y (%) Q4 FY 15 q-o-q (%)
Revenue 2,627 4,483 (41%) 2,677 (2%)
EBITDA 1,302 3,120 (58%) 727 79%
Margin (%) 50% 70% 27%
PAT 835 1,093 (24%) -241 447%
Margin (%) 32% 24% -9%
EPS (INR) - Diluted 4.44 5.76 (23%) -1.28 447%
Cash EPS (INR) 8.36 18.17 (54%) 4.94 69%
US$ million Q1 FY 16 Q1 FY 15 y-o-y (%) Q4 FY 15 q-o-q (%)
Revenue 414 750 (45%) 430 (4%)
EBITDA 205 522 (61%) 117 76%
Margin (%) 50% 70% 27%
PAT 131 183 (28%) -39 440%
Margin (%) 32% 24% -9%
EPS (US$) - Diluted 0.07 0.10 (27%) -0.02 440%
Cash EPS (US$) 0.13 0.30 (57%) 0.08 66%
Average Price
Realization Units Q1 Q1 y-o-y Q4 q-o-q
FY16 FY15 (%) FY15 (%)
Cairn India US$/boe 56.0 97.0 -42% 48.4 16%
Oil US$/bbl 56.3 98.2 -43% 48.6 16%
Gas US$/mscf 6.6 5.6 17% 6.2 6%
For FY15, net-revenue of INR2,627 crore was reported which was lower by 1.9% QoQ. This decline was primarily due to increase in the share of Profit Petroleum payable to the government of India. This quarter witnessed a jump from the 30% tranche to 40% in DA2 in Rajasthan. This was partially negated by higher crude oil price realisation. On a QoQ basis average Brent prices were up by 15% which coupled with lower Rajasthan crude discount resulted in improvement in oil price realisation by 16%.
EBITDA for the quarter was INR1,302 crore with healthy EBITDA margin of 50%. EBITDA for the quarter is higher by 79% compared to Q4 FY 15 which saw an exploration cost write-off of INR 552 crore. EBITDA margins were boosted by lower operating costs which for Rajasthan waterflood case have reduced by 10% from the previous fiscal year average of $5.8 to $5.2/boe in Q1 FY 16 as a result of reduction in well and facility maintenance costs and MG&A. Along with field opex, corporate MGA too has been brought down by c. 14% as a result of manpower optimisation and decrease in overheads on account of various cost optimisation initiatives currently underway.
Exploration write off for the quarter was at INR 82 crore in line with Successful Efforts accounting policy largely on G&G spend from our ongoing seismic program in Rajasthan.
In the previous quarter, DD&A was lower due to one-time reversal of depletion charge on abandonment assets due to change in estimates. The same has been normalised in the current quarter leading to increase in the current quarter charge by c. INR 621 crore.
Positive currency variance emanated from an appreciation of the dollar against the INR. Rupee averaged 63.5 to a dollar; 2% higher than the fourth quarter average of 62.3; resulted in a forex gain of
INR 182 crore which was 208% higher compared to the fourth quarter FX loss of INR 168 crore.
Other Income at INR 381 crore was higher by 7% quarter on quarter; on account of reversal of MTM losses on bond investments
Total Tax expense was lower by 69% quarter on quarter, on account of lower deferred tax charge. Deferred tax was higher in the previous quarter due to higher deferred tax liability being created for change in abandonment estimates and higher E&D expenditure net of CWIP. Additionally lower tax depreciation vis-à-vis book depreciation in Q1 FY16 also resulted in lower deferred tax charge
As a result, our earnings in the first quarter have been very strong; profit after tax has grown by 447% quarter on quarter. Profit after tax at INR835 Crore posted a healthy profit margin of 32%. The positive variance comes on account of higher EBITDA, Other Income, Forex gains and lower tax, as highlighted above.
Healthy profits resulted in a proportionate increase in Earnings per share to INR 4.5 and cash earnings per share of INR 8.4 in the first quarter. Cash EPS has improved by almost 69% quarter on quarter; largely driven by the positive EBITDA movement.
Total cashflow from operations for the quarter was INR 1,268 crore. This quarter saw a net capex spend of US$ 104 million. We closed the quarter with a healthy cash and cash equivalent position of INR 16,467 crore; of which 72% is invested in INR funds and the rest in dollar funds.
MAT credit currently stands at INR 8,033 crore.
Operational Review
During Q1FY16, Cairn had a gross production of 19.1 mmboe from its three producing blocks where it enjoys 100% operatorship, of which net working interest production was 11.9 mmboe. Gross production per day for Q1FY16 was 209,738 boepd and working interest production per day was 130,565 boepd.
Gross Sales averaged 209,767 boepd
Q1 Q1 y-o-y Q4 q-o-q
Average Daily
Production Units FY16 FY15 (%) FY15 (%)
Total Gross
operated* Boepd 217,935 226,597 (4%) 224,294 (3%)
Gross operated Boepd 209,738 217,869 (4%) 215,553 (3%)
Oil Bopd 203,731 209,846 (3%) 208,019 (2%)
Gas Mmscfd 36 48 (25%) 45 (20%)
Working Interest Boepd 130,565 137,907 (6%) 132,929 (2%)
* Includes internal gas consumption
Participating
Producing Assets Region Operator Interest
1 RJ-ON-90/1 North Western India Cairn India 70%
2 PKGM-1 (Ravva) Eastern India Cairn India 22.5%
3 CB/OS-2 Western India Cairn India 40%
There is a strong focus on enhancing efficiencies and bringing about greater cost discipline across capital investments and operating expenses. During Q1FY16, we demonstrated three key areas of improved efficiencies in our operations:
Rajasthan (Block RJ-ON-90/1)
Q1 Q1 y-o-y Q4 q-o-q
Average Daily Production Units FY16 FY15 (%) FY15 (%)
RJ - Total Gross Boepd 179,683 190,879 (6%) 181,711 (1%)
Rajasthan - Gross Boepd 172,224 183,164 (6%) 174,206 (1%)
Oil Bopd 170,686 181,894 (6%) 172,683 (1%)
Gas Mmscfd 9 8 13% 9 1%
Gross DA 1 Boepd 149,651 153,467 (2%) 150,489 (1%)
Gross DA 2 Boepd 22,573 29,696 (24%) 23,717 (5%)
Gross DA 3 Boepd - - - - -
Working Interest Boepd 120,557 128,215 (6%) 121,944 (1%)
* Includes internal gas consumption
Operations and Development[1]
The Rajasthan Block produced 15.7 million barrels of oil equivalent in Q1 FY16 at an average of 172,224 boepd, achieving a cumulative total production of 297 mmboe till the end of Q1 FY16. Dedicated production optimization and reservoir management initiatives have aided aggregate production across Rajasthan block. Barmer Hill and Satellite Field production contributed ~5.8 kboepd on average in Q1FY16.During the quarter, a total of 15.6 mn barrels of oil was sold, at an average of 170,860 bopd, to PSU and private refiners across India.
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1. EUR numbers stated for development projects are as until 2030
The average crude price realization for the quarter significantly improved to US$ 55.8/bbl from US$ 48.4/bbl, 16% higher QoQ. The quarter saw an improvement in the discount to Dated Brent, which reduced from 10.5% in Q4FY15 to 9.9% in Q1FY16, fetching 0.8% higher realization per barrel of Rajasthan crude. The water-flood operating expense in Rajasthan was at US$ 5.2/boe, a 10% improvement in operating expense over the previous fiscal. Including polymer costs, the operating expense is US$ 5.8/boe.
Gas production from RDG field has grown by 20% QoQ; averaging 19 mmscfd in Q1FY16. Towards the end of June we were producing close to 25 mmscfd, and are very much on track to meet the guidance we set out- of producing an average of 25 mmscfd of Gas from existing RDG infrastructure in FY16. Total Gas production was 4.9bscf.
Gas sales from RDG field averaged 9 mmscfd in Q1FY16 and touched a peak of 15 mmscfd towards end of June, on account of allocation of gas sales to a new buyer, KRIBHCO. Total Gas sales were 0.84 Bscf.
The average facility uptime for the quarter was ~99%
On the development front, three projects have garnered significant traction
Bhagyam EOR: Enhanced oil recovery is one of the key pillars of growth in Rajasthan, with the potential to unlock substantial volumes of oil. Bhagyam EOR will allow for additional recovery of ~40-50 mm barrels of unswept oil still in-ground at the Bhagyam field. A revised FDP for Bhagyam EOR project was submitted to JV partner in Q1FY16.
Commendable value engineering efforts have reduced capital cost of the project and enabled improvement in economics. Expected capital cost for Bhagyam EOR project would be ~US$ 250 mn, resulting in a development cost of ~US$ 5-6/bbl.
Aishwariya Barmer Hill: Substantial progress was made in the quarter on a Field Development Plan for Aishwariya Barmer Hill for which the FDP will be submitted to JV shortly. The development of Barmer Hill has been prioritized at the Aishwariya field due to higher than expected well productivity in the region. Of Barmer Hill's ~2 bn barrels of in-place resources, recovery of 10-15% is expected across the various fields, starting with Mangala and Aishwariya. From the current development program, recovery is expected to be ~20-30 mm barrels of oil.
With infrastructure at MPT already in-place, the development plan allows for extraction of oil from the tighter reservoirs at attractive economics. The current Aishwariya Barmer Hill project is expected to have a capital cost of approximately ~US$ 300 mn, resulting in a development cost of ~US$ 10-15/bbl.
Aishwariya Infill: Aishwariya field crossed the 30,000 barrels per day of production mark at the end of FY15. In this quarter, a new 20 well infill campaign has been launched to further ramp up production. Agile execution efforts have resulted in 6 wells being drilled, completed and brought online in Q1FY16. Balance wells have been drilled and will be brought online progressively.
Substantial progress has been made on the other ongoing development projects in Rajasthan as well:
Gas Development at RDG Field: In addition to optimizing existing infrastructure, preparations are ongoing for growth at the Raageshwari Deep Gas field via a new terminal and pipeline. Both have achieved good traction this quarter, with the terminal EPC in its final stages of tendering and increased alignment with the Petroleum & Natural Gas Regulatory Board on the new pipeline.
Mangala EOR: Injection has been increased from 25,000 barrels of polymer solution per day to 80,000 barrels in Q1FY16. The injection ramp up plan is on track and progressive production impact will begin in the second half of this fiscal, as guided. New wells are being drilled, existing wells are being converted to EOR producers and modifications at MPT are underway to process the incremental crude post polymer breakthrough.
Mangala ASP: The Mangala ASP Pilot was completed in Q4FY15. In Q1, work was carried out on performance matching and modelling of the completed pilot.
M&A Barmer Hill Appraisal: As of Q4FY15, 9 of the 12 wells were online. In Q1FY16 we have brought online the balance 3 wells, hence all 12 wells of the Appraisal Phase are now producing for long term testing. Phase II of Barmer Hill development involving DP and NL fields and phase III on V&V fields is progressing with desktop studies, applying lessons learnt from Mangala and Aishwariya Barmer Hill execution and results.
Focus in Satellite Fields remains on profitable monetization by leveraging existing Rajasthan infrastructure & applying cost effective development concepts.
A routine operational and statutory maintenance shutdown at the Mangala Processing Terminal is planned for Q3FY16. Though this would have an impact on production, the opportunity will be used to create tie-ins for ongoing new facility enhancements, development projects and future growth projects.
Exploration
Our re-phased exploration program is focused on testing the drilled prospect inventory and seismic activity. Exploration activity in the current fiscal year aims to take advantage of falling rates for rigs, seismic vessels and other services.
The 38th discovery in the Rajasthan block, Raageshwari North, was made in Q1FY16. It flowed oil at an initial rate of 100 bopd from the Volcanics/Felsics reservoir and opened up a large area for undertaking further appraisal to assess its full potential.
During Q1 FY16, three appraisal wells were in various stages of fraccing and testing:
The total drilled and tested hydrocarbons in-place increased to ~1.6 bn boe, an increase of ~100 mn boe from the Q4FY15 reported number of ~1.5 bn boe.
Seismic activity in Rajasthan continues to provide a more thorough understanding of the block and optimize our drilling and completion techniques. The seismic crew acquired a further 199 sq km of high quality 3D data in the Airfield area in DA3
During the current financial year, activity will continue to be focused upon appraisal of the Raag Deep Gas Field and the key oil discoveries at DP, NL, V&V and Saraswati Basement with the objective of progressing these discoveries to development.
Ravva (Block PKGM-1)
Q1 Q1 y-o-y Q4 q-o-q
Average Daily
Production Units FY16 FY15 (%) FY15 (%)
Total Gross
operated* Boepd 29,563 25,161 17% 33,218 (11%)
Gross operated Boepd 28,556 23,940 19% 31,738 (10%)
Oil Bopd 25,245 19,548 29% 26,872 (6%)
Gas Mmscfd 20 26 (23%) 29 (31%)
Working Interest Boepd 6,425 5,386 19% 7,141 (10%)
* Includes internal gas consumption
Operations and Development
Since inception in 1994, the Ravva block has produced more than 271 mmbbls of crude and over 339 billion cubic feet of gas, 2.7 times greater than the initial resource estimates at the time of the PSC award.
During the quarter, the block produced total of 2.6 million boe at an average rate of 28,556 boepd, 19% higher YoY. Key reasons contributing to the annual production growth were due to several successes in FY15- successful application of 4D seismic technology, better than expected results from the infill drilling program and contribution from RE-6 discovery.
Continuous field monitoring, optimization of gas lift and prudent reservoir management method applications have helped in arresting the natural field decline rate, which contributed to the quarterly decline in production.
The Ravva asset continues to keep strong focus on the integrity of onshore & offshore facilities to minimize down time and carry on un-interrupted production operations. Facilities continue to run at a high uptime rate, 99.4% in Q1FY16.
During the quarter, 2.2 million barrels of crude and 1.8 billion cubic feet of gas were sold, averaging 24,307 bopd of crude oil and 20 mmscfd of gas, respectively.
Safety of operations is a top priority for Cairn India at all its assets. Ravva asset recorded 3.1 Million LTI free man-hours (404 LTI free days) since last LTI as of Q1FY16.
Cambay (Block CB/OS-2)
Q1 Q1 y-o-y Q4 q-o-q
Average Daily
Production Units FY16 FY15 (%) FY15 (%)
Total Gross
operated* Boepd 8,689 10,557 (18%) 9,366 (7%)
Gross operated Boepd 8,958 10,765 (17%) 9,609 (7%)
Oil Bopd 7,800 8,404 (7%) 8,464 (8%)
Gas Mmscfd 7 14 (51%) 7 1%
Working Interest Boepd 3,583 4,306 (17%) 3,844 (7%)
* Includes internal gas consumption
Operations and Development
Since inception in 2002, the Cambay block has produced more than 23 mn barrels of crude and
over 224 bn cubic feet of gas.
The block produced a total of 0.8 mm boe at an average of 8,958 boepd in Q1FY16 with a stellar facility uptime of 99.9%. A successful well intervention campaign carried out during the quarter helped improve the deliverability of producer wells and thereby arresting the natural decline. Planned curtailment of production in April was on account of cleaning and intelligent pigging of the pipeline, essential to maintain the pipeline integrity.
During the quarter, 0.9 mmbbls of crude and 0.6billion scf of gas were sold averaging 8,593 bopd of crude oil and 7 mmscfd of gas, respectively.
Safety of operations continued to be an area of focus and the asset recorded 2.3 Million LTI free man-hours since last LTI as of Q1FY16.
Exploration Review - Other India & International Assets
During the quarter, significant advancements were made in exploration activities across other Indian and International blocks with a view to pave the way for long term growth opportunities from these blocks.
KG Offshore (Block KG-OSN-2009/3)
Well site surveys commenced and completed in Q1FY16. Additional 2D seismic data was acquired and PSDM seismic data interpretation was ongoing during the quarter. Detailed planning for the exploration drilling campaign is continuing and drilling is anticipated during the first half of FY16.
KG Onshore (Block KG-ON-2003/1)
Joint Venture partner and Operator, ONGC, has submitted FDP to the Management Committee for approval in Q1FY16, initiating the JV approval process for the Block.
Mumbai Offshore (Block MB-DWN-2009/1)
Regional work is continuing with options for acquisition of 3D seismic data under consideration pending the outcomes of the 2D interpretation
Cairn India's Area
Asset Basin Interest (%) JV partners (in km2)
1 KG-ONN-2003/1 KG Onshore 49% ONGC 315
2 KG-OSN-2009/3 KG Offshore 100% - 1,988
3 MB-DWN-2009/1 Mumbai Offshore 100% - 2,961
ONGC, Tata
4 PR-OSN-2004/1 Palar-Pennar 35% Petrodyne 9,417
Mannar, Sri
5 SL 2007-01-001 Lanka 100% - 2,912
Orange, South
6 Block 1 Africa 60% Petro SA 19,898
Palar-Pennar (Block PR-OSN-2004/1)
In Q1FY16, we continued evaluation of the prospect inventory and optimization of drilling locations to be ready for the work program to be carried out in this fiscal year.
South Africa Block 1
Robust portfolio of prospects generated and two drillable prospects matured during Q1FY16. In board plays being evaluated for oil and gas.
Human Resources
Cairn India started the new financial year with a renewed commitment to our business plan and driving the people agenda. Several critical positions at the leadership level were closed. Better alignment between SBUs and functions was achieved, helping us boost accountability and efficiency.
To ensure building a talent pipeline for our technical functions, there was continued healthy intake of Graduate Trainees from Premier Institutions. A formal process for job rotation in technical functions was also launched.
This quarter we partnered with our HSE team and introduced an employee wellness program called "CairnFit"- covering over 120 employees at our corporate office under Yoga, Functional Fitness and Running Programs.
Health, Safety, Environment and Sustainability
Cairn India is committed to meet the highest international standards of Health, Safety, and Environmental performance and continues to accord highest priority to conducting safe operations while being responsible towards the environment and ecology.
During Q1 FY16, Cairn India realigned its efforts to address the key HSE enablers for business excellence- Wellness, Process Safety & Asset Integrity, Risk Awareness and Controls. Flagship programs on Fitness and Yoga have been launched at the Cairn Head Office and similar programs are being rolled out across all Cairn facilities.
A major awareness campaign was launched during Q1 FY16 on Process Safety & Asset Integrity covering all assets and sites to roll out the PSM standard and help the Business units implement the same during this fiscal year. We have also launched a major campaign to raise awareness on Cairn India's Drug & Alcohol Policy and its effective implementation across all Cairn sites. Early results suggest a significant improvement in the compliance trends across the organization.
On the HSE performance, Cairn India continues to achieve remarkable improvement with focus on increasing risk awareness and strengthening risk controls. MPT and RGT have recorded 11 & 10 million Lost Time Incident (LTI) free man-hours respectively, until end of Q1FY16. Project execution also continues to maintain an excellent track record of LTI free construction activities, crossing 20 million LTI free man-hours at the end of Q1 FY16.
Corporate Social Responsibility
During the quarter CSR efforts focused on streamlining the various initiatives for FY16. Significant success was achieved under various initiatives in Q1FY16:
FY16 Outlook
Cairn India continues to remain committed to creating long term shareholder value. Despite low oil prices and substantial cut in capex, the Company will at a minimum maintain Rajasthan production in current year at FY15 levels. Planned capital investment is for a net capex of US$ 500 million; 45% in Core MBA fields, 40% in Growth projects of Barmer Hill, Satellite Fields & Gas and 15% in Exploration. The Company retains the flexibility to invest balance US$ 1.4 bn as oil prices improve and costs bottom out and also aims to have healthy cash flows post capex so as to retain the ability to pay dividends subject to Board.
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 a subsidiary of Vedanta Limited; 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 Houston.
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 ~27% of India's domestic crude oil production in FY14. Average gross operated production was 211,671 boepd for 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 eight discoveries have been made in the Rajasthan block RJ-ON-90/1
In Rajasthan, Cairn India operates Block RJ-ON-90/1 under a PSC signed on 15 May, 1995 comprising of three development areas. The main Development Area (DA-1; 1,859 km2), which includes discoveries namely Mangala, Aishwariya, Raageshwari and Saraswati is shared between Cairn India and ONGC. Further Development Areas (DA-2; 430 km2), including the Bhagyam, NI and NE 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%.
In Andhra Pradesh and Gujarat, Cairn India on behalf of its JV partners operates two processing plants, with a production of over 36,000 boepd for FY15.
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.
For further information on Cairn India Limited, kindly visit http://www.cairnindia.com
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
GoR Government of Rajasthan
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
and/or its subsidiaries
Vedanta 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
(polymerized) liquid per
Blpd day
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
SPM Single Point Mooring
Production Sharing
PSC Contract
Field Glossary
Lower permeability
reservoir which overlies
Barmer Hill Formation the Fatehgarh
Secondary reservoirs in
the Guda field and is
the reservoir rock
encountered in the
recent Kaameshwari West
Dharvi 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 Vedanta Limited
Vedanta Limited (Vedanta Ltd) is a diversified natural resources company, whose business primarily involves exploring and processing minerals and oil & gas. The Company produces oil & gas, zinc, lead, silver, copper, iron ore, aluminium and commercial power and has a presence across India, South Africa, Namibia, Ireland, Australia, Liberia and Sri Lanka.
Vedanta Ltd, formerly Sesa Sterlite Limited, is the Indian subsidiary of Vedanta Resources Plc, a London listed company. Sustainable Development is at the core of Vedanta's strategy, with a strong focus on health, safety and environment and on enhancing the lives of local communities. Vedanta Ltd is listed on the Bombay Stock Exchange and the National Stock Exchange in India and has ADRs listed on the New York Stock Exchange. For more information, please visit http://www.vedantalimited.com.
Vedanta Limited
(Formerly known as Sesa Sterlite Limited/Sesa Goa Limited)
Vedanta, 75, Nehru Road,
Vile Parle (East), Mumbai - 400 099
http://www.vedantalimited.com
Registered Office:
Sesa Ghor, 20 EDC Complex,
Patto, Panaji (Goa) - 403 001
CIN: L13209GA1965PLC000044
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 behaviour 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.
For Further information, please contact
Communications
Roma Balwani
President - Group Communications, Sustainability & CSR
Tel: +91-22-6646-1000
gc@vedanta.co.in
Investor Relations
Ashwin Bajaj
Director - Investor Relations
Tel: +91-22-6646-1531
vedantaltd.ir@vedanta.co.in
Sunila Martis
Manager - Investor Relations
Contact
Media Relations
Arun Arora, Chief Communication Officer
+91-124-4593039; +91-8826999270; cilmedia@cairnindia.com; spokesperson@cairnindia.com
Investor Relations
Sneha Arora
+91-124-4593273; +91-8527592196; cilir@cairnindia.com
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