4th Jan 2008 07:00
Cairn Energy PLC04 January 2008 EMBARGOED FOR RELEASE AT 0700 4 January 2008 Cairn Energy PLC ("Cairn") Bangladesh Drilling Programme Update Cairn has completed the drilling of the Magnama-1 exploration well in Block16 offshore Bangladesh. Magnama-1 was drilled at a crestal location to a total depth of 4003m BRT withthe primary objective of evaluating the potential for gas in abnormally high pressured sands beneath those productive at Sangu and elsewhere in the basin. Thewell encountered a series of well developed sands in the deepest sectiondrilled but these were not gas charged and the well is now in the process ofbeing plugged and abandoned. Magnama-1 also encountered a number of thin gasbearing sands which may be subject to further evaluation at a later date. The Block 16 Joint Venture will next drill the Hatia-1 exploration well, whichis located 12 km north-west of Sangu. It is currently expected that drilling onHatia-1 will commence shortly. Enquiries to: Analysts/Investors Cairn Energy PLC Dr Mike Watts, Exploration Director Jann Brown, Finance Director Tel: 0131 475 3000 Media Brunswick Group Limited: Patrick Handley, Mark Antelme, Camilla Gore Tel: 0207 404 5959 Notes to Editors: 1. On 26 October 2007, Cairn announced a part disposal of its Bangladeshinterests to Santos International Holdings Pty Limited (Santos). Following thistransaction, Cairn holds a 37.5% operated interest in Block 16 explorationacreage. Santos holds a 37.5% interest in Block 16 exploration acreage. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Capricorn Energy PLC