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Cairn India announces Q2 FY2014 Results

22nd Oct 2013 12:25

RNS Number : 0996R
Vedanta Resources PLC
22 October 2013
 



22 October 2013

Vedanta Resources plcCairn India announces Second Quarter Financial Resultsfor the period ended 30 September, 2013

The following release was issued today by Vedanta Resources Plc's subsidiary Cairn India Limited.

For Immediate Release 22 October, 2013

Cairn India Limited

 

Second Quarter Financial Results for the period ended 30 September, 2013

 

Cairn India Limited (CIL), one of the 20-largest independent oil exploration and production companies in the world, today announces its second quarter results for the period ending 30 September, 2013.

Highlights

Financial:

 

· Revenue* at INR4,650 crore (US$ 749 million), up 14% QoQ and EBITDA at INR 3,619 crore (US$ 583 million), up 19% QoQ, respectively

· Profit After Tax at INR 3,385 crore (US$ 545 million), up 8% QoQ, Cash EPS at INR15.9 per share, up 18% QoQ

· Cash flow from operations at INR 2,856 crore (US$ 460 million), up 17% QoQ

· Gross contribution of over US$ 1 billion to the national exchequer in the quarter

· Cairn India Board declared interim cash dividend of INR6 per equity share of INR 10 face value

Operations:

· Current group production at 213,299 boepd, up 0.4% QoQ, on track to meet year-end target of over 225,000 boepd from all producing assets

· Rajasthan block (RJ) completes four years of oil production, crossing the 180 mmboe from Thar's oil fields

· Active exploration, appraisal and development drilling programme continues

o 4 of the 6 wells drilled in 2013 exploration campaign in the Rajasthan block found hydrocarbons with one discovery that has opened up a new play type

o A Declaration of potential commerciality for the Raageshwari S-1 discovery in RJ has been submitted

o Witness three fold productivity increase post successful drilling and fraccing of the first appraisal well in the onshore block (KG-ONN-2003/1) in Krishna-Godavari Basin, significantly improving the commerciality of the Nagayalanka discovery

· Partner approval / alignment in Rajasthan Block

o Approval secured for implementation of the world's largest polymer Enhanced Oil Recovery project in Mangala Field

o Technical alignment in place for the Field Development Plans of Barmer Hill, NI and NE

Mr. Elango P, Whole time Director, Cairn India said:

"We are happy to report increased gross operated production of almost 213,300 boepd during Q2 of FY14 and remain on track for our financial year exit production rate guidance of over 225,000 boepd across all producing assets.

 

We are focused on enhancing the recovery efficiency from our producing fields through the use of cutting edge EOR techniques. We have also been extremely active with the drill bit as we continue to aggressively develop our world class resource base. Whilst Rajasthan remains at the heart of the Company's operations, it is encouraging to see tangible results across our broader portfolio.

 

We remain excited on the regulatory front and are pleased to share that the government has recently announced its policy on the Integrated Development Plan. Looking ahead, we have a strong balance sheet, underpinned by significant cash flow generation and low operating costs, allowing us the flexibility to further develop the asset base. This, combined with a highly motivated and innovative team working on our world class portfolio, will enable us to maintain our industry leading production growth trajectory in the long term."

 

Corporate & Regulatory Developments

Corporate

Following the Annual General Meeting, Cairn India paid the final dividend of INR6.5 per equity share to shareholders taking FY13 dividend to INR 11.5 per share culminating in the payout ratio of 21.2% (including dividend distribution tax).

The Board of Directors declared interim cash dividend of INR 6 per Equity share of INR10 face value. The dividend is proposed to be paid on or before 12 November, 2013 to shareholders on record as on 28 October, 2013. This will entail an outflow of INR 1,341 crore including the dividend distribution tax of INR 195 crore.

 

Regulatory

· Formal application for an extension of the licence term as provided in the Rajasthan and Ravva PSC submitted to the Ministry of Petroleum and Natural Gas (MoPNG); the committee constituted to look into the PSC extension is expected to submit its report shortly

 

· Policy on the Integrated Development Plan to ensure that existing and new hydrocarbon discoveries are brought to production at the earliest has been issued by the MoPNG

 

· Shale Gas policy issued for the nominated acreage held by the PSU oil companies; policy for the existing PSCs under draft stage

 

· Draft uniform licencing policy released by the MoPNG to solicit comments from industry

 

 

 

 

Contact Details

 

Investor Relations

Nidhi Aggarwal, Head - Investor Relations +91 98101 97755

[email protected] +91 124 476 4308

 

Media Relations

Dr Sunil Bharati, Head, Corporate Affairs & Communications +91 99104 86055

[email protected]; [email protected] +91 124 459 3138

 

In conjunction with these financial results Cairn India is hosting a Conference Call today. Details for the live audio webcast and dial in numbers for the call are available at the Cairn India website (www.cairnindia.com).

 

Financial Review

INR Crore

Q2 FY 14

Q2 FY 13

y-o-y (%)

Q1FY 14

q-o-q (%)

Revenue

4,650

4,443

5

4,063

14

EBITDA

3,619

3,311

9

3,029

19

Margin (%)

77.8%

74.5%

74.6%

PAT(excluding forex)

3,094

2,994

3

2,565

21

PAT

3,385

2,322

46

3,127

8

Margin (%)

72.8%

52.3%

77.0%

CFFO

2,856

2,811

2

2,438

17

Cash EPS (INR)

15.9

15.1

5

13.5

18

 

US$ million

Q2FY 14

Q2FY 13

y-o-y (%)

Q1FY 14

q-o-q(%)

Revenue

749

806

-7

728

3

EBITDA

583

600

-3

543

7

Margin (%)

77.8%

74.5%

74.6%

PAT(excluding forex)

498

543

-8

460

8

PAT

545

421

29

561

-3

Margin (%)

72.8%

52.3%

77.0%

CFFO

460

510

-10

437

5

Cash EPS (US$)

0.3

0.3

-6

0.2

6

 

H1FY 14

H1FY 13

y-o-y (%)

H1FY 14

H1FY 13

y-o-y (%)

INR Crore

US$ million

Revenue

8,713

8,883

-2

1,477

1,626

-9

EBITDA

6,668

6,858

-3

1,130

1,255

-14

Margin (%)

76.5%

77.2%

76.5%

77.2%

PAT(excluding forex)

5,658

6,043

-6

959

1,106

-13

PAT

6,512

6,148

6

1,104

1,125

-6

Margin (%)

74.7%

69.2%

74.7%

69.2%

CFFO

5,314

5,629

-6

901

1,030

-13

Cash EPS (INR/US$)

29.5

30.6

-4

0.5

0.6

-11

 

The average US$-INRexchange rate for the quarter was INR62.1 vs. INR55.8 for Q1'FY14 and INR55.1 for the same quarter of the previous year. The average US$-INR exchange rate for H1'FY14 was INR59.0 vs. INR54.6 for H1'FY13. The closing exchange rate as of 30 Sept, 2013 was INR62.8.

 

Revenue reported for the quarter was INR4,650 crore (US$ 749 million), post profit sharing with the GoI in all the producing blocks and the royalty expense in the Rajasthan block, up 14% QoQ on account of better price realisation and rupee depreciation. The profit petroleum and the royalty paid in the Rajasthan block (net to the Company) was INR 1,237 crore (US$ 199 million) and INR 1,098 crore (US$ 176 million) during the quarter respectively.

 

Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter was INR 3,619 crore (US$ 583 million), higher than previous quarter mainly due to lower exploration cost.

 

The Company generated quarterly profit after tax (PAT) of INR 3,385 crore (US$ 545 million), up by 8% primarily due to rupee depreciation. The cash earnings per share for the quarter and half year were INR15.9 and INR29.5 respectively.

 

Of the US$ 3 bn total capex planned till FY 2015-16, the Company wide gross capex incurred during the quarter was US$ 137 million, of which 28% was on exploration activity and balance on the production enhancement and sustenance programs, across the assets. The gross cumulative Rajasthan development capital expenditure as on 30 Sept, 2013 was US$ 4 billion, of which US$ 98 million was spent during the quarter including US$ 16 million in DA 2.

 

 

 

 

 

Operational Review

Producing Assets

Region

Operator

Participating 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%

 

Activity across the Life Cycle of the Portfolio

 

Asset

Basin

Exploration

Development

Production

India

1

RJ-ON-90/1

Barmer

ü

ü

ü

2

CB/OS-2

Cambay

ü

ü

3

KG-ONN-2003/1

KG Onshore

ü

4

KG-OSN-2009/3

KG Offshore

ü

5

PKGM-1 (Ravva)

KG Offshore

ü

ü

ü

6

MB-DWN-2009/1

Mumbai Offshore

ü

7

PR-OSN-2004/1

Palar - Pennar

ü

International

8

SL-2007-01-001

Mannar

ü

9

Block 1

Orange

ü

 

 

Average Daily Production

Units

Q2

FY 14

Q2

FY 13

y-o-y (%)

Q1

FY 14

q-o-q

(%)

H1

FY 14

H1

FY13

y-o-y

(%)

Gross operated

Boepd

213,299

207,245

3

212,442

0.4

212,873

207,105

3

Oil

Bopd

203,720

197,695

3

203,273

0.2

203,498

196,564

4

Gas

Mmscfd

57

57

0.3

55

4

56

63

-11

Working Interest

Boepd

132,862

129,431

3

132,087

0.6

132,477

128,335

3

 

 

Average Price Realization

Units

Q2

FY 14

Q2

FY 13

y-o-y (%)

Q1

FY 14

q-o-q

(%)

H1

FY 14

H1

FY13

y-o-y

(%)

Cairn India

US$/boe

95.3

96.7

-1

93.3

2

94.3

98.0

-4

Oil

US$/bbl

96.7

98.1

-1

94.6

2

95.7

99.6

-4

Gas

US$/mscf

5.9

4.6

29

4.9

20

5.4

4.5

20

 

   

 

Rajasthan (Block RJ-ON-90/1)

 

Average Daily Production

Units

Q2

FY 14

Q2

FY 13

y-o-y (%)

Q1

FY 14

q-o-q

(%)

H1

FY 14

H1

FY13

y-o-y

(%)

Gross operated

Boepd

175,478

171,801

2

173,517

1

174,503

169,487

3

Oil

Bopd

174,245

171,801

1

172,845

1

173,549

169,487

2

Gas

Mmscfd

7

-

-

4

84

6

-

-

Working Interest

Boepd

122,835

120,261

2

121,462

1

122,152

118,641

3

 

Production and Development

The Company maintained its trajectory of gross production growth in Rajasthan to an average of 175,478 boepd during the quarter, up 1% QoQ. On the cumulative basis till September 30, 2013 the Rajasthan asset has produced over 180 mmboe with 272 development wells including 196 producers and 76 injectors. The asset is currently producing ~178,000 boepd, and remains on track to deliver a FY2013-14 exit production target of over 200,000 boepd. 

The Development Area (DA) 1 comprising of Mangala, Aishwariya, Saraswati, Raageshwari Oil and Gas produced 151,893 boepd during the quarter with a total of 193 wells including 140 producers and 53 injectors. Infill drilling in the Mangala field commenced during the quarter post the receipt of approvals for 33 wells.

The DA2 comprising of Bhagyam field produced around 23,585 boepd during the quarter with a total of 79 wells including 56 producers and 23 injectors. Preparation work on the Bhagyam Polymer Field Development Plan has commenced and is expected to be submitted during this year.

The Raageshwari gas field started commercial sales towards end of FY 2012-13 and achieved cumulative sales of over 1 bcf (~175,000 boe) till Sept 30, 2013. Cairn India is evaluating options to increase gas sales with studies on EUR underway.

In the quarter, the Company made significant progress in terms of the three key drivers for production enhancement from the RJ Asset.

Well Construction: During the quarter a total of 26 new wells were brought online including 14 in DA1 and 12 in DA2. The Company is working towards enhancing the well construction capability through deployment of higher number of development drilling rigs and ramping up the drilling activity. The block currently has three development rigs and three completion rigs. Company plans to add three more development rigs by the end of FY 2013-14.

Facility uptime and cost efficiency: The facility and well uptime stood at ~97.5% during Q2 FY 2013-14 and figured in the top decile amongst global peers. In line with standard industry practice, the Company executed several brief staggered shutdowns to tie-in new fields and undertook routine maintenance to ensure continued safe operations.

In order to stay a low cost operator, cost optimisation and enhanced operational efficiencies are a key priority for the Company. These parameters are targeted and regularly monitored, helping to keep the field direct operating cost within US$ 3/bbl, which is lower than guidance.

Government / JV Approvals: Cairn India continues intense engagement with the Government and JV partner to ensure timely approvals. During the quarter, Cairn India received approvals for drilling additional infill wells in Mangala and Bhagyam. The Mangala polymer EOR FDP, the world's largest such project, has been approved by the JV partner. Company is working with the Government for the final approvals post which full field implementation is expected in FY 2014-15.

Production from Barmer Hill in DA1 and two other satellite fields NI and NE in DA2 is expected to commence in the financial year, subject to approvals. In the low permeability Barmer Hill formation, the Company will utilize state-of-art fracture stimulation and horizontal well completion technology to monetize this significant resource. Development plans for several other satellite discoveries are also under preparation.

The Central Processing Terminal to the Salaya (~590 km) section of the oil pipeline continues to safely deliver crude oil to Indian refiners. The Rajasthan crude continues to witness higher export demand from the pipeline. In preparation of the expected production ramp up, the export pipeline was tested and de-bottlenecked and has been proven capable of handling higher volumes.

In the remaining 80km Salaya to Bhogat section of the pipeline, access is secured and construction is nearly complete for ~70 km. Pre-commissioning activities are in advanced stage. Access to remaining 10 km is under discussion with the state government.

Exploration

During Q2 FY 2013-14, three exploration and appraisal wells were drilled at Saraswati-East-C, Shakti-NE-B and the V2Y Channel. All the wells have shown hydrocarbon presence from logs and the testing is expected to be carried out in coming quarter. The 26th discovery Raageshwari S-1 has been tested after hydraulic fracturing and has yielded encouraging results and the Company has filed the Declaration of Potential Commerciality.

The Company is actively pursuing global practices and technology applications to enhance the hydrocarbon recovery from our tight reservoirs as well as to reduce their overall development cost to maximise the value associated with the existing satellite discoveries as well as any future discoveries.

3D seismic acquisition covering ~1,900 square kilometres is scheduled to commence by the end of this month allowing full evaluation of the remaining potential in the block. We expect new seismic data to help increase our portfolio of leads and prospects for drilling.

Despite a tight market on drilling rigs in general and an even tighter market within India, the Company has made significant progress in mobilizing and contracting rigs. It currently has one exploration drilling rig actively drilling in the block and another one expected to start drilling by this month end. It has awarded contracts for additional rigs with intent to ramp up to a total of five exploration drilling rigs in the asset, by the end of this financial year. The increase in the rig count will result in faster exploration and appraisal drilling in the block.

Sales

From RJ asset, 174,356 bopd of gross crude oil was sold to PSU and private refiners during the quarter. The crude is currently being supplied to four refineries in India. In accordance with the RJ-ON-90/1 PSC, the crude is benchmarked to Bonny Light, West African low sulphur crude that is frequently traded in the region, with appropriate adjustments for crude quality. The implied crude price realisation for the Q2 FY 2013-14 (average of three months July 2013 to September 2013) is 13% lower than average Brent price. During the quarter, 7 mmscfd (1,233 boepd) of gross gas was sold from the Raag Deep gas field which has substantially more recoverable gas than is expected to be required to meet the long term fuel gas needs for the Asset's oil facilities.

 

 

Ravva (Block PKGM-1)

Average Daily Production

Units

Q2

FY 14

Q2

FY 13

y-o-y (%)

Q1

FY 14

q-o-q

(%)

H1

FY 14

H1

FY13

y-o-y

(%)

Gross operated

boepd

29,151

28,614

2

28,253

3

28,704

30,591

-6

Oil

bopd

22,631

21,597

5

21,875

3

22,255

22,561

-1

Gas

Mmscfd

39

42

-7

38

2

39

48

-20

Working Interest

boepd

6,559

6,438

2

6,357

3

6,458

6,883

-6

 

Production and Development

The Ravva block has produced more than 257mmbbls of crude and sold 324 billion cubic feet of gas, more than double its initial estimates achieving recovery factor of around 47%. It has the remaining gross proved and probable reserves and resources of 50 mmboe as on 31 March, 2013. During the quarter, the block produced 29,151 boepd recording 3% QoQ growth with 15 oil wells, 4 gas wells and 9 water injection wells. The plant uptime during the quarter was a high 99.82%.

In order to optimally harness the potential of these assets, Company continues to utilise various technology driven approaches to identify new opportunities to increase the ultimate recovery of oil and gas from the block. In Ravva, the monetisation strategy consists of drilling a deep exploration prospect, evaluation of other deep prospects, development of contingent resources and an infill drilling campaign based on 4D seismic data amongst others. This will commence in CY14. All of these efforts are aimed at arresting the production decline from the mature asset and enhancing the remaining value of the same.

Exploration

To realize value from the 'high value high risk' deep exploration prospect, a suitable 15k drilling rig targeting hydrocarbons in the Late Oligocene sands has been mobilized to India and is expected to spud within the current quarter. A separate mat supported jack up drilling rig has been contracted and is expected to be mobilized for an infill drilling campaign comprising three to four wells to tap by-passed oil, later in the current financial year.

Sales

During the quarter, 23,109 bopd of gross crude oil and 39 mmscfd (6,520 boepd) of gross gas was sold.

 

Cambay (Block CB/OS-2)

Average Daily Production

Units

Q2

FY 14

Q2

FY 13

y-o-y (%)

Q1

FY 14

q-o-q

(%)

H1

FY 14

H1

FY13

y-o-y

(%)

Gross operated

boepd

8,671

6,830

27

10,672

-19

9,666

7,028

38

Oil

bopd

6,844

4,297

59

8,554

-20

7,694

4,516

70

Gas

Mmscfd

11

15

-28

13

-14

12

15

-21

Working Interest

boepd

3,468

2,732

27

4,269

-19

3,866

2,811

38

 

Production and Development

The CB/OS-2 Block has completed 10 years of production and crossed a cumulative production of ~53 mmboe hydrocarbons. The block produced 8,671 boepd during the quarter, with 7 oil wells and 2 gas wells. The facilities had an uptime of over 99.9% in Q2 FY 2013-14. The production was lower than the previous quarter on account of interruption in product evacuation due to heavy monsoon and floods in the region.

An infill drilling campaign comprising two new wells and one work over well was completed in end of FY13 and the wells are producing in-line with expectation. The results of the drilling campaign are being integrated with existing simulation models to identify further development opportunities.

The block provides an example of optimal asset utilization, whereby it is utilizing its infrastructure by tolling and processing ONGC's gas from its North Tapti field and ONGC's Olpad Gas.

Sales

During the quarter, 6,751 bopd of gross crude oil and 11 mmscfd (1,827 boepd) of gross gas was sold.

 

 

 

Exploration Review

Sr. No.

Asset

Basin

Cairn India's Interest (%)

JV partners

Area

(in km2)

1

RJ-ON-90/1

Barmer

70%

ONGC

3,111

2

CB/OS-2

Cambay

40%

ONGC, Tata Petrodyne

207

3

PKGM-1 (Ravva)

Krishna-Godavari Offshore

22.5%

ONGC, Ravva Oil, Videocon

331

4

KG-ONN-2003/1

Krishna-Godavari Onshore

49%

ONGC

1,273

5

KG-OSN-2009/3

Krishna-Godavari Offshore

100%

-

1,988

6

MB-DWN-2009/1

Mumbai Offshore

100%

-

2,961

7

PR-OSN-2004/1

Palar-Pennar

35%

ONGC, Tata Petrodyne

9,417

8

SL 2007-01-001

Mannar

100%

-

3,000

9

Block 1

Orange, SA

60%

Petro SA

19,922

42,210

 

Cairn India has a portfolio of nine blocks, located in five strategically focused areas: one in Rajasthan; two on the west coast of India; four on the east coast of India, one each in Sri Lanka and South Africa. Cairn India is the operator in all the blocks.

 

India

 

There are 4 other exploration blocks in India besides the 3 producing blocks discussed earlier.

 

In KG-ONN-2003/1 block, post three successful fracs the productivity of one of the appraisal wells, Nagayalanka-1z-ST has increased 3 fold and that has significantly improved the commerciality of the discovery. A Declaration of Commerciality (DoC) is expected to be submitted in this financial year and will be followed by a FDP during the next financial year. The well was spudded in the previous quarter to evaluate the size and commerciality of the discovery Nagayalanka-SE-1 within which two well appraisal program had been approved by the JV partner. The second appraisal well Nagayalanka-NW-A is planned to be drilled towards the North West to evaluate the reservoir extent.

In the KG-OSN-2009/3 block, approvals have been received to carry out petroleum operations in 65% of the block area with certain conditions. Reduction in Minimum Work Programme in proportion to the 'No Go' area (35%) had been requested and has recently been approved. Planning and tendering for the acquisition of 3D seismic data is underway.

MB-DWN-2009/1block has received conditional clearance to conduct exploration in the entire block. The conditional clearance is acceptable and the lifting of Force Majeure is underway with 2,000 line-km 2D seismic being planned.

In the PR-OSN-2004/1 block, the primary prospect sits with the restricted zone. The Company has held discussions with Department of Space through the MoPNG, seeking unrestricted access; but it is currently pending with the GoI.

 

International

Sri Lanka (Block SL 2007-01-001)

The Company continues to engage in appraisal planning and commercial discussions with the Sri Lankan government for monetising the discovered gas resources. The government has also granted an extension to the current exploration phase upto April 2014.

South Africa (Block1)

 In the Block 1, the interpretation of the processed cube of newly acquired 3D data seismic has commenced. Acquisition of around 3,000 line-km of 2D seismic is planned in CY2014.

 

Health, Safety, Environment and Sustainability

Cairn India has consistently demonstrated top quartile HSE performance amongst peers and has been an operator with industry leading safety standards. As a commitment towards maintaining the highest Health, Safety, Environment and Assurance standards, the Company continues to report Lost Time Injury (LTI) performance on a regular basis.

 

The Company achieved ~ 15 million LTI free hours during the quarter.

During the quarter, the Company successfully hosted first of its kind Global HSE conference in India in association with the Oil Industry Safety Directorate (OISD), MoPNG, Govt. of India and the Oil and Gas Industry with the objective to provide an enriching platform for businesses. Over 600 delegates from variety of sectors and over 50 international speakers participated in the 2 day event to share and learn best practices in regulations, process safety, occupational health and sustainability.

As part of its commitment towards creating long term value for stakeholders through sustainable business processes, the Company has now formed a Sustainability Steering Committee that will actively look to enhance sustainability practices. The Company has published its maiden Corporate Sustainability Report which articulates the core values that drive its sustainability initiatives, captures the actions taken and milestones achieved and lays down the way forward. Below is the link for the report.

http://www.cairnindia.com/SupportingDocs/Sustainability_Report_2012_2013.pdf

Corporate Social Responsibility

The Company's CSR philosophy is based on its commitment to partnering with the local communities as "Partners in Prosperity". In line with this objective, its CSR initiatives focus on developing partnerships with the local community to affect an improvement, both socially and economically. In this quarter some of the initiatives to this end included a farm based program with the objective to improve the farmers' income by enhancing agricultural and livestock productivity by 40-50%, a new education program to improve quality of education in Government School, and a Cairn Enterprise Centre with three new Satellite Skill Training Centres to increase its operational reach.

The effectiveness of the programs is measured by the recognition the Company receives. The State government of Gujarat has selected one of the Cairn supported projects, the Agri kiosks, as one of the model projects for showcasing 12 best projects under livelihood enhancement.

 

Human Resources

Hiring activity has seen a multi-fold increase as the Company focuses on building key technical skills for long term capability of a robust portfolio. As of 30 September, 2013, the Company has over 1,700 people of which 80% are in core technical functions.

Outlook

Cairn India remains on track for its FY 2013-14 exit gross production target of over 225,000 boepd including over 200,000 boepd from the Rajasthan block.

With the Mangala polymer EOR project securing partner approval, contracting is in advanced stages for full field implementation thereafter, for sustaining production and increasing the field's ultimate oil recovery.

Focus is on the significant resources in the low permeability reservoirs within the RJ Barmer Hill formation through usage of advanced technology to achieve optimal commercial rates, with infrastructure and development facilities in place.

Several high impact exploration wells are planned to be drilled over the next two quarters in the Rajasthan block to help in realizing the objective of drilling out 50% of the 530 million barrels of gross recoverable risked prospective resources by end of FY 2013-14.

With three fold productivity increase post successful drilling and fraccing of the appraisal well in the KG-ONN onshore block, the commerciality of the discovery has significantly improved.

Company also plans to drill an exploration well in the Ravva block within this financial year, besides further exploration activities in other blocks in the portfolio.

The Company's aggressive exploration and development drilling programme is set to continue with more than 450 exploration, appraisal and development wells planned over the three year period till FY 2015-16, including 100 E&A wells to be drilled in the Rajasthan block.

To meet the above production and exploration targets, 8 rigs are expected to be added taking the total count to 13, by the end of FY 2013-14.

Cairn India's robust financial performance with strong revenues and profits has resulted in the Company being well placed to not only develop the current asset base and deliver on the active exploration growth program with its US$3bn capex plan till FY 2015-16, but also opened up inorganic growth opportunities to further strengthen the E&P portfolio.

 

 

 

 

Cairn India Limited

Registered Office: 101, West View, Veer Savarkar Marg, Prabhadevi, Mumbai - 400025

Corporate Office: 3rd & 4th Floors, Vipul Plaza, Sun City, Sector-54, Gurgaon - 122002

 (All amounts are in INR lakhs, unless otherwise stated)

Part - I : Statement of Consolidated Unaudited Results for the Quarter and Six months ended 30 September, 2013

Sr. No.

Particulars

Quarter ended

30 Sep, 2013

Preceding quarter ended

30 Jun, 2013

Corresponding quarter ended

30 Sep, 2012

Half year ended

30 Sep, 2013

Corresponding half year ended

30 Sep, 2012

Previous year ended

31 Mar, 2013

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

1

Income from operations

a) Income from operations

464,991

406,293

444,314

871,284

888,317

1,752,415

b) Other operating income

-

-

-

-

-

-

Total income from operations (net)

464,991

406,293

444,314

871,284

888,317

1,752,415

2

Expenses

a) Share of expenses in producing oil and gas blocks

29,620

24,039

18,066

53,659

35,784

85,113

b) Increase in inventories of finished goods

(296)

(324)

(757)

(620)

(2,557)

(2,742)

c) Employee benefit expenses

2,709

1,426

3,601

4,135

6,816

10,325

d) Depletion, depreciation and amortization expenses

54,652

51,933

45,152

106,585

88,886

184,592

e) Cess

72,929

71,231

71,697

144,160

141,163

280,767

f) Unsuccessful and general exploration costs

5,125

10,008

2,624

15,133

6,145

45,488

g) Other expenses

6,781

8,934

6,548

13,749

12,742

30,148

Total expenses

171,520

167,247

146,931

336,801

288,979

633,691

3

Profit from operations before other income, exchange fluctuation and finance costs (1-2)

293,471

239,046

297,383

534,483

599,338

1,118,724

4

a) Other income

11,090

12,510

22,262

21,634

31,906

72,284

b) Foreign exchange fluctuation gain/(loss)-net

42,916

68,200

(78,581)

111,116

8,047

31,340

5

Profit before finance costs (3+4)

347,477

319,756

241,064

667,233

639,291

1,222,348

6

Finance costs

1,104

1,045

1,881

2,149

4,828

6,866

7

Profit before tax (5-6)

346,373

318,711

239,183

665,084

634,463

1,215,482

8

Tax expense

a) Current tax (Refer note 4)

67,418

56,170

62,867

123,588

128,110

245,434

b) MAT credit entitlement

(60,153)

(52,262)

(49,278)

(112,415)

(98,777)

(215,571)

c) Deferred tax charge/(credit)

600

2,080

(6,624)

2,680

(9,662)

(6,355)

Total

7,865

5,988

6,965

13,853

19,671

23,508

9

Net profit for the period (7-8)

338,508

312,723

232,218

651,231

614,792

1,191,974

10

Impact of scheme of arrangement for earlier periods (Refer note 5)

-

-

-

-

-

13,665

11

Net profit for the period after giving impact of scheme of arrangement for earlier periods (9+10)

338,508

312,723

232,218

651,231

614,792

1,205,639

12

Paid-up equity share capital

(Face value of INR 10 each)

191,056

191,029

190,873

191,056

190,873

191,024

13

Reserves excluding revaluation reserves

4,578,919

14

Earnings per share (in INR )

(not annualized):

a) Basic

17.72

16.37

12.17

34.09

32.22

63.16

b) Diluted

17.68

16.36

12.15

34.04

32.17

63.06

 

 

 

Part - II : Select Information for the Quarter and Six months ended 30 September, 2013

Sr. No.

Particulars

Quarter ended

30 Sep, 2013

Preceding

quarter ended

30 Jun, 2013

Corresponding quarter ended 30 Sep, 2012

Half year ended

30 Sep, 2013

Corresponding half year ended

30 Sep, 2012

Previous year ended

31 Mar, 2013

A

Particulars of shareholding

1

Public shareholding

- Number of shares

787,844,960

787,572,345

786,015,345

787,844,960

786,015,345

787,524,155

- Percentage of shareholding

41.24%

41.23%

41.18%

41.24%

41.18%

41.23%

2

Promoters and promoter group shareholding

a) Pledged / encumbered

-

-

-Number of shares*

738,873,586

738,873,586

-

738,873,586

-

-

-Percentage of shares (as a % of the total share shareholding of promoter and promoter group)

65.81%

65.81%

-

65.81%

-

-

-Percentage of shares (as a % of the total share capital of the Company)

38.67%

38.68%

-

38.67%

-

-

b) Non-encumbered

-

-

-Number of shares

383,840,413

383,840,413

1,122,713,999

383,840,413

1,122,713,999

1,122,713,999

-Percentage of shares (as a % of the total share shareholding of promoter and promoter group)

34.19%

34.19%

100%

34.19%

100%

100.00%

-Percentage of shares (as a % of the total share capital of the Company)

20.09%

20.09%

58.82%

20.09%

58.82%

58.77%

\* Twin Star Energy Holdings Ltd. (TSEHL) holds 100% in Twin Star Mauritius Holdings Ltd. (TSMHL) which in turn holds 738,873,586 number of shares in Cairn India Ltd. TSEHL has pledged its entire holding in TSMHL.

Consolidated Statement of Assets and Liabilities

Sr.

No.

Particulars

As at

30 Sep, 2013

(Unaudited)

As at

31 Mar, 2013

(Audited)

A

EQUITY AND LIABILITIES

1

Shareholders' funds

(a) Share capital

191,056

191,024

(b) Reserves and surplus

5,230,797

4,578,919

5,421,853

4,769,943

2

Non-current liabilities

(a) Deferred tax liabilities (net)

49,088

46,408

(b) Long-term provisions

303,177

240,406

352,265

286,814

3

Current liabilities

(a) Trade payables

46,361

53,667

(b) Other current liabilities

166,645

120,321

(c) Short-term provisions

45,846

169,376

258,852

343,364

TOTAL

6,032,970

5,400,121

B

ASSETS

1

Non-current assets

(a) Fixed assets

2,972,038

2,897,499

(b) Long-term loans and advances

602,213

486,648

(c) Other non-current assets

195,823

44,590

3,770,074

3,428,737

2

Current assets

(a) Current investments

1,386,289

1,038,226

(b) Inventories

23,467

19,609

(c) Trade receivables

295,847

228,519

(d) Cash and bank balances*

445,618

555,682

(e) Short-term loans and advances

98,879

102,123

(f) Other current assets

12,796

27,225

2,262,896

1,971,384

TOTAL

6,032,970

5,400,121

 * includes cash and cash equivalents of INR 1,140 lakhs (31 March 2013 : INR 4,634 lakhs)

Notes:-

1. The above unaudited financial results for the current quarter ended 30 September 2013 were subjected to a limited review by the auditors of the Company and reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meeting held on 22 October 2013.

2. The individual items in the above financial results are net of amounts cross charged to oil and gas blocks where the Group is the operator. The Group's share of such net expenses in oil and gas blocks is treated as exploration, development or production costs, as the case may be.

3. 272,615 additional equity shares were issued during the current quarter on exercise of stock options by the employees of the Cairn India Group.

4. The current tax is net of tax on dividend received from a foreign subsidiary, to the extent of dividend distribution tax on such dividend proposed to be distributed to shareholders of the Company, as per the provisions of section 115-O of the Income Tax Act, 1961.

5. The Scheme of Arrangement ('Scheme') between the Company and some of its wholly owned subsidiaries was finally approved by regulatory authorities in previous year. As per the Scheme, the Company has considered the operations of the said subsidiaries from 1 January 2010 as its own operations and accounted for the same in previous year in its books of accounts after making adjustments, on account of differences in tax rates etc., of INR 13,665 lakhs relating to the period prior to 31 March 2012.

6. The Board of directors have declared an interim dividend of INR6 per equity share in its meeting held on 22 October 2013.

7. The Group operates in only one segment i.e. "Oil and Gas".

8. Previous quarter / half year / year's figures have been regrouped / rearranged wherever necessary to confirm to the current quarter's presentation.

 

 

 

For and on behalf of the Board of Directors

 

 

 

 

Place: Gurgaon

Date: 22 October, 2013

 

 

 

P. Elango

Interim CEO &

Whole Time Director

 

 

Cairn India Limited

Registered Office: 101, West View, Veer Savarkar Marg, Prabhadevi, Mumbai - 400025

Corporate Office: 3rd & 4th Floors, Vipul Plaza, Sun City, Sector-54, Gurgaon - 122002

 (All amounts are in INR lakhs, unless otherwise stated)

Part - I : Statement of Standalone Unaudited Results for the Quarter and Six months ended 30 September, 2013

Sr. No.

Particulars

Quarter ended

30 Sep, 2013

Preceding

quarter ended

30 Jun, 2013

Corresponding quarter ended

30 Sep, 2012

Half year ended

30 Sep, 2013

Corresponding half year ended

30 Sep, 2012

Previous year ended

31 Mar, 2013

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

1

Income from operations

a) Income from operations

245,185

213,315

-

458,500

-

920,098

b) Other operating income

-

-

-

-

-

-

Total income from operations (net)

245,185

213,315

-

458,500

-

920,098

2

Expenses

a) Share of expenses in producing oil and gas blocks

16,174

13,340

-

29,514

-

48,559

b) Increase in inventories of finished goods

(222)

(227)

-

(449)

-

(1,406)

c) Employee benefit expenses

2,651

1,449

304

4,100

750

9,604

d) Depletion, depreciation and amortization expenses

28,539

26,953

1

55,492

2

96,180

e) Cess

36,776

35,894

-

72,670

-

141,575

f) Unsuccessful and general exploration costs

2,081

2,124

437

4,205

880

6,828

g) Other expenses

6,017

6,219

2,066

12,236

3,925

27,574

Total expenses

92,016

85,752

2,808

177,768

5,557

328,914

3

Profit/(loss) from operations before other income, exchange fluctuation and finance costs (1-2)

153,169

127,563

(2,808)

280,732

(5,557)

591,184

4

a) Other income

69,284

68,431

1,652

137,715

3,875

61,678

b) Foreign exchange fluctuation gain/(loss)-net

8,632

8,209

206

16,841

(21)

28,289

5

Profit/(loss) before finance costs (3+4)

231,085

204,203

(950)

435,288

(1,703)

681,151

6

Finance costs

166

58

1,551

224

4,186

6,641

7

Profit/(loss) before tax (5-6)

230,919

204,145

(2,501)

435,064

(5,889)

674,510

8

Tax expense

a) Current tax (Refer note 4)

38,014

32,147

-

70,161

-

133,627

b) MAT credit entitlement

(30,749)

(28,106)

-

(58,855)

-

(104,074)

c) Deferred tax charge/(credit)

66

1,192

-

1,258

-

(3,108)

Total

7,331

5,233

-

12,564

-

26,445

9

Net profit/(loss) for the period (7-8)

223,588

198,912

(2,501)

422,500

(5,889)

648,065

10

Impact of scheme of arrangement for earlier periods (Refer note 5)

-

-

-

-

-

826,612

11

Net profit/(loss) for the period after giving impact of scheme of arrangement for earlier periods (9+10)

223,588

198,912

(2,501)

422,500

(5,889)

1,474,677

12

Paid-up equity share capital

(Face value of INR 10 each)

191,056

191,029

190,873

191,056

190,873

191,024

13

Reserves excluding revaluation reserves

3,210,712

14

Earnings per share (in INR )

(not annualized):

a) Basic

11.71

10.41

(0.13)

22.12

(0.31)

77.25

b) Diluted

11.68

10.41

(0.13)

22.09

(0.31)

77.14

 

Part - II : Select Information for the Quarter and Six months ended 30 September 2013

Sr. No.

Particulars

Quarter ended

30 Sep, 2013

Preceding

quarter ended

30 Jun, 2013

Corresponding quarter ended 30 Sep, 2012

Half year ended

30 Sep, 2013

Corresponding half year ended

30 Sep, 2012

Previous year ended

31 Mar, 2013

A

Particulars of shareholding

1

Public shareholding

- Number of shares

787,844,960

787,572,345

786,015,345

787,844,960

786,015,345

787,524,155

- Percentage of shareholding

41.24%

41.23%

41.18%

41.24%

41.18%

41.23%

2

Promoters and promoter group shareholding

a) Pledged / encumbered

-

-

-Number of shares*

738,873,586

738,873,586

-

738,873,586

-

-

-Percentage of shares (as a % of the total share shareholding of promoter and promoter group)

65.81%

65.81%

-

65.81%

-

-

-Percentage of shares (as a % of the total share capital of the Company)

38.67%

38.68%

-

38.67%

-

-

b) Non-encumbered

-

-

-Number of shares

383,840,413

383,840,413

1,122,713,999

383,840,413

1,122,713,999

1,122,713,999

-Percentage of shares (as a % of the total share shareholding of promoter and promoter group)

34.19%

34.19%

100%

34.19%

100%

100.00%

-Percentage of shares (as a % of the total share capital of the Company)

20.09%

20.09%

58.82%

20.09%

58.82%

58.77%

\* Twin Star Energy Holdings Ltd. (TSEHL) holds 100% in Twin Star Mauritius Holdings Ltd. (TSMHL) which in turn holds 738,873,586 number of shares in Cairn India Ltd. TSEHL has pledged its entire holding in TSMHL.

 

Particulars

Quarter ended 30 September, 2013

B

Investor Complaints

Pending at the beginning of the quarter

0

Received during the quarter

268

Disposed of during the quarter

268

Remaining unresolved at the end of the quarter

0

 

 

 

 

 

 

 

Standalone Statement of Assets and Liabilities

Sr.

No.

Particulars

As at

30 Sep, 2013

(Unaudited)

As at

31 Mar, 2013

(Audited)

A

EQUITY AND LIABILITIES

1

Shareholders' funds

(a) Share capital

191,056

191,024

(b) Reserves and surplus

3,633,859

3,210,712

3,824,915

3,401,736

2

Non-current liabilities

(a) Deferred tax liabilities (net)

26,341

25,083

(b) Long-term provisions

165,746

131,970

192,087

157,053

3

Current liabilities

(a) Trade payables

36,483

43,557

(b) Other current liabilities

93,743

52,651

(c) Short-term provisions

45,823

169,162

176,049

265,370

TOTAL

4,193,051

3,824,159

B

ASSETS

1

Non-current assets

(a) Fixed assets

713,937

671,322

(b) Non-current investments

1,603,825

1,603,825

(c) Long-term loans and advances

299,878

239,321

(d) Other non-current assets

23,325

22,356

2,640,965

2,536,824

2

Current assets

(a) Current investments

1,288,750

1,037,202

(b) Inventories

12,778

10,704

(c) Trade receivables

157,988

116,954

(d) Cash and bank balances*

1,019

15,105

(e) Short-term loans and advances

87,290

88,626

(f) Other current assets

4,261

18,744

1,552,086

1,287,335

TOTAL

4,193,051

3,824,159

 * includes cash and cash equivalents of INR 19 lakhs (31 March, 2013: INR104 lakhs)

Notes:-

1. The above unaudited financial results for the current quarter ended 30 September, 2013 were subjected to a limited review by the auditors of the Company and reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meeting held on 22 October, 2013.

2. The individual items in the above financial results are net of amounts cross charged to oil and gas blocks where the Company is the operator. The Company's share of such net expenses in oil and gas blocks is treated as exploration, development or production costs, as the case may be.

3. 272,615 additional equity shares were issued during the current quarter on exercise of stock options by the employees of the Cairn India Group.

4. The current tax is net of tax on dividend received from a foreign subsidiary, to the extent of dividend distribution tax on such dividend proposed to be distributed to shareholders of the Company, as per the provisions of section 115-O of the Income Tax Act, 1961.

5. The Scheme of Arrangement ('Scheme') between the Company and some of its wholly owned subsidiaries had been approved by regulatory authorities in October, 2012. As per the Scheme, the Company had considered the operations of the said subsidiaries from 1 January, 2010 as its own operations and accounted for the same during the quarter ended 31 December 2012 in its books of accounts and accordingly, profit after tax aggregating to INR826,612 lakhs (net of tax of INR 61,146 lakhs), relating to operations of the said subsidiaries prior to 31 March, 2012, had been accounted for in the previous year.

 

6. The Board of directors have declared an interim dividend of INR6 per equity share in its meeting held on 22 October 2013.

7. The Company operates in only one segment i.e. "Oil and Gas".

8. Previous quarters/ half year/ year's figures have been regrouped / rearranged wherever necessary to confirm to the current quarter's presentation. However, figures for the quarter/ half year ended 30 September, 2012 are not comparable with the current quarter/ half year's figures as the Scheme of Arrangement referred to in note 5 above, was accounted for during the quarter ended 31 December, 2012.

 

 

 

For and on behalf of the Board of Directors

 

 

 

 

Place: Gurgaon

Date: 22 October, 2013

 

 

 

P. Elango

Interim CEO &

Whole Time Director

 

 

 

 

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 accounts for around one fourth of India's domestic crude oil production. Average daily gross operated production was 213,299 boe in Q2 FY2013-14. The Company sells its oil to major refineries in India and its gas to both PSU and private buyers.

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, twenty six discoveries have been made in the Rajasthan block RJ-ON-90/1 and the exploration and appraisal drilling campaign is targeting over 530 million barrels of gross recoverable risked prospective resources.

In Rajasthan, Cairn India operates Block RJ-ON-90/1 under a PSC signed on 15 May, 1995. The main Development Area (1,859 km2), which includes discoveries namely Mangala, Aishwariya, Raageshwari and Saraswati is shared between Cairn India and ONGC, with Cairn India holding 70% and ONGC having exercised their back in right for 30%. The Operating Committee for Block RJ-ON-90/1 consists of Cairn India and ONGC.

Further Development Areas (430 km2), including the Bhagyam and Shakti fields and (822 km2) comprising of the Kaameshwari West Development Area, is also shared between Cairn India and ONGC in the same proportion. The Mangala, Bhagyam and Aishwariya (MBA) fields have gross recoverable oil reserves and resources of over 900 million barrels, which includes proved plus probable (2P) gross reserves and resources of 635 mmboe with a further 270 mmboe or more of EOR resource potential. The total resource base supports a vision to produce 300,000 boepd, (equivalent to a contribution of more than 35% of India's current domestic crude production), subject to further 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 38,000 boepd.

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. Cairn Lanka is a wholly owned subsidiary of CIG Mauritius Private Limited under Cairn India and holds a 100% participating interest in the block. The signing of the Petroleum Resources Agreement (PRA) to explore oil and natural gas in the Mannar Basin was held 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 19,922 sq km. The assignment of 60% interest and operatorship has been granted by the South African regulatory authorities.

India currently imports 3.5* million bopd of crude oil. The current domestic crude oil production is approximately 0.76** million bopd of which Cairn India operated assets (Ravva, CB/OS-2 and the RJ-ON-90/1) contributes over one-fourth.

For further information on Cairn India Limited & Cairn Lanka (Pvt) Limited see www.cairnindia.comand www.cairnlanka.com.

 

*BP Statistical Review of World Energy June 2013

**MoPNG April 2013 data

 

Corporate Glossary

Cairn India

Cairn India Limited and/or its subsidiaries as appropriate

Company

Cairn India Limited

Cairn Lanka

Refers to Cairn Lanka (Pvt) Ltd, a wholly owned subsidiary of Cairn India

Cash EPS

PAT adjusted for DD&A, impact of forex fluctuation, MAT credit and deferred tax

CFFO

Cash Flow from Operations includes PAT (excluding other income and exceptional item) prior to non-cash expenses and exploration costs.

CPT

Central Processing Terminal

CY

Calendar Year

DoC

Declaration of Commerciality

E&P

Exploration and Production

EBITDA

Earnings before Interest, Taxes, Depreciation and Amortisation includes forex gain/loss earned as part of operations

EPS

Earnings Per Share

FY

Financial Year

GBA

Gas Balancing Agreement

GoI

Government of India

GoSL

Government of Sri Lanka

Group

The Company and its subsidiaries

JV

Joint Venture

MC

Management Committee

MoPNG

Ministry of Petroleum and Natural Gas

NELP

New Exploration Licensing Policy

ONGC

Oil and Natural Gas Corporation Limited

OC

Operating Committee

PRA

Petroleum Resources Agreement

PPAC

Petroleum Planning & Analysis Cell

qoq

Quarter on Quarter

SL

Sri Lanka

Vedanta Group

Vedanta Resources plc and/or its subsidiaries from time to time

yoy

Year on Year

 

Technical Glossary

2P

Proven plus probable

3P

Proven plus probable and possible

2D/3D/4D

Two dimensional/three dimensional/ time lapse

Boe

Barrel(s) of oil equivalent

Boepd

Barrels of oil equivalent per day

Bopd

Barrels of oil per day

Bscf

Billion standard cubic feet of gas

EOR

Enhanced Oil Recovery

FDP

Field Development Plan

MDT

Modular Dynamic Tester

Mmboe

million barrels of oil equivalent

Mmscfd

million standard cubic feet of gas per day

Mmt

million metric tonne

PRDS

Petroleum Resources Development Secretariat

PSU

Public Sector Utilities

PSC

Production Sharing Contract

 

Field Glossary

Barmer Hill Formation

Lower permeability reservoir which overlies the Fatehgarh

Dharvi Dungar

Secondary reservoirs in the Guda field and is the reservoir rock encountered in the recent Kaameshwari West discoveries

Fatehgarh

Name given to the primary reservoir rock of the Northern Rajasthan fields of Mangala, Aishwariya and Bhagyam

Mannar Basin

Located in the Gulf of Mannar, situated on the NE shallow continental shelf of Sri Lanka

MBA

Mangala, Bhagyam and Aishwariya

Thumbli

Youngest reservoirs encountered in the basin. The Thumbli is the primary reservoir for the Raageshwari 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.

 

For further information, please contact:

Investors:

Ashwin Bajaj

Senior Vice President - Investor Relations

Vedanta Resources plc

 

 

[email protected]

Tel: +44 20 7659 4732 / +91 22 6646 1531

Media:

Gordon Simpson

Faeth Birch

Finsbury

 

 

Tel: +44 20 7251 3801

About Vedanta Resources plc

Vedanta Resources plc ("Vedanta") is a London listed FTSE-100 diversified global resources major. The group produces Aluminium, Copper, Zinc, Lead, Silver, Iron ore, Power, and Oil and Gas. Vedanta has world-class assets in India, Zambia, South Africa, Namibia, Ireland Liberia, Australia and Sri Lanka and a strong organic growth pipeline of projects. With an empowered talent pool globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of entrepreneurship, excellence, trust, inclusiveness and growth. For more information, please visit:

www.vedantaresources.com.

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.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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