9th Feb 2007 07:00
Cairn Energy PLC09 February 2007 For Immediate Release CAIRN ENERGY PLC 9th February 2007 The following release was issued today by Cairn India to the Bombay StockExchange and the National Stock Exchange of India: "Further exploration acreage for Cairn India in NELP VI The Government of India (GoI) has announced that Cairn India has secured aninterest in two new exploration blocks in India - PR-OSN-2004/1 and KK-DWN-2004/1. The blocks were awarded to Cairn India under the sixth New Exploration Licensing Policy round (NELP VI). O The GoI had offered 55 exploration blocks - the highest ever offeringunder the NELP process O 165 bids were submitted for 52 blocks with a total of 68 companiesbidding O 32 Indian companies and 36 foreign companies took part, with 20 of theforeign firms participating in the Indian bid round for the first time O Cairn India and Cairn through Capricorn Energy submitted 12 joint venturebids along with ONGC, Videocon, Tata Petrodyne, British Gas and Total Details of the two offshore blocks awarded to Cairn India are as follows: O PR-OSN-2004/1 (Palar Basin) Cairn Energy India Pty Limited 10%(Operator), Cairn India Limited 25%, ONGC 35% and Tata Petrodyne 30%. The blockarea is 9,400 km2. O KK-DWN-2004/1 (Kerala Konkan Basin) Cairn India Limited 40%, ONGC 45%(Operator) and Tata Petrodyne 15%. The block area is approximately 12,324km2. Rahul Dhir, Chief Executive of Cairn India said: "We're delighted to have secured further important acreage in India to add toour substantial portfolio. The wider Petroleum Industry is now looking keenly atIndia as a result of the significant discoveries made in recent years by anumber of companies including Cairn. The significant industry interestsubstantiates our belief that India is an extremely attractive place to look foroil and gas." " Enquiries to: Analysts/InvestorsSir Bill Gammell, Chief ExecutiveDr Mike Watts, Director of ExplorationJann Brown, Finance Director Tel: 0131 475 3000 MediaBrunswick Group LLPPatrick Handley, Mark Antelme, Phoebe Buckland Tel: 0207 404 5959 Cairn India Media EnquiriesDavid Nisbet Tel: 00 91 99 1048 7715 Note to editors: "Cairn" where referred to in this release means Cairn Energy PLC and/or its subsidiaries (including Cairn India), as appropriate. These materials contain forward-looking statements regarding Cairn, ourcorporate plans, future financial condition, future results of operations,future business plans and strategies. All such forward-looking statements arebased on our management's assumptions and beliefs in the light of informationavailable to them at this time. These forward-looking statements are, by theirnature, subject to significant risks and uncertainties and actual results,performance and achievements may be materially different from those expressed insuch statements. Factors that may cause actual results, performance orachievements to differ from expectations include, but are not limited to,regulatory changes, future levels of industry product supply, demand andpricing, weather and weather related impacts, wars and acts of terrorism,development and use of technology, acts of competitors and other changes tobusiness conditions. Cairn undertakes no obligation to revise any suchforward-looking statements to reflect any changes in Cairn's expectations withregard thereto or any change in circumstances or events after the date hereof. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Capricorn Energy PLC