27th Apr 2007 16:05
Cairn Energy PLC27 April 2007 The following replaces the Statement re Cairn India announcement released todayat 13:31 under RNS Number 6633V. The announcement now contains financial tables which were previously omitted. The full amended text appears below The attached release was issued today by Cairn India to the Bombay StockExchange and the National Stock Exchange of India. In accordance with its Indian reporting obligations, Cairn India has todayissued its Q107 financial results. This financial information is reported inIndian rupees and is prepared under Indian GAAP. Cairn Energy PLC has a 69% holding in Cairn India. Cairn Energy PLC will nextrelease group financial information to the UK market in its 2007 interim resultsannouncement. These consolidated results will be reported in US$ under IFRS andwill include the group's interest in Cairn India. Key differences between the financials prepared under Indian GAAP to those underIFRS are summarised in the table below: IGAAP IFRSAccountingpolicyExploration Unsuccessful and other Unsuccessful costs are written off;write off exploration costs (eg other exploration costs are(income seismic) are expensed as capitalised pending determinationstatement) incurredDepletion & Based on working interest Based on entitlement interestDecommissioning production and reserves production and reservesDisclosureOperator fees Included in income from Included within other operating operations incomeInterest income Included in other income Included in finance income The average exchange rate for Q107 was 44.14 rupees:$1 For Immediate Release 27 April 2007 Cairn India Limited (Consolidated) First Quarter Results 2007 The following commentary is provided in respect of the unaudited financialresults and operational achievements of Cairn India Limited and its subsidiarycompanies (referred to as "Cairn India") during the first quarter of 2007. OPERATIONAL • Rajasthan midstream solution progressing well with ONGC - discussions on going with Government of India (GoI) • Civil works for Rajasthan development underway • First oil production from Mangala on schedule for 2009 • Field Development Plan for Bhagyam submitted to Operating Committee • First phase development drilling completed at Saraswati and Raageshwari oil fields • Ravva infill drilling campaign ongoing - four development wells completed • Ravva exploration well spudded April 2007 • Two blocks awarded in NELP VI licensing round • 500km 2D seismic programme initiated in Bihar • IFC-Cairn programme agreed for Rajasthan community projects • Gross operated production 74,830 barrels of oil equivalent per day (boepd) (working interest 19,811 boepd) FINANCIAL For the first quarter of 2007 the consolidated revenue of Cairn India Limitedand its subsidiaries was Rs. 2,726 million (US$ 62 million). The consolidatedprofit after tax (PAT) for the quarter was Rs 376 million (US$ 8.55 million). The cash flow from operations, worked out as PAT prior to non-cash expenses(non-cash employee cost, depreciation, depletion, amortization and deferred tax)and exploration cost write off was Rs 1,801 million (US$ 40.96 million) for thequarter. • Net Revenue from operating activities at Rs. 2,364 million (US$ 53.77 million); Average oil price realisation US$ 61.04 per bbl, average gas price realisation - US$ 4.07/mscf, average price realisation US$ 42.25/boe • Credit facility of US$ 850 million in place • Cash (net of borrowings) available at the end of 31 March is Rs 24,010 million (US$ 552.40 million) * Amounts shown in US$ are converted based on average exchange rate for thefirst quarter - 43.967 and closing exchange rate as at 31 March 2007 - 43.465 Rahul Dhir Chief Executive Cairn India said: "Cairn India remains focused on driving forward the Rajasthan development tobring new production onstream, while maximising the production potential fromexisting assets, enabling increased exploration activity and ensuring theRajasthan upstream project remains on track to produce first oil in 2009." BUSINESS REVIEW Overview It is just over three years since Cairn made the transformational discovery ofMangala in Rajasthan. Following the successful completion of the IPO and listingin 2007 and its establishment as an autonomous business, Cairn India is wellplaced to move that discovery and others in Rajasthan forward in preparation forfirst oil production in 2009. Cairn India's oil and gas fields at Ravva and CB/OS-2 continue to be thecornerstone of its existing production. During 2006 both of these assetsbenefited from revised gas prices and improved oil production. An ongoingdrilling programme at Ravva and new developments planned on CB/OS-2 will ensurethat these assets continue to underpin Cairn's India's activities elsewhere inIndia. The step change in production is expected from 2009, when the first of theRajasthan developments is scheduled to come onstream. The Mangala field will bebrought on production first followed by the Bhagyam and Aishwariya fields andthe targeted gross production from these three fields is 150,000 barrels of oilper day (bopd). Once on stream, these fields will create significant value forthe GoI, the Rajasthan State Government and for investors and other stakeholdersin both Cairn and Cairn India. Laboratory studies have indicated that the early application of enhanced oilrecovery (EOR) techniques on the Mangala and Bhagyam fields is expected toextend significantly the production plateau and ultimate reserves for thesefields. Further work is also planned to determine the best method of extractingthe oil from the potentially productive Barmer Hill formation. Cairn India has recently secured two new exploration blocks in the NELP VIlicensing round and now holds interests in a total of 15 blocks in India. CairnIndia is well placed to build on this asset base and to bid for furtherexploration acreage that may be offered in future licensing rounds. Rajasthan Upstream The upstream picture in Rajasthan is progressing well. Current estimates for theproven and probable (2P) hydrocarbons in place for the six fields Mangala,Bhagyam, Aishwariya, Saraswati, Raageshwari Oil and Raageshwari Deep Gas total2.2 billion boe and the associated 2P reserves plus contingent resources are 864million boe. The additional smaller and/or low permeability fields and reservoirs have anestimated 2P hydrocarbons in place volume of more than 1.4 billion boe. Over thecoming years, Cairn India's focus will be on converting as much of thiscontingent resource base into 2P reserves as is economically feasible. The first phase of development drilling on Saraswati and Raageshwari has beencompleted successfully. Development drilling on Mangala is scheduled to commencein 2008. The GoI has approved the Declaration of Commerciality for Bhagyam, the secondlargest field in Block RJ-ON-90/1, along with the Shakti field, following whichthe FDP for Bhagyam was submitted to the Operating Committee in Q1 2007. Rajasthan Midstream A proposal to the GoI seeking approval to include within the FDP a pipeline totransport Rajasthan crude from Mangala to a coastal terminal facility iscurrently under discussion. The proposed routing of the pipeline will allowaccess to the existing pipeline infrastructure and refinery network, with afinal coastal delivery point that also affords access to the majority of India'srefining capacity. It is proposed that the pipeline will fall within thedefinition of the field development activities and will accordingly be funded70% by Cairn India and 30% by ONGC. If the pipeline is included in the FDP, thecosts would be recoverable under the PSC. The conceptual engineering and routeidentification for the pipeline are at an advanced stage. OPERATIONAL REVIEW Gross operated production in India for the first quarter of 2007 was 74,830boepd (working interest 19,811 boepd) Operational activity has been largely focused on the continued appraisal ofBlock RJ-ON-90/1 in Rajasthan. There are now a total of 20 discoveries in thisblock including the world class Mangala and Bhagyam oil fields in the northernpart of the acreage. FDPs have been approved or are pending on 6 of these 20discoveries. An independent report prepared by DeGolyer and McNaughton (D&M) in August 2006estimated 3.4 billion boe in place in the combined discoveries in the Rajasthanblock. Cairn currently estimates there to be at least 3.6 billion boehydrocarbons in place, of which 2.2 billion are under active developmentplanning, with the remaining 1.4 billion identified in other fields underreview. The Mangala, Aishwariya, Saraswati, Raageshwari Oil and Raageshwari Deep Gasfields all have GoI development approval, while work on approvals for thedevelopment of other discoveries, in particular Bhagyam and Shakti, is ongoing.The remaining discoveries require further appraisal or evaluation. RAJASTHAN BASIN - North West India Development Area (Cairn India 70% (Operator); ONGC 30%) Civil construction work is now underway to meet the planned first oil productionfrom Mangala in 2009. FDPs for the Mangala, Aishwariya, Saraswati andRaageshwari fields have been agreed by the GoI and, in addition to the retainedIPO proceeds, bank funding has been secured for the current development. All the permits and permissions required to begin major construction work havebeen granted and Cairn India is in the process of procuring the major items oflong lead equipment required to establish the production facilities. It isplanned to contract purpose built rigs which will be used to drill thedevelopment wells. The GoI has approved the Declaration of Commerciality for Bhagyam, the secondlargest field in Block RJ-ON-90/1, along with the Shakti field. These fields arecontained within a second development area of 430 km2. The FDP for Bhagyam wassubmitted to the Operating Committee in Q1 2007. The current 2P reserves basecase for Bhagyam envisages a plateau production rate of 40,000 bopd Two more small scale discoveries (Shakti North East and N-1-North) have beenretained within the Bhagyam/Shakti development area, together with the N-I, N-E,N-P and Bhagyam South discoveries. The Saraswati Crest-1 well was spudded in April 2007. Enhanced Oil Recovery Work is also ongoing to establish optimal EOR techniques in the Rajasthan blockwith a view to extending plateau production and increasing ultimate recovery ofoil. Laboratory work is currently underway to establish the potential of thesetechnologies to facilitate early implementation of a field scale pilot projectat Mangala, the largest of the Rajasthan fields. Northern Appraisal Area (Cairn India 100%) In June 2005, Cairn was granted an 18 month extension (until 14 November 2006)to complete its activities in the northern appraisal area to the north and westof the Development Area. However, the work programme in this area wasinterrupted by the severe flooding in Rajasthan in 2006. Cairn India has ceasedoperations in this area and is in discussions with the GoI for a furtherextension of part of this acreage to complete its planned work programme. Southern Fields In the south of the Rajasthan block, first commercial production by truckingfrom the Saraswati field is ready to start and will begin as soon as anarrangement for oil sales has been finalised with the GoI. First commercialproduction from the Raageshwari oil field is expected to commence within 12months of Saraswati. The first phase of development drilling on Saraswati andRaageshwari has been completed successfully. Block RJ-0NN-2003/1 (Cairn India 30%, ENI Operator) In early January 2007, the Operator commenced acquisition of a 3D seismic surveyon this Rajasthan block, which was awarded in NELP V. The 3D programme isnearing completion. CAMBAY BASIN - Western India Block CB/OS-2: Lakshmi and Gauri Gas Fields (Cairn India 40% (Operator)) Average gross production from the Lakshmi and Gauri fields for the first quarter2007 was 16,997 boepd (comprising average oil and condensate production of 3,555bopd and average gas production of 81 mmscfd). The CB/OS-2 joint venture is focused on further development of the field with aplanned offshore four well infill development drilling programme and also theconversion of three wells into oil producing wells following the continuingsuccess of the Gauri-3 oil producer. The infill development drilling programmeis scheduled to commence in H2 2007. Engineering studies to upgrade the oil handling facilities at Gauri to 9,000bopd have been completed and this upgrade is scheduled for completion in Q32007. The onshore CB-X well has been completed and the pipeline installation is inprogress to deliver planned first gas in Q2 2007. The gas sales contracts (GSCs) with the buyers (GTCL and GPEC) have beensuccessfully re-negotiated whereby the contractual terms for volume commitmentand price have been reset and the Gauri gas field volume committed to thecurrent buyers under the new pricing scheme. Cambay Basin CB-ONN-2001/1 (Cairn India 30%, ONGC Operator) The fourth and final commitment well was drilled and abandoned in April. CB-ONN-2002/1 (Cairn India 30%, ONGC Operator) Following the acquisition of a 100 km2 3D seismic programme on this block, threewells are scheduled to be drilled during 2007. GS-OSN-2003/1 (Cairn India 49%, ONGC Operator) The Operator is currently acquiring a 3D marine seismic programme on this block.The programme is nearing completion. KRISHNA-GODAVARI (KG) BASIN - Eastern India Ravva (Cairn India 22.5% (Operator)) Average gross production from the Ravva field for the first quarter 2007 was57,833 boepd (comprising average oil production of 45,929 bopd and average gasproduction of 71 mmscfd). An extensive offshore infill development and exploration drilling programme onRavva commenced in October 2006 and is ongoing. Production from RD-7 commencedin December 2006 and from RD-8 in January 2007. The Ravva field has been onplateau for a number of years and the current drilling programme is aimed atcontinuing the strong production performance at Ravva. The RC-5 well has been completed and commenced production in March 2007. Asubsequent workover well on RC-3 was also successfully carried out in March 2007aswell as a further successful infill well (RE-4). The Ravva exploration well RX-10 spudded in April 2007. An exploration well MM301 is scheduled to be drilled later in Q2 2007. The ceiling prices under each of the Ravva GSCs have been increased followingre-negotiation with the buyer (GAIL). The ceiling price for associated gas hasincreased by 18% and the ceiling price for non-associated gas has increased by30%. KG-DWN-98/2 (Cairn India 10%, ONGC (Operator)) The UD-1 ultra-deep water exploration well, located 140 km south of Ravva, wasspudded in late September 2006 in 2,841 metres water depth after the acquisitionand interpretation of an additional 255 km 2D seismic data. The well encounteredgas in a secondary objective. Options for further appraisal are currently underconsideration with the Operator. KG-ONN-2003/1 (Cairn India 49% ONGC (Operator)) Plans are underway to commence a seismic acquisition programme of 2D and 3D dataon this block in late 2007. NELP VI Cairn India has secured an interest in two new exploration blocks in India -PR-OSN-2004/1 and KK-DWN-2004/1 - in the sixth New Exploration Licensing Policyround (NELP VI). HIMALAYAN FORELAND BASIN - Northern India Ganga Valley GV-ONN-2002/1 (Cairn India 50%) An aeromagnetic survey commenced in January 2007 was completed in April 2007. A500 kilometre 2D seismic acquisition programme started in April 2007. GV-ONN-97/1 (Cairn India 15%, ONGC Operator) The first exploration well in the Himalayan Foreland Basin in which Cairn Indiaparticipated (Tisua-1) was plugged and abandoned after encountering residual oilshows. GV-ONN-2003/1 (Cairn India 24%) Subject to the receipt of the requisite approvals, a 2D seismic acquisitionprogramme is scheduled to commence in Q4 2007 or early 2008. VN-ONN-2003/1 (Cairn India 24%) Seismic reprocessing is underway and planning will commence later in 2007 for a2D seismic acquisition programme which is expected to commence in 2008. Corporate Appointments In the first quarter Cairn India has made the following senior appointments:- Indrajit Banerjee joined as Chief Financial Officer (CFO) and assumed hisresponsibilities and joined the board of directors of Cairn India Limited on 1March 2007. Indrajit replaced Jann Brown, who stood down as interim CFO of CairnIndia Limited with effect from 1 March 2007. Ian Vann, recently retired as Group Vice President for Exploration and BusinessDevelopment at BP, has joined Cairn India as an external advisor. Ian who was atthe helm of BP's Global exploration team and spent more than 30 years at BP in avariety of roles will work with the exploration team at Cairn India and also siton the Rajasthan Project Engineering Technical Advisory Board. David Ginger will be responsible for the exploration team at Cairn India whichcurrently has an interest in 15 exploration blocks in India. David joined Cairnin July 2006 from Amerada Hess where he was latterly their Exploration andProduction (E&P) Manager for South East Asia. David has 23 years E&P experiencein Asia, Africa and the North Sea. In addition to 11 years at Amerada Hess, heworked for LASMO and BP and has been leading exploration teams for the past 8years. The Cairn India Corporate Advisory Board (CAB) has been set up to provide adviceand direction to the management of Cairn India Limited on matters pertaining tostakeholder relations and CSR activities at project and corporate level. The CAB will be chaired by Sundeep Bhandari who has had a long involvement withCairn. Sundeep has many years experience in the oil and gas industry in Indiaand overseas and has previously advised not only Cairn but other internationalcompanies including Mobil and Marathon on E & P projects. Rajasthan Community Overview The International Finance Corporation (IFC) has strengthened its ties with CairnIndia by reaching agreement for a joint funding mechanism to support thesocio-economic development initiatives in the Rajasthan block. The Financial Support Agreement for the IFC-Cairn Linkage programme has beensigned by Iyad Malas, Director, South Asia, IFC, and Rahul Dhir, CEO, CairnIndia. The agreement entails the creation of a Trust Fund which over a three yearperiod will support the following: • Establishing and Maintaining an Enterprise Centre at Barmer for local development and vocational skill development; • A rural Dairy Development Project to create alternative income generation activities for rural households • A Child and Maternal Health Awareness project for Rural women and children The implementation partners for each of the above projects have been selectedand programme details are being worked out. IFC will manage the programme andCairn will be the financial sponsor. A manager for the Enterprise Centre hasbeen appointed and will have responsibility for delivering the programmeobjectives. An Executive Committee with representation from IFC and Cairn willoversee implementation and monitor delivery of the projects. Cairn India Limited Registered Office : 101, West View, Veer Savarkar Marg, Prabhadevi, Mumbai 400025 ----------------------------------------------------- Corporate Office : 3rd & 4th Floors, Orchid Plaza, Sun City Sector 54, Gurgaon 122 002 ----------------------------------------------------- ----------------------------------------------------- Unaudited Financial Results for the Quarter ended 31 March 2007 (All amounts are in thousands of Indian Rupees, unless otherwise stated) ----------------------------------------------------- Quarter ended Period ended 31 March 2007 31 December 2006 Unaudited Audited ----- ------------------------------- ------------ ----------- 1 Income from Operations 4,977 - 2 Other Income 121,047 59,065 3 Total Income (1+2) 126,024 59,065 4 Total Expenditure - - a) Staff cost 207,246 345,962 b) Others 4,015 3,630 Total 211,261 349,592 5 Interest and Finance costs 199 1,714 6 Depreciation - - 7 Profit/(Loss) before taxation (3-4-5-6) (85,436) (292,241) 8 Provision for taxation - - 9 Net Profit/(Loss) after tax (7-8) (85,436) (292,241) 10 Paid-up Equity Share Capital 17,783,994 17,653,144 (Face value of Rs. 10 each) 11 Reserves excluding Revaluation Reserves 275,017,837 12 Loss per Share (par value Rs. 10 each) - Basic/diluted* (Rs.) 0.05 0.94 13 Aggregate of Public shareholding - Number of shares 551,555,629 - Percentage of shareholding 31.01% ----- ------------------------------- ------------ ----------- * Not annualised Notes : 1 The above unaudited financial results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meeting held on 27 April 2007. The limited review, under clause 41 of the Listing Agreement, has been carried out by auditors of the Company. 2 The Company was incorporated on 21 August 2006 and hence the comparison with the corresponding quarter of the previous year is not applicable. 3 The Company operates in only one segment i.e "Oil and Gas Operations" 4 During the current quarter, the Company issued stock options amounting to 1,708,195 options under the Cairn India Performance Option Plan (2006) and 3,467,702 options under the Cairn India Employee Stock Option Plan (2006). 5 The Company was listed on 9 January 2007 on the National Stock Exchange and the Bombay Stock Exchange. The number of investors' complaints received and disposed of during the quarter ended 31 March 2007 were as follows- 1) Pending at the beginning of the period - 2) Received during the period 9,316 3) Disposed of during the period 8,903 4) Pending at the end of the quarter (31 March 2007) 413 6 As on 31 March 2007, the Company has utilised Rs. 63,253,600 thousands for the purposes listed in the Prospectus, as against the projected utilisation of Rs.88,248,800 thousands. The funds utilised till 31 March 2007, are as follows- Rs. in thousands a) Acquisition of shares of Cairn India Holdings Limited from Cairn UK Holdings Limited 59,580,800 b) Exploration/Development expenses 3,392,300 c) Issue expenses 280,500 The Company and its subsidiary Cairn India Holidings Ltd has an unutilised amount of Rs. 24,995,200 thousands as at 31 March 2007, held as- a) Cash and Cash Equivalents 21,090,771 b) Current investments 3,904,429 For and on behalf of the Board Place : Delhi Rahul Dhir Date : 27 April 2007 Chief Executive Officer Cairn India Limited Consolidated Financial Results Registered Office : 101, West View, Veer Savarkar Marg, Prabhadevi, Mumbai 400025 ------------------------------------------------------- Corporate Office : 3rd & 4th Floors, Orchid Plaza, Sun City Sector 54, Gurgaon 122 002 ------------------------------------------------------- ------------------------------------------------------- Unaudited Financial Results for the Quarter ended 31 March 2007 (All amounts are in thousands of Indian Rupees, unless otherwise stated) ------------------------------------------------------- Quarter ended Period ended 31 March 2007 31 December 2006 Unaudited Audited ---- ---------------------------------- ----------- ----------- 1 Income from Operations 2,363,933 387,417 2 Other Income 361,588 62,215 3 Total Income (1+2) 2,725,521 449,632 4 Total Expenditure a) Increase/(Decrease) in stock-in-trade 95,483 28,898 b) Staff costs 308,507 361,126 c) Other Administration costs 152,685 13,167 d) Operating expenses 472,978 53,119 Total 1,029,653 456,310 5 Exploration costs written off 474,060 59,481 6 Interest and Finance costs 1,511 2,746 7 Depreciation, Depletion Amortisation & Site Restoration expenses 527,818 61,226 8 Profit/(Loss) before taxation (3-4-5-6-7) 692,479 (130,131) 9 Provision for taxation a) Current Tax 90,910 11,777 b) Deferred Tax 216,449 43,861 c) Fringe benefit Tax 9,500 789 10 Net Profit/(Loss) after tax (8-9) 375,620 (186,558) 11 Minority Interest - 25,184 12 Net Profit/(Loss) after tax and Minority Interest 375,620 (211,742) 13 Paid-up Equity Share Capital 17,783,994 17,653,144 (Face value of Rs. 10 each) 14 Profit/(Loss) per Share (par value Rs. 10 each) - Basic/diluted* (Rs.) 0.21 (0.68) ----- ---------------------------------- ----------- ----------- * Not annualised Notes : 1 The above unaudited financial results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meeting held on 27 April 2007 2 The Company was incorporated on 21 August 2006; the Company acquired majority ownership of Cairn India Holdings Ltd (including its subsidiaries) on 20 December 2006 and subsequently on 29 December 2006, acquired 100% ownership of Cairn India Holdings Ltd. The audited consolidated financial results for the period ended 31 December 2006, incorporate the results of Cairn India Holdings Ltd (including its subsidiaries) for the period from 20 December 2006 to 31 December 2006. The comparison with the corresponding quarter of the previous year is therefore not applicable 3 The Company and its subsidiaries operate in only one segment i.e. "Oil and Gas Operations" For and on behalf of the Board Place : Delhi Rahul Dhir Date : 27 April 2007 Chief Executive Officer Enquiries to: Analysts/InvestorsIndrajit Banerjee, Chief Financial Officer +91 124 2703000 MediaDavid Nisbet, Director, Communications +91 99104 87715 About Cairn India Limited • "Cairn India" where referred to in the release means Cairn India Limitedand/or its subsidiaries, as appropriate • "Cairn" where referred to in this release means Cairn Energy PLC and/orits subsidiaries (including Cairn India), as appropriate. • Cairn India is headquartered in Gurgaon on the outskirts of Delhi, withoperational offices in Chennai, Gujarat, Andhra Pradesh and Rajasthan. • On 9 January 2007, Cairn successfully concluded the flotation of itsIndian business with the commencement of trading of Cairn India Limited on theBombay Stock Exchange and the National Stock Exchange of India. Cairn Energy PLCcurrently holds a 69% shareholding in Cairn India Limited. • Cairn India is currently focused on exploration and production in Indiawhere it has a working interest in 15 blocks, two of which are producinghydrocarbons. The company holds material exploration and production positionsin west India and east India along with new exploration rights elsewhere inIndia. • This focus on India has already resulted in a significant number of oiland gas discoveries. In particular, Cairn India made a major oil discovery(Mangala) in Rajasthan in the north west of India at the beginning of 2004.Cairn India has now made 20 discoveries in Rajasthan block RJ-ON-90/1. • In Rajasthan, Cairn India operates Block RJ-ON-90/1 under a ProductionSharing Contract (PSC) signed on 15 May 1995. The main Development Area (1,858km2), which includes Mangala, Aishwariya, Saraswati and Raageshwari; is sharedbetween Cairn India and ONGC, with Cairn India holding 70% and ONGC havingexercised their back in right for 30%. A further Development Area (430 km2),including the Bhagyam and Shakti fields, is also shared between Cairn India andONGC in the same proportion. • The Operating Committee for Block RJ-ON-90/1 consists of Cairn India andONGC. • India currently imports approximately 2,000,000 barrels of oil per daybopd). It produces approximately 700,000 bopd itself of which approximately50,000 bopd comes from the Cairn India operated Ravva field on the east coast ofIndia • For further information on Cairn India Limited see www.cairnindia.com GlossaryTechnical 2P proven plus probable3P proven plus probable and possible2D/3D two dimensional/three dimensionalboe barrel(s) of oil equivalentboepd barrels of oil equivalent per daybopd barrels of oil per daybscf billion standard cubic feet of gasEOR enhanced oil recoveryFDP field development planmmboe million barrels of oil equivalentmmscfd million standard cubic feet of gas per dayPSC production sharing contract The Fatehgarh is the name given to the primary reservoir rock of the NorthernRajasthan fields of Mangala, Aishwariya and Bhagyam. The Barmer Hill is a lower permeability tight rock which overlies the Fatehgarh. The Dharvi Dungar forms the secondary reservoirs in the Guda field and is thereservoir rock encountered in the recent Kameshwari West discoveries. The Thumbli forms the youngest reservoirs encountered in the basin. The Thumbliis the primary reservoir for the Raageshwari field. These materials contain forward-looking statements regarding Cairn India, 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 India undertakes no obligation to revise any suchforward-looking statements to reflect any changes in Cairn India's expectationswith regard thereto or any change in circumstances or events after the datehereof. Unless otherwise stated the reserves and resource numbers within thispresentation represent the views of Cairn India and do not represent the viewsof any other party, including the Government of India, the Directorate Generalof Hydrocarbons or any of Cairn India's joint venture partners. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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