Cairn India surges on discovering oil in Nagayalanka-SE-1 well

Cairn India is currently trading at Rs. 346.50, up by 5.50 points or 1.61% from its previous closing of Rs. 341.00 on the BSE.

The scrip opened at Rs. 341.10 and has touched a high and low of Rs. 349.30 and Rs. 338.65 respectively. So far 172676 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 400.95 on 22-Feb-2012 and a 52 week low of Rs. 250.00 on 26-Aug-2011.

Last one week high and low of the scrip stood at Rs. 362.85 and Rs. 338.65 respectively. The current market cap of the company is Rs. 66034.05 crore.

The promoters holding in the company stood at 58.86% while Institutions and Non-Institutions held 14.36% and 26.78% respectively. 

Cairn India has reports an average daily gross operated production of 180,293 barrels of oil equivalent (boe) for Q4 FY 2011-12, with working interest production at 107,292 barrels of oil equivalent per day (boepd). This gross operated production comprised 137,634 barrels of oil per day (bopd) from Rajasthan, 34,944 boepd from Ravva and 7,715 boepd from the Cambay CB/OS-2 block.

Average daily gross operated production for FY 2011-12 was 172,887 boe that comprised 128,267 bopd from Rajasthan, 36,379 boepd from Ravva and 8,242 boepd from the CB/OS-2 block.

The gross Oil production from operating units was 167,663 bopd and 160,635 bopd during Q4 and the full year, respectively, as compared with 148,288 bopd and 135,811 bopd during the corresponding prior periods. This was higher due to the ramp-up of Rajasthan operations during the year.

The gross Gas production was 76 million standard cubic feet of gas per day (mmscfd) and 74 mmscfd during Q4 and the full year, respectively, as compared to 77 mmscfd and 80 mmscfd during the corresponding prior periods. The gross production from the Mangala field in the Rajasthan block was 124,081 bopd and 124,749 bopd during Q4 and the full year, respectively. The Bhagyam field, the second largest discovery in the Rajasthan block, commenced production in January 2012, and has produced 13,247 bopd on a gross basis during the quarter.

The company has discovered oil in the Nagayalanka-SE-1 well, which is the second discovery in the onshore KG-ONN-2003/1 block in the Krishna-Godavari Basin. Testing is underway and the discovery will be appraised further for establishing commerciality.