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Vedanta Limited: Cairn India Limited Announcement


News provided by

Vedanta Limited

20 May, 2016, 13:48 GMT

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MUMBAI, May 20, 2016 /PRNewswire/ -- The following release was issued today by Vedanta Ltd subsidiary Cairn India Limited.

Cairn India Ltd. announces that Mr. Mayank Ashar, Managing Director & CEO has decided to step down for personal reasons effective 5th June, 2016. Mr. Sudhir Mathur, CFO, will lead the organization as the acting CEO and will continue to work closely with the leadership team in managing the business under the guidance of the Board. Mr. Ashar will provide transition support to Mr. Mathur through 30th June, 2016.

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Vedanta Logo

The Board expresses its appreciation for Mayank's contribution during his association with the Company. Under Mayank's leadership, Cairn India has delivered a resilient performance in a challenging business environment.

Cairn India remains committed to maintain one of the lowest cost operations in the world, to pursue innovations and technology in its asset portfolio and create substantial value for its stakeholders.

Mr. Navin Agarwal, Chairman, Cairn India Ltd., said: "Mayank has had a positive stint at Cairn. He leaves Cairn India in the hands of a strong leadership team. Cairn India shares the country's vision for energy security and I am sure that Sudhir and the team will continue to strongly pursue the organization's goal."

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 a subsidiary of Vedanta Limited; 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 Houston.

Cairn India is one of the largest independent oil and gas exploration and production companies in India. Together with its JV partners, Cairn India accounted for ~27.2% of India's domestic crude oil production in FY15. Average gross operated production was 211,671 boepd for FY15. The Company sells its oil and gas to major PSU and private buyers in India.

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, thirty eight discoveries have been made in the Rajasthan block RJ-ON-90/1

In Rajasthan, Cairn India operates Block RJ-ON-90/1 under a PSC signed on 15 May, 1995 comprising of three development areas. The main Development Area (DA-1; 1,859 km2), which includes discoveries namely Mangala, Aishwariya, Raageshwari and Saraswati is shared between Cairn India and ONGC.  Further Development Areas (DA-2; 430 km2), including the Bhagyam, NI and NE fields and (DA-3; 822 km2) comprising of the Kaameshwari West Development Area, is shared between Cairn India and ONGC, with Cairn India holding 70% and ONGC having exercised their back in right for 30%.

In Andhra Pradesh and Gujarat, Cairn India on behalf of its JV partners operates two processing plants, with a production of over 36,000 boepd for FY15.

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. The signing of the Petroleum Resources Agreement (PRA) to explore oil and natural gas in the Mannar Basin was undertaken 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 19,898 sq km. The assignment of 60% interest and operatorship has been granted by the South African regulatory authorities.

For further information on Cairn India Limited, kindly visit www.cairnindia.com

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

GoR

Government of Rajasthan

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

PPAC

Petroleum Planning & Analysis Cell

PRA

Petroleum Resources Agreement

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

Blpd

Barrel(s) of (polymerized) liquid per day

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

Tcf

Trillion 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

SPM

Single Point Mooring

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

MBARS

Mangala, Bhagyam, Aishwariya, Raageshwari, Saraswati

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

For further information, please contact:

Communications








Roma Balwani

 

President – Group Communications, Sustainability & CSR

Tel: +91-22-6646-1000

 

gc@vedanta.co.in







Investor Relations








Ashwin Bajaj

Director – Investor Relations

 

Sunila Martis

Manager – Investor Relations

 

Vishesh Pachnanda

Manager – Investor Relations

Tel: +91-22-6646-1531

vedantaltd.ir@vedanta.co.in



About Vedanta Limited (Formerly Sesa Sterlite Ltd.)

Vedanta Limited (Vedanta Ltd) is a diversified natural resources company, whose business primarily involves exploring and processing minerals and oil & gas. The Company produces oil & gas, zinc, lead, silver, copper, iron ore, aluminium and commercial power and has a presence across India, South Africa, Namibia, Ireland, Australia, Liberia and Sri Lanka.

Vedanta Ltd, formerly Sesa Sterlite Ltd. is the Indian subsidiary of Vedanta Resources Plc, a London-listed company. Governance and Sustainable Development are at the core of Vedanta's strategy, with a strong focus on health, safety and environment and on enhancing the lives of local communities. Vedanta Ltd is listed on the Bombay Stock Exchange and the National Stock Exchange in India and has ADRs listed on the New York Stock Exchange.

For more information please log on to www.vedantalimited.com

Vedanta Limited

(Formerly known as Sesa Sterlite Limited)

Vedanta, 75, Nehru Road,

Vile Parle (East), Mumbai - 400 099

www.vedantalimited.com

Registered Office:

Sesa Ghor, 20 EDC Complex,

Patto, Panaji (Goa) - 403 001

CIN: L13209GA1965PLC000044

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.

Contact

Media Relations
Arun Arora, Chief Communication Officer
+91-124-4593039; +91-8826999270; cilmedia@cairnindia.com; spokesperson@cairnindia.com  

Investor Relations
Dheeraj Agarwal
+91-124-4593409; +91-9769732150; cilir@cairnindia.com

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Related Links

http://www.vedantalimited.com

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