Drilling for oil ahead of schedule
Cairn India will commence drilling their fourth oil exploration well
in the Mannar basin in February, three months ahead of schedule. The
drilling of the fourth well was earlier planned to take place in mid
"However, due to early rig availability and excellent logistical
preparations, the spud date has been advanced by a quarter.
The preparation for drilling is now complete with a rig being secured
from Transocean. Drilling of an exploration well is planned in this
month," Cairn India stated in their third quarter results for FY13.
Cairn, in its first exploration phase in Sri Lanka, drilled three
wells in the Mannar basin and the company discovered natural gas in two
of them. According to the report, the company revenue grew by 38 percent
to $ 791 m and profit after tax excluding foreign gains grew by 49
percent to $ 540 m.
"We are focused on exploration across our asset portfolio in India
and core areas internationally.
In Sri Lanka we brought forward our offshore exploration drilling
from June to mid-February for which the rig is already on its way,"
Interim Chief Executive Officer of Cairn India, P. Elango, stated in the