Cairn India Ltd - Barracuda Discovery Notification
14 November, 2011
The attached release was issued today by Cairn India Limited (“Cairn India”) to the Bombay Stock Exchange and the National Stock Exchange of India.
Cairn Lanka (Private) Limited, a wholly owned subsidiary of Cairn India Limited, has notified the appropriate authorities in the Government of Sri Lanka of a Gas Discovery in the CLPL-Barracuda-1G/1 well, located in the block SL 2007-01-001, Mannar Basin, Sri Lanka.
This is the second well in a three well frontier basin programme. Cairn Lanka Private Limited is the operator and has a 100% participating interest in the block.
The well was drilled to a total depth of 4741metres(m) in water depth of 1509m and encountered 24m of hydrocarbon bearing sandstone in three zones between the depths of 4067m and 4206m. The reservoirs are predominantly gas bearing with some additional liquid hydrocarbon potential.
Cairn will evaluate the well results and work with appropriate authorities to determine the commercial potential of this discovery.
The CLPL-Barracuda-1G/1 well is the second successive discovery, located 38 kilometres (km) west of the CLPL-Dorado-91H/1z discovery well and approximately 68 km from the Sri Lanka coastline.
An update on the well results will be provided after the end of the programme, which is expected to be complete by early next year.
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