Wednesday, April 10, 2013

Cairn India makes new oil discovery in Rajasthan block

NEW DELHI, April 10, 2013

Cairn India, on Tuesday, announced that it had made the 26th oil discovery in its Rajasthan block.

The block management committee had approved the exploration work programme for the RJ-ON-90/1 block on February 14 after which Cairn India commenced drilling of its first exploration well, Raageshwari-South-1, on February 25 located in the southern part of the block. "Technical evaluations indicate about 10 metres of gross oil column within Dharvi Dungar formation. Oil has been discovered and tested for the first time in Dharvi Dungar sands in Raageshwari-Tukaram area, where previous discoveries were in the shallower Thumbli sands," it said. The volumes of oil in place and the potential resource base associated with this discovery are under evaluation.

Cairn India CEO P. Elango said the discovery in the block reaffirmed the company's belief that an aggressive exploration drilling programme would help harness the full potential of the Barmer basin in Rajasthan. "This is a step closer towards reserve accretion through exploration-led growth," he added.
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