Statement re Approval of FDPs
Cairn Energy PLC
30 May 2006
EMBARGOED FOR RELEASE AT 07:00 30 MAY 2006
CAIRN ENERGY PLC
Approval of Field Development Plans
The Field Development Plans (FDPs) for the Mangala, Aishwariya, Saraswati and
Raageshwari fields in Block RJ-ON-90/1, Rajasthan, North West India have now
been approved by the Management Committee (Directorate General Hydrocarbons,
ONGC and Cairn). This final approval follows the earlier agreement on the FDPs
reached at the joint venture Operating Committee between Cairn and ONGC.
In order to finance its share of the Northern Fields development project, Cairn
is in the process of finalising a $1 billion bank facility which it intends
signing prior to the end of June this year.
Enquiries to:
Cairn Energy PLC: Tel: 0131 475 3000
Analysts/Investors
Bill Gammell Chief Executive
Kevin Hart Finance Director
Mike Watts Exploration Director
Media
David Nisbet Head of Group Communications
Brunswick Group LLP: Tel: 0207 404 5959
Patrick Handley, Mark Antelme
Notes to Editors:
•Cairn focuses its activities on the geographic region of South Asia. The
Group holds material exploration and production positions in west India,
east India and Bangladesh along with new exploration rights in India and
Nepal.
•This focus on South Asia has already resulted in a significant number of
oil and gas discoveries. In particular, the Company made a major oil
discovery (Mangala) in Rajasthan in the north west of India at the beginning
of 2004. Cairn has now made 18 discoveries in Rajasthan.
•In Block RJ-ON-90/1, Cairn operates under a Production Sharing Contract
(PSC) signed on 15 May 1995. The Development Area (1,858 km2), which
includes Mangala, Aishawariya, Saraswati and Raageshwari is 70% Cairn with
ONGC having exercised their back in right for 30%.
•India currently imports approximately 2,000,000 barrels of oil per day
(bopd). It produces approximately 650,000 bopd itself of which 50,000 bopd
comes from the Cairn operated Ravva field on the east coast of India.
•Cairn has recently opened a new Indian headquarters at Gurgaon on the
outskirts of Delhi to provide improved support for the Rajasthan project
team and to manage the Company's business interests in India.
•'Cairn' where referred to in this release means Cairn Energy PLC and/or
its subsidiaries, as appropriate.
For further information on Cairn see www.cairn-energy.plc.uk
Note: There are matters discussed in this Statement that are forward looking.
All such forward-looking statements are based on our management's assumptions
and beliefs in 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 or achievements may be
materially different from those expressed in such statements.
This information is provided by RNS
The company news service from the London Stock Exchange
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