Cairn India announces another oil and gas find in Rajasthan

MUMBAI: Cairn India, a unit of Edinburgh-based Cairn Energy Plc has announced that it has made an oil and gas discovery adjacent to its Raageshwari oil field in the Rajasthan block. The new well, Raageshwari East 1/1Z well, encountered about 10 metres of net oil pay and 1.4 metres of gas pay, Cairn informed the exchanges earlier on Monday.

The well was spudded - the technical term for flowing the oil - on November 21 and reached a total depth on November 24, the statement added.

Shares of Cairn India are trading up 4.64% at Rs 160 on the BSE.

Cairn India CEO Rahul Dhir said: "The success of this well on the eastern flank of the Raageshwari structure extends the productive reservoir in a new trapping style and proved a deeper oil column. The well also demonstrates the potential for the addition of incremental reserves from the areas around the discoveries already made."

Cairn has made several oil and gas discoveries in its Rajasthan Block RJ-ON-90/1 and in the first phase is developing Mangala, Bhagyam and Aishwariya oil finds to produce 175,000 barrels per day of crude oil in the second half of 2009.

In a separate filing with the exchanges, Cairn said its board has appointed Ms Janice Margaret Brown as a director of the company, effective from December 19, 2008. Ms Brown replaces Mr Norman Murray as a nominee of Cairn UK Holdings Ltd, the holding company. Mr Norman Murray has been appointed as alternate director to Ms Brown.