Cairn India announces Q4 results, up 7 pct year on year

Cairn-IndiaNew Delhi, Apr 23 : Cairn India Limited (CIL), one of the fastest growing independent oil exploration and production companies in the world, today announces its annual financial results for the period ending March 31,2014.

In a statement, the company recorded a revenue of Rs. 18,762 crore (USD 3.1 billion), up seven percent year-on-year on account of enhanced volumes.

It reported EBITDA of Rs. 13,877 crore (USD 2.3 billion) driven by low operational cost of USD 3.9/bbl in onshore RJ block.

Profit after tax was pegged at Rs. 12,432 crore (USD 2.1 billion), Diluted EPS of 64.95 up three per cent year-on-year.

Generated cash flow from operations was Rs. 11,093 crore (USD 1.8 billion), up 0.3 per cent year-on-year.

Record Gross capex was recorded at Rs. 5,471 crore (USD 0.9 billion) led by all-time high exploration activity

Achieved Reserve Replacement Ratio was cent percent.

Gross contribution was to the tune of Rs. 24,299 crore (more than USD 4 billion) to the exchequer for the year.

On the exploration front, the company announced that it had drilled out 50 per cent of gross risked prospective resources in the fiscal year as planned in Rajasthan.

It opened up five new play types and added oil in place resources of over 1 billion boe. It said that of the 17 wells drilled to date, 14 wells have found hydrocarbons.

The company said that it had established six discoveries (2 in the quarter and 1 in April 2014) since resumption of exploration in 2013.

It reported the 29th discovery, Guda-South-7 well flowed oil at an initial rate of 92bopd from two zones in the DDCS formation. One discovery in the Barmer Hill formation-the company's 30th, NR-3-2100 well, flowed oil at an initial rate of 62bopd. One discovery was also established in April 2014.

The company said that it has completed 2,378 square km of 3D seismic data acquisition, or 42 per cent of the plan, besides completing 3,000 line km of 2D seismic data acquisition, or 31 per cent of the plan.

On the production and development front, the company said it has ahieved six per cent year-on-year growth in average daily gross operated production.

Mr. Elango P, Interim CEO and whole time director, Cairn India said: "Our performance over the last fiscal reflects of our unique position of delivering industry-leading production growth which has contributed to reduction in imports and has also benefited all stakeholders."

"In Rajasthan, by combining a world-class asset with our proven technical expertise and disciplined approach to execution, we achieved a landmark cumulative oil production of 200 million barrels and a 200,000 boepd production milestone in March 2014," he added.

"We have also significantly added to our resource base by delivering a rapid exploration and appraisal drilling program with a success ratio of 50 per cent, establishing six discoveries and adding over one billion barrels of oil and gas in-place," Mr. Elango P said.

"Going forward, we continue to remain focused on executing multiple projects especially in Barmer Basin, by deploying talent and technology to achieve world class recovery and discovery rates," he said. (ANI)