Cairn Energy to return cash to investors in Q2, finds more oil in India |
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Published
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Mon, 29 Jan 2007 09:05
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LONDON (AFX) - Cairn Energy PLC revealed plans to return cash to shareholders in the second quarter alongside news it has discovered more oil in its prized Rajasthan field in India.The cash will come from the proceeds of the initial share sale of Cairn India Ltd, which raised around 1.9 bln usd.Cairn Energy did not say how much of the proceeds will be distributed to investors.It also announced it found more oil in Rajasthan, this time in the Shakti North East, located 6 kilometres north-east of the Shakti-1 discovery.The well, known as Shakti-NE-1, encountered about 'six metres of net pay of oil'. It flowed about 83 barrels of oil per day, it said.In Bangladesh, however, the group said the proven and probable reserves have been cut by 187 bln cubic feet following further drilling on the site and a decline and production.monicca.egoy@afxnews.comks/amCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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