One of the wells is in close proximity to the company's Mangala field and it is planning fast track appraisal to commercialize the discovery, Cairn India, part of London-listed Vedanta Resources Plc , said in a statement on Wednesday.
Cairn India said on Wednesday it had made three new oil discoveries in its exploration block in Rajasthan, taking its total oil discoveries in the block to 36.
One of the wells is in close proximity to the company's Mangala field and it is planning fast track appraisal to commercialize the discovery, Cairn India, part of London-listed Vedanta Resources Plc, said in a statement on Wednesday.
The company is spending USD 3 billion over three years to boost oil production and natural gas output from its Rajasthan block, which had an output of 66.3 million barrels of oil equivalent in the year ended March 31.
Cairn India has a portfolio of nine blocks, one in Rajasthan which contains multiple assets, two on the west coast and four on the east coast of India, and one each in Sri Lanka and South Africa.
The company's shares were up 2 percent in afternoon trade on Wednesday, while the Mumbai share markets were trading broadly flat.
Cairn India stock price
On September 17, 2014, Cairn India closed at Rs 324.65, up Rs 4.40, or 1.37 percent. The 52-week high of the share was Rs 385.00 and the 52-week low was Rs 304.25.
The company's trailing 12-month (TTM) EPS was at Rs 32.59 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 9.96. The latest book value of the company is Rs 206.71 per share. At current value, the price-to-book value of the company is 1.57.
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