Cairn Energy hits another oil well...

zambuck

Experienced member
1,608 102
Cairn Energy has hit another oil well in Rajasthan...

see link below...

http://news.bbc.co.uk/1/hi/business/3550718.stm

Extract from BBC......

Shares in British oil firm Cairn Energy have jumped by more than 6% after it announced another "significant" oil find in Rajasthan in northern India.
The latest discovery - its fourth in the region this year - has an estimated reserve of 300 million barrels of oil.

Chief executive Bill Gammell said the find boded well for "future exploration and appraisal success" in the region.

Cairn's share price has more than tripled since the first discovery was announced in January.

The first find, in the Mangala field, has estimated reserves of between 450 million and 1.1 billion barrels of oil.

In March, Cairn announced a smaller find of between 130 million and 470 million barrels.

And then in April, the company revealed it had made another discovery in Rajasthan, with an estimated reserve of 400 million barrels.

Cairn has another 10-15 exploratory targets to drill before the end of the year.

The company hopes to start pumping the oil from the region in the third quarter of 2007.

End of BBC quote.......

I first heard about this when I was in India in Jan....so I ought few shares just as a small holding to see what may happen in future...

Any thoughts on holding these shares for next 4 - 5 years....

regards
 
 
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