Cairn India strengthens as its Q4 average daily gross operated oil production soars by 11%

Cairn India is currently trading at Rs. 356.60, up by 6.10 points or 1.74% from its previous closing of Rs. 350.50 on the BSE. The scrip opened at Rs. 350.00 and has touched a high and low of Rs. 358.25 and Rs. 350.00 respectively. So far 107496 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 358.25 on 10-Apr-2014 and a 52 week low of Rs. 273.40 on 26-Jun-2013. Last one week high and low of the scrip stood at Rs. 358.25 and Rs. 338.35 respectively. The current market cap of the company is Rs. 67835.32 crore. The promoters holding in the company stood at 58.85% while Institutions and Non-Institutions held 27.66% and 13.48% respectively. Cairn India’s Q4 average daily gross operated production was 224,429 barrels of oil equivalent (boe), 11% higher than the corresponding prior period. Working interest production was 13% higher at 142,796 barrels of oil equivalent per day (boepd). The increase was driven by ramp-up at the Rajasthan block, where gross production was 13% higher at 190,881 bopd in Q4.  In Q4 FY2014, production at Cambay block was 50% higher y-o-y at 9,323 boepd, due to the infill drilling campaign that was completed in FY2013. Production at Ravva block was lower in Q4 FY2014 at 24,225 boepd though recovery rates continue to be over 47%. Development Area (DA1), which includes the Mangala and Aishwariya fields, produced a gross average of 162,245 boepd and DA2, which includes the Bhagyam field, produced a gross average of 28,636 boepd. Average gross production for FY2014 was 218,651 boepd, 6% higher than the previous year. During the year, the Rajasthan block achieved a landmark oil production of 200 million barrels and a 200,000 boepd production milestone in March 2014. Cairn India is primarily engaged in the business of oil and gas exploration, production and transportation. Average daily gross operated production was 205,014 boe in Q3 FY2012-13. The Company sells its oil to major refineries in India and its gas to both PSU and private buyers.