Cairn India gains on production growth in FY14
The company reported 11% growth in oil & gas production to 20.20 million barrels of oil equivalent during fourth quarter of 2013-2014.
Cairn India is trading higher by 1.7% to Rs 357 after reporting 11% year on year growth in oil and gas production to 20.20 million barrels of oil equivalent during fourth quarter of 2013-2014.
“In Q4 FY2014, average gross operated production and working interest production were 11% and 13% higher at 224,429 barrels of oil equivalent per day (boepd) and 142,796 boepd, respectively, driven primarily by the production ramp-up at Rajasthan”, Cairn India said in a statement.
In Rajasthan, infill drilling continues across all major fields and has driven a 13% increase in the production rate to 190,881 boepd, it added.
The stock opened at Rs 350 and touched a high of Rs 359, also its highest level since September 2012 on the NSE. A combined 2.38 million shares changed hands on the counter till noon deals on the BSE and NSE.
“In Q4 FY2014, average gross operated production and working interest production were 11% and 13% higher at 224,429 barrels of oil equivalent per day (boepd) and 142,796 boepd, respectively, driven primarily by the production ramp-up at Rajasthan”, Cairn India said in a statement.
In Rajasthan, infill drilling continues across all major fields and has driven a 13% increase in the production rate to 190,881 boepd, it added.
The stock opened at Rs 350 and touched a high of Rs 359, also its highest level since September 2012 on the NSE. A combined 2.38 million shares changed hands on the counter till noon deals on the BSE and NSE.
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: Apr 10 2014 | 1:08 PM IST