Vedanta Res PLC VED Cairn India announces Q2 FY2013 results

  Vedanta Res PLC (VED) - Cairn India announces Q2 FY2013 results

RNS Number : 2249P
Vedanta Resources PLC
22 October 2012




                                                                             

                                                                             

                                                               22 October 2012

                            Vedanta Resources plc
 Cairn India Announces Results for the Second Quarter ended 30 September 2012

The following release was issued  today by Vedanta Resources Plc's  subsidiary 
Cairn India Limited.





For Immediate
Release
 22 October, 2012



Cairn India Limited

   Second Quarter Financial Results for the period ended 30 September, 2012



The following commentary  is provided  in respect of  the unaudited  financial 
results and operational highlights of  Cairn India Limited and its  subsidiary 
companies (referred to  as "Cairn India"  or the "Company",  NSE: CAIRN,  BSE: 
532792, Bloomberg: CAIR) for the second  quarter (from July - September  2012) 
for FY 2012-13, in accordance with Indian GAAP.

Please note: `denotes Indian Rupee and US$ denotes US Dollar.



Elango P, Interim Chief Executive Officer, Cairn India said:



"The quarter saw consistent production from our flagship Rajasthan asset.  The 
block continues to produce  ~175,000 bopd, which is  more than 20% of  India's 
domestic oil production. Work to  enhance production from the block  continues 
to remain our focus.



Production from all assets  resulted in reducing India's  import bill by  ~US$ 
1.8 billion and contributing ~US$ 0.8 billion to the national exchequer during
the quarter.



Following support  from  the GoI,  we  have  received all  approvals  for  our 
corporate re-organisation.  Implementation  of  this will  help  simplify  and 
consolidate  the   multi-layered   structure   of   CIL   comprising   foreign 
subsidiaries.



We have made good progress with GoI  in respect of further exploration in  the 
Barmer  Basin.  With  our   internal  preparation  to  implement   exploration 
programmes at an  advanced stage, I  am confident that  the Joint Venture  can 
move quickly to harness the Block's full potential post approvals.



Our farm-in agreement in the Orange  Basin, South Africa and partnership  with 
PetroSA, is  a step  in the  right  direction towards  our strategic  goal  of 
growing our resource base  by building a balanced  portfolio with a long  term 
vision."





                      Q2 FY2012-13 Financial Highlights





· Revenue at ` 44,431 million (US$ 806 million), up 68% yoy



· EBITDA at ` 34,253 million (US$ 621 million), up 66% yoy



· PAT (excluding forex loss) at ` 31,080 million (US$ 564 million)



· Cash flow from operations at ` 28,111 million (US$ 510 million), up 43%
yoy



· Net cash of ` 124,427 million  (US$ 2,360 million) as on 30  September, 
2012



· Average  daily gross  operated  production at  207,245 barrels  of  oil 
equivalent (boe) (working Interest production at 129,431 boe)

o Helped reduce  nation's crude  oil import  dependence by  ~US$ 1.8  billion 
gross

o Contribution to the  national exchequer (excluding  direct taxes) was  ~US$ 
800 million gross



· Gross Rajasthan development capex till date US$ 3,570 million



                               India Highlights

Onshore

· 'Drill Ready'  preparation for exploration  in the Barmer  Basin at  an 
advanced stage; Cairn-ONGC JV continues to work with Government of India (GoI)
to obtain necessary approvals



·  Mangala  field  continues  to  produce  at  ~150,000  bopd;  sustained 
production at its peak rates over the last two years



· Cumulative  production  from the  Bhagyam  field crossed  five  million 
barrels; currently producing  ~25,000 bopd; focus  on drilling residual  wells 
and de-bottlenecking of pipeline



· Aishwariya field development in progress; expect tocommence production
by end FY 2012-13



· Mangala EOR polymer pilot success led to the booking of 70 mmboe as  2P 
reserves; FDP submitted to JV; full field implementation expected to  commence 
in FY 2014-15



· Technical/pilot trials completed for  the application of Drag  Reducing 
Agents (DRA) to de-bottleneck MPT to  Salaya section of the pipeline;  report 
submitted to JV



· In KG-ONN-2003/1 block, preparatory  work is in progress for  appraisal 
drilling in Q1 FY 2013-14; this will help evaluate the size and  commerciality 
of the second discovery i.e. Nagayalanka-SE-1



Offshore

· In Ravva, a 'high value high risk' deeper prospect has been identified;
exploratory well drilling planned in H1 FY 2013-14



· In CB/OS-2 an infill drilling campaign is expected to commence in H2 FY
2012-13; potential of deeper horizons is also being evaluated



                           International Highlights

Sri Lanka

· Completed acquisition of  600 sq km  of 3D seismic  data under Phase  2 
exploration programme; preparatory work on-going to drill an exploration well
in mid CY 2013



South Africa

· Farm-in agreement in 'Block 1' signed in August 2012, with PetroSA  for 
60% stake along with operatorship; subject to regulatory approvals;  tendering 
for acquisition of 3D seismic data initiated





                                 Recognitions

· Ravva asset won  the Platinum Award under  the FICCI Safety  Excellence 
Awards for Manufacturing 2012



· Cairn India won  the Golden Peacock Award  for Excellence in  Corporate 
Governance for 2012



· Ravva asset won the OISD award for offshore Platform Category for 2011

                               Financial Review

` million                       Q2           y-o-y     H1         H1     y-o-y
                       FY 2012-13 FY 2011-12  (%)  FY 2012-13 FY 2011-12  (%)
Revenue                  44,431     26,522   67.5    88,832     51,126   73.8
EBITDA                   34,253     20,651   65.9    68,822     39,689   73.4
Margin (%)                77.1       77.9             77.5       77.6
PAT (excluding forex     31,080     2,320*           60,674    29,555*
gain/loss)
PAT                      23,222     7,630*   204.4   61,479    34,896*   76.2
Margin (%)                52.3       28.8             69.2       68.3
Basic EPS (`)             16.3       1.2              31.8       15.5
(excluding forex)
Basic EPS (`)            12.17       4.01    203.5   32.22      18.34    75.7
CFFO                     28,111     19,687   42.8    56,285     32,918   71.0







US$ million                     Q2           y-o-y     H1         H1     y-o-y
                       FY 2012-13 FY 2011-12  (%)  FY 2012-13 FY 2011-12  (%)
Revenue                   806        578     39.4    1,626      1,131    43.8
EBITDA                    621        450     38.0    1,260       878     43.5
Margin (%)                77.1       77.8             77.5       77.6
PAT (excluding forex      564         51             1,111       654*
gain/loss)
PAT                       421        167*    152.1   1,125       772*    45.7
Margin (%)                52.3       28.9             69.2       68.3
Basic EPS (`)             0.30       0.03             0.58       0.34
(excluding forex)
Basic EPS (US$)           0.22       0.09    144.4    0.59       0.41    43.9
CFFO                      510        428     19.2    1,030       728     41.5

Note:

Cash flow from Operations (CFFO) - refers to PAT (excluding other income and
exceptional item) prior to non-cash expenses and exploration costs

*One time retrospective impact of Rajasthan royalty estimate was considered



Gross cash available to  the company as  on 30 September,  2012 was `  130,677 
million (US$ 2,479 million). The non-convertible debentures (NCD)  outstanding 
as on 30 September, 2012 were ` 6,250 million (US$ 119 million). The net  cash 
available as on 30 September, 2012 was ` 124,427 million (US$ 2,360  million). 
The outstanding NCD were redeemed in October 2012.



Revenue reported for  the quarter  post profit sharing  with the  GoI and  the 
Rajasthan block royalty expense was `44,431 million (US$ 806 million).



The cumulative costs associated with the  Development Area 2 (DA 2) have  been 
recovered during the quarter resulting in commencement of profit sharing  with 
the GoI. The profit petroleum of the Rajasthan block (net to the company) was
` 6,981 million (US$ 127 million).



Earnings before Interest  Tax Depreciation and  Amortisation (EBITDA) for  the 
quarter was `34,253 million (US$ 621  million), resulting to an EBITDA  margin 
of 77%.



The company generated quarterly profit after tax (PAT) excluding forex loss at
`31,080 million  (US$ 564  million)  and quarterly  earnings per  share  (EPS) 
excluding forex loss at ` 16 per share.



The gross  cumulative  Rajasthan  development capital  expenditure  as  on  30 
September, 2012  was US$  3,570 million,  of which  US$ 78  million was  spent 
during the quarter including US$ 16 million in DA 2.



The average US$-`exchange rate for the quarter was `55.15 vs. ` 54.1 for
corresponding quarter of previous year. The closing exchange rate as on 30
September, 2012 was `52.72.







                            Corporate Developments

The shareholders of the Company had approved a Scheme of Arrangement  (Scheme) 
between the Company and some of  its wholly owned foreign subsidiaries  (Cairn 
Energy India Pty Ltd, Cairn Energy India West B.V., Cairn Energy Cambay  B.V., 
and Cairn Energy Gujarat B.V.), to be effective from 1 January, 2010. This was
approved by the Honorable High Courts of Bombay and Madras in 2010, subject to
the receipt of other regulatory approvals which have been received in October,
2012. Considering the fact that the  necessary approvals were not in place  as 
at 30 September,  2012, no  adjustments are  made to  the unaudited  financial 
results.  Implementation  of   the  Scheme   will  ultimately   help  in   the 
consolidation  of  Indian  businesses  held  by  these  foreign  subsidiaries, 
directly under Cairn India.

The Board has decided to meet on  31 October, 2012 to consider the payment  of 
interim dividend. A notice is being sent to the Indian Stock Exchanges today.

Cairn India Group and  PetroSA signed a farm-in  agreement for exploration  in 
the offshore Block 1 in  the Orange Basin on the  west coast of South  Africa. 
The closure  of  the  transaction  is  subject  to  South  African  regulatory 
approvals.

The search for the  Cairn India CEO  is ongoing and  progressing well. In  the 
meantime, the  Board has  appointed Mr.  P. Elango,  Director -  Strategy  and 
Business Services and a  member of Cairn India's  Executive Committee, as  the 
Interim CEO. Further, Mr.  Sudhir Mathur has joined  the company as the  Chief 
Financial Officer and member of the Cairn India Executive Committee.





                              Operational Review

No.   Block Name         Region         Operator   Participating Interest
1   RJ-ON-90/1     North Western India Cairn India          70%
2   PKGM-1 (Ravva) Eastern India       Cairn India         22.5%
3   CB/OS-2        Western India       Cairn India          40%



                                  Q2           y-o-y     Q1     q-o-q   H1
                          FY 2012-13 FY 2011-12  (%)  FY 2012-13  (%)    FY
                                                                      2012-13
Average daily gross
operated production        207,245    169,944   21.9%  206,963   0.1%  207,105
(boepd)
Average daily working
interest production        129,431     99,220   30.4%  127,226    2%   128,335
(boepd)
Average oil price            98.1      102.8    -4.6%   101.0    -2.9%  99.6
realisation (US$ per bbl)
Average gas price
realisation (US$ per         4.6        4.5     2.2%     4.5     2.2%    4.5
mscf)
Average price realisation    96.7      100.3    -3.6%    99.3    -2.6%  98.0
(US$ per boe)



1. Rajasthan (Block RJ-ON-90/1)



                               Q2           y-o-y     Q1     q-o-q     H1
                                              (%)              (%)
                      FY 2012-13 FY 2011-12       FY 2012-13       FY 2012-13
Average daily gross
operated production     171,801    125,251    37    167,146     3    169,486
(bopd)
Average daily working
interest production     120,261     87,676    37    117,002     3    118,641
(bopd)



Operations & Projects



The Rajasthan Operation and Projects  including drilling and pipeline had  7.5 
million Lost time Injury (LTI) free hours during the quarter. As a  commitment 
towards maintaining  the highest  Health,  Safety, Environment  and  Assurance 
standards, the company would be reporting quarterly LTI performance.

Rajasthan block continues to produce from four fields, i.e. Mangala,  Bhagyam, 
Saraswati and  Raageshwari with  current  production at  ~ 175,000  bopd.  The 
facility and well uptime stood  at 98.1% during Q2  FY 2012-13 and figured  in 
the top decile amongst global peers.

In line with standard industry  practice, we envisage staggered shutdowns  to 
tie-in new  fields,  routine maintenance  periods  for safe  operations,  etc. 
Accordingly, we  expect  routine downtime  of  3%-5% for  the  facilities  and 
processing  infrastructure.  However,  our   endeavour  remains  to   minimise 
downtime.

Mangala field continues to sustain  production at ~150,000 bopd following  GoI 
approval in April 2012. The field produced at a rate of ~125,000 bopd for more
than one and a  half years and has  now ramped up to  its current level  since 
April 2012. A total of 152 development wells are drilled and completed in the
Mangala field. The remaining well count as per the FDP will be drilled in  due 
course.

Bhagyam field is producing at ~25,000 bopd; cumulative production from Bhagyam
crossed 5 million barrels. A total of 64 wells have been drilled to date  with 
the drilling activity for the residual wells (~20% of the FDP approved  count) 
and the pipeline de-bottlenecking in progress. The technical/pilot trials  for 
first stage  of the  de-bottlenecking process  to enhance  capacity have  been 
completed by the application of DRA technology. The report has been  submitted 
to the JV. Once these activities  are completed, field production is  expected 
to ramp up to the FDP approved  rate of 40,000 bopd. Crude oil is  transported 
via the Bhagyam trunk line to MPT for processing andthen exported through the
heated pipeline.

The Raageshwari and Saraswati fields continue to cumulatively produce at  ~500 
bopd. The availability  of the integrated  processing and evacuation  facility 
has reduced operating  costs and  accordingly has made  these marginal  fields 
economically viable.

The MPT is currently handling ~175,000 bopd. Work continues on the  associated 
facilities expansion  project  which  will  ensure  the  availability  of  the 
facilities for life  of the  field. Development drilling  and well  completion 
activities in line with the approved  FDP continue to progress in Bhagyam  and 
Mangala.

Development work  on  the Aishwariya  field  is currently  underway  with  EPC 
contracts awarded. All  long lead equipment  items are purchased  and are  now 
being delivered. The crude  oil production is expected  to commence by end  FY 
2012-13. 

The MPT  to Salaya  (~590 km)  section  of the  pipeline continues  to  safely 
deliver crude oil  to Indian  refiners. We  continue to  witness higher  crude 
demand from this section of the pipeline. The section provides us with  access 
to over 1.6  million barrels  per day of  refining capacity.  The pipeline  is 
currently operating at ~175,000 bopd. As mentioned previously, technical/pilot
trials for the  de-bottlenecking of  the pipeline  to enhance  capacity is  in 
progress. The application of the  DRA technology has resulted in  satisfactory 
results and a report has  been submitted to the  JV. The enhanced capacity  of 
the pipeline  is  expected  to  come  alongside  increased  field  production. 
Overall, the pipeline can  handle much higher volumes  in line with the  basin 
potential through  incremental  investments and  augmentation  of  facilities, 
subject to regulatory approvals.

Work on  the remaining  ~80 km  Salaya to  Bhogat section  has been  initiated 
following the resolution of execution challenges. This section, including  the 
Bhogat Terminal,  is expected  to be  completed  in H1  CY 2013.  The  Marine 
facilities off the coast of Bhogat are installed.

The Rajasthan  upstream project  has achieved  a significant  milestone of  10 
million LTI free hours. Raageshwari Oil field received a runner up award  from 
DGMS for "Low Injury Frequency Rate - Cat 7".

Sales

Crude oil sales arrangements  are in place with  PSU and private refiners  for 
volumes in excess of  175,000 bopd. The crude  is currently being supplied  to 
four refineries.

The Rajasthan  crude is  well  established in  the market,  generating  higher 
demand and thereby increased value for its stakeholders.We have enough demand
for the crude in the current pipeline route. In accordance with the RJ-ON-90/1
PSC, the crude is benchmarked to  Bonny Light, West African low sulphur  crude 
that is  frequently traded  in the  region, with  appropriate adjustments  for 
crude quality. The implied crude  price realisation for this quarter  (average 
of three  months up  to September  2012) lies  within the  stated guidance  of 
10%-15% discount to Brent.

Resource Base



A comprehensive review of the resource potential in the block was carried  out 
by Cairn  India through  detailed studies  involving the  usage of  innovative 
technologies and  advanced  geoscience.  Based on  Cairn  India's  assessment, 
Rajasthan potential resource for the block is now estimated to be 7.3  billion 
boe in place. This is primarily due  to an increase in the exploration  upside 
with the prospective resource base now  estimated at 3.1 billion boe in  place 
from an earlier estimate  of 2.5 billion boe  in place. Rajasthan  recoverable 
prospective resource increased from 250 mmboe to 530 mmboe on a risked  basis, 
primarily due to generation of additional leads and prospects.

Cairn India and ONGC  are working with GoI  to obtain the necessary  approvals 
required to conduct exploration and appraisal activity in the block.

In anticipation of this, focused 'Drill Ready' preparation is on-going and  is 
at an advanced stage. The JV continues to work towards the technical  approval 
of some of the prospects which could  include both oil and gas. The  rationale 
behind the exploration  of gas prospects  is to augment  the already rich  gas 
finds in  the  southern  part  of  the  block  and  explore  possibilities  of 
commercialisation beyond captive usage. This  is a step towards the  equitable 
usage of resources in the Rajasthan  block in an environmentally friendly  way 
to add value for all stakeholders.

The Mangala, Bhagyam  and Aishwariya  (MBA) fields  (including EOR  potential) 
have gross ultimate  recoverable oil reserves  and resources of  approximately 
one billion barrels. The 20 other fields in the RJ block hold around 2 billion
barrels of  oil in  place  of which  around  165 mm  boe  is estimated  to  be 
recoverable. A draft FDP for the  Barmer Hill discovery has been prepared  and 
is currently under discussions with the JV. The FDPs for the other discoveries
are under preparation.

EOR pilot continues to progress well with positive results being observed from
the polymer injection phase. Based on these  results, an FDP for a full  field 
application of polymer flood  in the Mangala field  has been submitted to  the 
JV. The full field implementation of  the polymer flood is expected to  start 
in FY 2014-15  subject to GoI  approvals. Pursuant to  the submission of  the 
FDP,  Cairn  has  booked  70  mmboe  as  2P  reserves.  Preparation  for   the 
commencement of  the  Alkali  Surfactant  Polymer  (ASP)  phase  is  currently 
underway.

The currently envisaged basin potential stands at 300,000 bopd (equivalent  to 
a contribution of approximately  35% of India's  total domestic current  crude 
production).



2. Eastern India (Block PKGM-I - Ravva Field) - Krishna Godavari Basin



                               Q2                         Q1     q-o-q   H1
                      FY 2012-13 FY 2011-12 y-o-y (%) FY 2012-13  (%)    FY
                                                                       2012-13
Average daily gross
operated production     28,614     36,185    -20.9%     32,589   -12%  30,591
(boepd)
Average daily oil       21,597     26,965    -19.9%     23,536    -8%  22,561
production (bopd)
Average daily gas         42         55      -23.9%       54     -22%    48
production (mmscfd)
Average daily working
interest production     6,438      8,142     -20.9%     7,333    -12%   6,883
(boepd)



The Ravva  field  celebrated  its  17th year  of  successful  operations,  has 
produced more than 249  mm bbls of  crude and sold 310  billion cubic feet  of 
gas, more than  double its initial  estimates. During the  quarter, the  plant 
uptime was 99%.

A 'high value high risk' deeper prospect has been identified in the block  and 
the drilling of an exploration well is planned for H1 FY 2013-14.

Asset integrity measures in line with statutory compliances are in progress. A
total plant  shutdown  was carried  out  to  complete all  hydrotests  as  per 
statutory requirements.

The asset had an LTI incident during the quarter.

Ravva asset  won  the Platinum  Award  (FICCI Safety  Excellence  Awards)  for 
Manufacturing 2012 and also the  prestigious OISD Award for offshore  Platform 
Category for 2011.



3. Western India (Block CB/OS-2) - Cambay Basin



                               Q2                         Q1     q-o-q   H1
                      FY 2012-13 FY 2011-12 y-o-y (%) FY 2012-13  (%)    FY
                                                                       2012-13
Average daily gross
operated production     6,830      8,508     -19.7%     7,228     -6%   7,028
(boepd)
Average daily oil       4,297      5,390     -20.3%     4,737     -9%   4,516
production (bopd)
Average daily gas         15         19      -18.8%       15      2%     15
production (mmscfd)
Average daily working
interest production     2,732      3,403     -19.7%     2,891     -6%   2,811
(boepd)



The asset recorded 0.28 million LTI free hours during the quarter. The CB/OS-2
facilities had an uptime of over 99.9% in Q2 FY 2012-13.

This  block   provides  an   example  of   optimal  asset   utilisation.   The 
infrastructure utilisation in the block was optimised by making a tolling  and 
processing arrangement with ONGC to process the gas from its North Tapti field
(adjacent to the Lakshmi field). The  tolling of gas commenced in June,  2012. 
The block shall undertake an infill  drilling campaign which includes two  new 
wells and one work over, which is expected to commence in H2 FY 2012-13.  This 
is expected to help arrest the rate of production decline in the block.

The potential  of  deeper  horizons  is also  being  evaluated  and  is  under 
discussions with the JV.

The block recorded more than  10 million safe work  hours over the last  eight 
years, which demonstrates Cairn's continued commitment to operate safely.

                              Exploration Review



                                                                         Area
Sr.   Block Name          Area           Cairn India's     JV partners
No.                                      Interest (%)                    (in
                                                                        km^2)
 1  RJ-ON-90/1     Barmer Basin               70%         ONGC          3,111
 2  CB/OS-2        Cambay Basin               40%         ONGC, Tata    1,657
                                                          Petrodyne
 3  PKGM-1 (Ravva) Krishna-Godavari          22.5%        ONGC, Ravva    331
                   Basin                                  Oil, Videocon
 4  KG-ONN-2003/1  Krishna-Godavari           49%         ONGC          3,288
                   Basin
 5  KG-OSN-2009/3  Krishna-Godavari          100%         -             1,988
                   Basin
 6  KG-DWN-98/2*   Krishna-Godavari           10%         ONGC          7,295
                   Basin
 7  MB-DWN-2009/1  Mumbai Offshore           100%         -             2,961
                   Basin
 8  PR-OSN-2004/1  Palar-Pennar Basin         35%         ONGC, Tata    9,417
                                                          Petrodyne
 9  SL 2007-01-001 Mannar Basin              100%         -             3,000
10  Block 1**      Orange Basin, SA           60%         Petro SA      19,922

*Divestment approved by GoI, **Subject to South African regulatory approvals

Note-all the blocks except KG-DWN-98/2 are operated by Cairn India



Cairn India  has a  portfolio of  ten blocks,  located in  four  strategically 
focused areas: one in Rajasthan;  two on the west coast  of India; six on  the 
east coast of India (including one in Sri Lanka) and one in South Africa.  Out 
of these,  nine  blocks, including  the  three  that are  in  production,  are 
operated by Cairn India.

The blocks  are  located in  the  Barmer Basin,  Krishna-Godavari  Basin,  the 
Palar-Pennar Basin, the Cambay Basin, the Mumbai Offshore Basin in India,  the 
frontier Mannar Basin in Sri Lanka and the Orange Basin in South Africa.



India Block Updates

In the KG-DWN-98/2 block, Cairn India has decided to farm-out its stake to its
JV partner, ONGC.  GoI approvals have  now been obtained.  This divestment  of 
insignificant equity is part of Cairn India's process of continuous  portfolio 
optimisation.

In  KG-ONN-2003/1,  following  the  discovery  ofoil  and  gas  in  the  well 
Nagayalanka-SE-1, an appraisal plan has been prepared. The two well  appraisal 
programme has been approved by the JV partner. It is planned to spud the first
well in Q1 FY 2013-14. The estimate  of the gross in place resource for  both 
the discoveries is ~550 mm boe.

In the KG-OSN-2009/3 block, force majeure has been declared due to the  denial 
of permission to carry out exploration activity in the restricted area by  the 
Ministry of Defence.  GoI has  granted conditional approval  for carrying  out 
exploration activity;  however discussions  are in  progress for  unrestricted 
access.

In the MB-DWN-2009/1 block,  awarded in the NELP  VIII licensing round,  force 
majeure was declared by  Cairn India due to  denial of defence clearances  for 
further exploration  activity.  This  has been  accepted  by  the  Directorate 
General of Hydrocarbons (DGH). Cairn India  is in discussions with the GoI  to 
resolve the matter.

In the PR-OSN-2004/1 block, force majeure has been declared due to the  denial 
of permission to drill in the restricted area by the Department of Space.  GoI 
has granted  conditional  approval  for  carrying  out  exploration  drilling; 
however discussions are in progress with the GoI for unrestricted access.



Sri Lanka Block Update

600 sq km 3D seismic acquisition program under Phase 2 exploration period  was 
completed in Block SL  2007-01-001 in order to  evaluate certain leads and  to 
finalise future drilling locations. The  3D seismic acquisition programme  has 
been carried out on  time, within budget and  without any HSE incidents.  Data 
processing of the acquired survey is in progress. The Phase 2 exploration well
is planned to be drilled in mid CY 2013.



South Africa block Update

A farm-in agreement has been signed with PetroSA on 16 August, 2012for a  60% 
stake along with operatorship in the 'Block-I' located in Orange basin,  South 
Africa. The area of the block is 19,922 sq km. The approval process from Govt
of South Africa is  in progress. The tendering  for acquisition of 3D  seismic 
data has been initiated.









                             Cairn India Limited

 Registered Office: 101, West View, Veer Savarkar Marg, Prabhadevi, Mumbai -
                                    400025

   Corporate Office: 3^rd & 4^th Floors, Vipul Plaza, Sun City, Sector-54,
                               Gurgaon - 122002

            (All amounts are in ` lakhs, unless otherwise stated)

               Part - I : Statement of Consolidated Unaudited Results for the

                       Quarter and Six months ended 30 September 2012
                                  Preceding Corresponding           Corresponding
                         Quarter               quarter    Half year   half year    Previous
                          ended    quarter                  ended                 year ended
Sr.     Particulars                 ended   ended 30 Sep            ended 30 Sep
No.                      30 Sep              2011 in the   30 Sep    2011 in the    31 Mar
                          2012     30 Jun   previous year   2012    previous year    2012
                                    2012
                        Unaudited Unaudited   Unaudited   Unaudited   Unaudited    Audited
1   Income from
    operations
    a) Income from       444,314   444,003       265,220  888,317       511,255 1,186,065
    operations
    b) Other operating       -         -             -      -             -       -
    income
    Total income from    444,314   444,003       265,220  888,317       511,255 1,186,065
    operations (net)
2   Expenses                                                   -
    a) Share of
    expenses in           18,066    17,718        15,774   35,784        27,647    63,004
    producing oil and
    gas blocks
    b)
    (Increase)/Decrease    (757)   (1,800)         (371)  (2,557)           193   (2,626)
    in inventories of
    finished goods
    c) Employee benefit    3,601     3,215         2,347    6,816         4,431     8,894
    expenses
    d) Depletion,
    depreciation and      45,152    43,734        31,422   88,886        66,024   144,030
    amortization
    expenses
    e) Cess               71,697    69,466        29,663  141,163        59,051   128,497
    f) Unsuccessful and
    general exploration    2,624     3,521         3,888    6,145         5,762    29,883
    costs
    g) Other expenses      6,548     6,194         7,408   12,742        17,285    32,972
    Total expenses       146,931   142,048        90,131  288,979       180,393   404,654
3   Profit from
    operations before
    other income,
    exchange              297,383   301,955      175,089  599,338      330,862   781,411
    fluctuation,
    finance costs and
    exceptional items
    (1-2)
4   a) Other income       22,262     9,644        6,198   31,906       11,477    31,940
    b) Foreign exchange
    fluctuation         (78,581)    86,628       53,104    8,047        53,409    61,861
    gain/(loss)-net
5   Profit before
    finance costs and    241,064   398,227      234,391  639,291       395,748   875,212
    exceptional items
    (3+4)
6   Finance costs          1,881     2,947       12,282    4,828       17,125    22,580
7   Profit after
    finance costs but    239,183   395,280      222,109  634,463      378,623   852,632
    before exceptional
    items (5-6)
8   Exceptional items        -         -    (135,518)      -     (10,285)  (10,285)
    (Refer note 6)
9   Profit before tax    239,183   395,280       86,591  634,463      368,338   842,347
    (7+8)
10  Tax expense
    a) Current tax        62,867    65,243        9,685  128,110       65,523   155,445
    b) MAT credit       (49,278)  (49,499)        2,425 (98,777)     (46,903) (118,128)
    entitlement
    c) Deferred tax      (6,624)   (3,038)      (1,822)  (9,662)          759    11,256
    charge / (credit)
    Total                  6,965    12,706       10,288   19,671       19,379    48,573
11  Net Profit for the  232,218   382,574       76,303  614,792      348,959   793,774
    period (9-10)
12  Paid-up equity
    share capital
                          190,873   190,787       190,258  190,873       190,258   190,740
    (Face value of ` 10
    each)
13  Reserves excluding
    Revaluation                                                                    4,638,468
    Reserves
14  Earnings per share
    (in ` )

    (not annualized):
    a) Basic                12.17     20.05          4.01     32.22         18.34     41.71
    b) Diluted              12.15     20.02          4.00     32.17         18.28     41.61



        Part - II : Select Information for the Quarter and Six months ended 30 September 2012
                                               Corresponding               Corresponding
                   Quarter ended   Preceding      quarter      Half year     half year   Previous year
Sr.  Particulars                 quarter ended                   ended                       ended
No.                 30 Sep 2012                ended 30 Sep                ended 30 Sep
                                  30 Jun 2012   2011 in the   30 Sep 2012   2011 in the   31 Mar 2012
                                               previous year               previous year
A   Particulars of
    shareholding
1   Public
    shareholding
    - Number of      786,015,345   785,155,823   911,258,793   786,015,345   911,258,793   784,682,109
    shares
    - Percentage
    of                    41.18%        41.15%        47.90%        41.18%        47.90%        41.14%
    shareholding
2   Promoters and
    promoter group
    shareholding
    a) Pledged /
    encumbered
    -Number of                 -             -             -             -             -             -
    shares
    -Percentage of
    shares (as a %
    of the total
    share                      -             -             -             -             -             -
    shareholding
    of promoter
    and promoter
    group)
    -Percentage of
    shares (as a %
    of the total               -             -             -             -             -             -
    share capital
    of the
    Company)
    b)
    Non-encumbered
    -Number of     1,122,713,999 1,122,713,999   991,323,584 1,122,713,999   991,323,584 1,122,713,999
    shares
    -Percentage of
    shares (as a %
    of the total
    share                   100%          100%          100%          100%          100%          100%
    shareholding
    of promoter
    and promoter
    group)
    -Percentage of
    shares (as a %
    of the total          58.82%        58.85%        52.10%        58.82%        52.10%        58.86%
    share capital
    of the
    Company)



               Consolidated Statement of Assets and Liabilities
                                              As at                   As at
Sr.
           Particulars                     30 Sep 2012             31 Mar 2012
No.
                                           (Unaudited)              (Audited)
A   EQUITY AND LIABILITIES
1   Shareholders' funds
    (a) Share capital              190,873    190,740
    (b) Reserves and surplus        5,256,236      
                                                                     4,638,468
                                    5,447,109   4,829,208
2   Share  application   money  588           -
    pending allotment
3   Non-current liabilities
    (a)      Deferred      tax    58,929      68,413
    liabilities (net)
    (b) Long-term provisions       221,233    187,399
                                   280,162     255,812
4   Current liabilities
    (a) Trade payables            65,088     60,716
    (b)     Other      current     127,232     187,561
    liabilities
    (c) Short-term provisions     27,170      12,061
                                   219,490     260,338
              TOTAL                 5,947,349   5,345,358
B   ASSETS
1   Non-current assets
    (a) Fixed assets                1,356,410   1,345,017
    (b)      Goodwill       on      2,531,927   2,531,927
    consolidation
    (c)  Deferred  tax  assets   1,215      1,039
    (net)
    (d)  Long-term  loans  and     352,492     253,799
    advances
    (e)   Other    non-current    38,630      69,076
    assets
                                    4,280,674   4,200,858
2   Current assets
    (a) Current investments        155,225     183,557
    (b) Inventories               18,044     13,607
    (c) Trade receivables          265,577     149,684
    (d)    Cash    and    bank      1,151,544    701,351
    balances*
    (e) Short-term  loans  and    52,106     83,847
    advances
    (f) Other current assets      24,179     12,454
                                    1,666,675   1,144,500
              TOTAL                 5,947,349  5,345,358

* includes cash and cash equivalents of ` 602,190 lakhs (31 March 2012 : `
444,639 lakhs)





Notes:-

1. The above unaudited financial results for the current quarter ended  30 
September 2012  were subjected  to a  limited review  by the  auditors of  the 
Company and reviewed and  recommended by the Audit  Committee and approved  by 
the Board of Directors at their meeting held on 22 October 2012.

2. The individual items in the above financial results are net of  amounts 
cross charged to  oil and  gas blocks  where the  Group is  the operator.  The 
Group's share  of such  net  expenses in  oil and  gas  blocks is  treated  as 
exploration, development or production costs, as the case may be.

3. Employee costs  for the current  quarter and six  months include  stock 
option charge of `  697 lakhs and `  1,417 lakhs respectively, computed  under 
the Intrinsic Value Method.  The said charge for  the current quarter and  six 
months would  have been  ` 2,051  lakhs  and `  3,920 lakhs  respectively,  if 
computed under the Fair Value (Black Scholes) Method.

4. 859,522 additional equity shares were issued during the current quarter
on exercise of stock options by the employees of the Cairn India Group.

5. The shareholders of  the Company had approved  a Scheme of  Arrangement 
between the Company and some of its wholly owned subsidiaries, to be effective
from 1 January 2010  ("the Scheme") which was  approved by the Honorable  High 
Courts of  Bombay  and  Madras  in  2010, subject  to  the  receipt  of  other 
regulatory approvals which have been received in October 2012. Considering the
fact that the necessary approvals were not  in place as at 30 September  2012, 
no adjustments  are required  to  be made  to  the above  unaudited  financial 
results.

6. Vedanta  Resources Plc.  along with  its subsidiaries  (Vedanta  group) 
became the  promoter of  the  Company w.e.f.  8 December  2011.  Consequently, 
royalty paid by Oil  and Natural Gas Corporation  Limited with respect to  the 
RJ-ON-90/1 block  was  treated as  cost  recoverable, as  it  was one  of  the 
pre-conditions  imposed  by  the  Government   of  India  for  approving   the 
transaction of sale of shares by  Cairn Plc. group to Vedanta group  resulting 
in reduction in revenues and  profit after tax of  the Cairn India Group.  The 
reduction on this account for the period  upto 31 March 2011 and 30 June  2011 
was disclosed as an exceptional item in the previous year ended 31 March  2012 
and half year ended 30 September 2011 respectively.

7. The Group operates in only one segment i.e. "Oil and Gas".

8. Previous quarter  / six month  / year's figures  have been regrouped  / 
rearranged  wherever   necessary  to   confirm   to  the   current   quarter's 
presentation.

                                                           

                                                           

                 For and on behalf of the Board of Directors
                                                          

                                                          

                                                          

Place: Gurgaon                                 Navin Agarwal

Date:22October                                    Chairman

2012





                             Cairn India Limited

 Registered Office: 101, West View, Veer Savarkar Marg, Prabhadevi, Mumbai -
                                    400025

   Corporate Office: 3^rd & 4^th Floors, Vipul Plaza, Sun City, Sector-54,
                               Gurgaon - 122002

             (All amounts are in `lakhs, unless otherwise stated)

                                      

             Part - I : Statement of Standalone Unaudited Results for the

                    Quarter and Six months ended 30 September 2012
                              Preceding Corresponding           Corresponding Previous
                     Quarter               quarter    Half year   half year     year
                      ended    quarter                  ended                   ended
Sr.   Particulars               ended   ended 30 Sep            ended 30 Sep
No.                  30 Sep              2011 in the   30 Sep    2011 in the   31 Mar
                      2012     30 Jun   previous year   2012    previous year   2012
                                2012
                    Unaudited Unaudited   Unaudited   Unaudited   Unaudited    Audited
 1  Income from
    operations
    a) Income from       -        80          321      -          376      880
    operations
    b) Other
    operating            -         -          -      -          -      -
    income
    Total income
    from operations      -        80           321      -           376      880
    (net)
 2  Expenses                                       
    a) Data
    acquisition and      -       520            -      520            -    468
    analysis
    b) Employee
    benefit              304       446          373      750          765    1,538
    expenses
    c) Depreciation
    and                    1         1            1        2            2        4
    amortization
    expenses
    d) Legal &
    professional         341       926          329    1,267          696    2,371
    fees
    e) Unsuccessful
    and general          437       443          443      880        1,072    1,788
    exploration
    costs
    f) Other           1,725       493           440    2,138          580    1,282
    expenses
    Total expenses     2,808     2,829        1,586    5,557        3,115     7,451
 3  (Loss) from
    operations
    before other
    income,               
    exchange          (2,808)   (2,749)      (1,265)  (5,557)      (2,739)  (6,571)
    fluctuation,
    finance costs
    and exceptional
    items (1-2)
 4  a) Other income    1,652     2,223        2,371    3,875        5,101   24,014
    b) Foreign
    exchange             206     (227)         (564)      (21)        (573)   (1,548)
    fluctuation
    gain/(loss)-net
 5  Profit/(Loss)
    before finance
    costs and          (950)     (753)           542  (1,703)        1,789   15,895
    exceptional
    items (3+4)
 6  Finance costs      1,551     2,635      2,898    4,186      5,770   11,145
 7  Profit/(Loss)
    after finance
    costs but        (2,501)   (3,388)      (2,356)  (5,889)      (3,981)    4,750
    before
    exceptional
    items (5-6)
 8  Exceptional          -         -            -      -            -      -
    items
 9  Profit/(Loss)
    before tax       (2,501)   (3,388)      (2,356)  (5,889)      (3,981)    4,750
    (7+8)
10  Current tax          -         -        474      -        480      354
    expense
11  Net
    Profit/(Loss)    (2,501)   (3,388)      (2,830)  (5,889)      (4,461)    4,396
    for the period
    (9-10)
12  Paid-up equity
    share capital
                     190,873   190,787       190,258  190,873       190,258   190,740
    (Face value of
    ` 10 each)
13  Paid up debt                                         62,500       135,000   125,000
    capital
14  Reserves
    excluding                                                                         
    Revaluation                                                               3,001,222
    Reserves
15  Debenture
    redemption                                            4,396             -     4,396
    reserve
16  Earnings/(Loss)
    per share (in
    `)

    (not
    annualized) :
    a) Basic           (0.13)    (0.18)        (0.15)    (0.31)        (0.23)      0.23
    b) Diluted         (0.13)    (0.18)        (0.15)    (0.31)        (0.23)      0.23
17  Debt equity                                            0.02          0.04      0.04
    ratio
18  Debt service                                                         0.30      0.75
    coverage ratio
19  Interest
    service                                                              0.30      1.43
    coverage ratio









         Part-II: Select Information for the Quarter and Six months ended 30 September 2012
                                   Preceding   Corresponding               Corresponding
                   Quarter ended                  quarter      Half year     half year   Previous year
Sr.  Particulars                 quarter ended                   ended                       ended
No.                 30 Sep 2012                ended 30 Sep                ended 30 Sep
                                  30 Jun 2012   2011 in the   30 Sep 2012   2011 in the   31 Mar 2012
                                               previous year               previous year
A   Particulars of
    shareholding
1   Public
    Shareholding
    - Number of      786,015,345   785,155,823   911,258,793   786,015,345   911,258,793   784,682,109
    shares
    - Percentage
    of                    41.18%        41.15%        47.90%        41.18%        47.90%        41.14%
    shareholding
2   Promoters and
    Promoter Group
    Shareholding
    a) Pledged /
    Encumbered
    -Number of                 -             -             -             -             -             -
    shares
    -Percentage of
    shares (as a %
    of the total
    share                      -             -             -             -             -             -
    shareholding
    of promoter
    and promoter
    group)
    -Percentage of
    shares (as a %
    of the total               -             -             -             -             -             -
    share capital
    of the
    Company)
    b)
    Non-encumbered
    -Number of     1,122,713,999 1,122,713,999   991,323,584 1,122,713,999   991,323,584 1,122,713,999
    shares
    -Percentage of
    shares (as a %
    of the total
    share                   100%          100%          100%          100%          100%          100%
    shareholding
    of promoter
    and promoter
    group)
    -Percentage of
    shares (as a %
    of the total          58.82%        58.85%        52.10%        58.82%        52.10%        58.86%
    share capital
    of the
    Company)



                   Particulars                   Quarter ended 30 Sep 2012
B Investor Complaints
  Pending at the beginning of the quarter                                -
  Received during the quarter                                           11
  Disposed of during the quarter                                        11
  Remaining unresolved at the end of the quarter      -





                Standalone Statement of Assets and Liabilities
                                            As at                     As at
Sr.
          Particulars                    30 Sep 2012               31 Mar 2012
No.
                                         (Unaudited)                (Audited)
A   EQUITY AND LIABILITIES
1   Shareholders' funds
    (a) Share capital              190,873    190,740
    (b)    Reserves     and         2,998,309  3,001,222
    surplus
                                    3,189,182   3,191,962
2   Share application money     588           -
    pending allotment
3   Non-current liabilities
    (a)      Long      term     116        124
    provisions
                                116         124
4   Current liabilities
    (a) Trade payables           1,786       1,321
    (b)    Other    current       69,715     133,099
    liabilities
    (c)          Short-term    42          60
    provisions
                                  71,543     134,480
             TOTAL                     3,261,429  3,326,566
B   ASSETS
1   Non-current assets
    (a) Fixed assets             6,009      5,660
    (b)         Non-current         3,088,404  3,085,346
    investments
    (c) Long-term loans and    15          15
    advances
    (d)  Other  non-current     354         354
    assets
                                    3,094,782   3,091,375
2   Current assets
    (a) Current investments        154,281     182,134
    (b) Trade receivables    -         47
    (c)   Cash   and   bank      5,794     46,000
    balances*
    (d)  Short-term   loans      5,770       5,886
    and advances
    (e)    Other    current     802      1,124
    assets
                                   166,647     235,191
             TOTAL                  3,261,429  3,326,566

* includes cash and cash equivalents of ` 622 lakhs (31 Mar 2012: ` 8,355
lakhs)

Notes:-

1. The above unaudited financial results for the current quarter ended  30 
September 2012  were subjected  to a  limited review  by the  auditors of  the 
Company and reviewed and  recommended by the Audit  Committee and approved  by 
the Board of Directors at their meeting held on 22 October 2012.

2. Employee  costs for  the current  quarter and  six months  include  stock 
option charge  of  ` Nil  and  ` 65  lakhs  respectively, computed  under  the 
Intrinsic Value Method. The said charge for the current quarter and six months
would have been  ` 1,374  lakhs and `  2,579 lakhs  respectively, if  computed 
under the Fair Value (Black Scholes) Method.

3. 859,522 additional equity shares were issued during the current quarter
on exercise of stock options by the employees of the Cairn India Group.

4. The shareholders of  the Company had approved  a Scheme of  Arrangement 
between the Company and some of its wholly owned subsidiaries, to be effective
from 1 January 2010  ("the Scheme") which was  approved by the Honorable  High 
Courts of  Bombay  and  Madras  in  2010, subject  to  the  receipt  of  other 
regulatory approvals which have been received in October 2012. Considering the
fact that the necessary approvals were not  in place as at 30 September  2012, 
no adjustments  are required  to  be made  to  the above  unaudited  financial 
results.

5. Paid up debt capital comprises of non-convertible debentures.

6. Ratios have been computed as follows:

Debt equity ratio             =  Debt / Shareholders' fund
 Debt service coverage ratio = EBIDTA / Finance cost + Principal  repayment 
(DSCR)                          of debt during the period
 Interest  service  coverage =  EBIDTA / Finance cost
ratio (ISCR)
                                

 Debt = Long term borrowings (including their current maturities)



 Shareholders' fund = Share capital + Reserves and surplus

  EBIDTA  =  Earnings  before   finance  costs,  depreciation,  depletion   & 
amortization and tax



 DSCR  and ISCR  for the  half year  ended 30  September 2012  have not  been 
furnished as EBITDA is negative.



7. The Company operates in only one segment i.e. "Oil and Gas".

8. Previous quarter  / six month  / year's figures  have been regrouped  / 
rearranged  wherever   necessary  to   confirm   to  the   current   quarter's 
presentation.



                      For and on behalf of the Board of Directors
                                                               

                                                               

                                                               

Place: Gurgaon                                      Navin Agarwal

Date:22October2012                                    Chairman



Contact Details

Analysts/Investors
Anurag Pattnaik, DGM-Geology & Investor Relations                +919910487716
Media
Dr Sunil Bharati, Head, Corporate Affairs &                                
Communications                                               +919910486055



In conjunction with these results Cairn India is hosting an Analyst
Conference Call today. The live audio webcast for the call will be available
at the Cairn India website (www.cairnindia.com) from 17:30 hrs IST.



                        Cairn India Limited Fact Sheet



On 9  January,  2007, Cairn  India  Limited was  listed  on the  Bombay  Stock 
Exchange and the National Stock Exchange of India. Cairn India is now part  of 
the Vedanta Group, a  globally diversified natural  resources group with  wide 
ranging interests in aluminium, copper, zinc, lead, silver, iron ore, etc.

Cairn India is headquartered in Gurgaon  in the National Capital Region,  with 
operational offices in Tamil Nadu, Gujarat, Andhra Pradesh, Rajasthan and  Sri 
Lanka.

Cairn India is primarily engaged in  the business of oil and gas  exploration, 
production and  transportation. Average  daily gross  operated production  was 
207,245 boe in Q2 FY2012-13. The Company sells its oil to major refineries  in 
India and its gas to both PSU and private buyers.

The Company has a world-class resource base, with interest in eight blocks  in 
India, one in Sri Lanka and one  in South Africa. Cairn India's resource  base 
is located in four strategically focused areas namely one block in  Rajasthan, 
two on the west coast of India, six on the east coast of India (including  one 
in Sri Lanka) and one in South Africa.

The blocks  are  located in  the  Barmer Basin,  Krishna-Godavari  Basin,  the 
Palar-Pennar Basin, the Cambay Basin, the Mumbai Offshore Basin, Mannar  Basin 
and Orange Basin.

Cairn India's focus on India has resulted  in a significant number of oil  and 
gas discoveries. Cairn made  a major oil discovery  (Mangala) in Rajasthan  in 
the north  west of  India  at the  beginning of  2004.  To date,  twenty  five 
discoveries have been made in the Rajasthan block RJ-ON-90/1.

In Rajasthan, Cairn India operates Block  RJ-ON-90/1 under a PSC signed on  15 
May, 1995. The main Development Area (1,859 km^2), which

includes Mangala,  Aishwariya, Raageshwari  and Saraswati  is shared  between 
Cairn India and ONGC, with Cairn  India holding 70% and ONGC having  exercised 
their back in  right for  30%. The  Operating Committee  for Block  RJ-ON-90/1 
consists of Cairn India and ONGC.

Further Development Areas (430 km^2), including the Bhagyam and Shakti  fields 
and (822 km^2) comprising of the Kaameshwari West

Development Area, is  also shared between  Cairn India and  ONGC in the  same 
proportion. The  Mangala,  Bhagyam  and Aishwariya  (MBA)  fields  have  gross 
recoverable oil reserves  and resources  of approximately  1 billion  barrels, 
which includes proved plus probable (2P)  gross reserves and resources of  636 
mmboe with  a  further  300 mmboe  or  more  of EOR  resource  potential.  The 
Rajasthan block is contributing more than one fifth of current domestic  crude 
production. The total resource base supports a vision to produce 300,000 bopd,
(equivalent to a  contribution of more  than 35% of  India's current  domestic 
crude production), subject to further investments and regulatory approvals.

In Andhra  Pradesh and  Gujarat, Cairn  India  on behalf  of its  JV  partners 
operates two processing plants, 11 platforms  and more than 200 km of  sub-sea 
pipelines with a production of approximately 30,000 boepd.

Block SL 2007-01-001 was awarded to Cairn Lanka in the bid round held in 2008.
This offshore block is located in the  Gulf of Mannar. The water depths  range 
from 400  to 1,900  meter. Cairn  Lanka (Private)  Limited is  a wholly  owned 
subsidiary of  Cairn India  and holds  a 100%  participating interest  in  the 
block. The signing of the Petroleum  Resources Agreement (PRA) to explore  oil 
and natural gas in the Mannar Basin was held in July 2008 in Colombo.

The farm-in agreement has been signed with Petro SA on 16 August 2012,for 60%
stake along with operatorship  in the Block-I located  in Orange basin,  South 
Africa. The area of the Block is  19,922 sq km. The approval process of  this 
agreement from Govt of South Africa is in progress.

India currently imports 3.4* million bopd  of crude oil. The current  domestic 
crude oil production is approximately 0.76** million bopd of which Cairn India
operated  assets  (Ravva,  CB/OS-2  and  the  RJ-ON-90/1)  contribute   around 
one-fourth.

For further information on Cairn India Limited & Cairn Lanka (Pvt) Limited see
www.cairnindia.com& www.cairnlanka.com

*BP Statistical Review for CY 2011



**MoPNG August 2012 data



                              Corporate Glossary

Cairn India/
              Cairn India Limited and/or its subsidiaries as appropriate
CIL
Company       Cairn India Limited
Cairn Lanka   Refers to Cairn Lanka (Pvt) Ltd, a wholly owned subsidiary of
              Cairn India
CY            Calendar Year
DoC           Declaration of Commerciality
E&P           Exploration and Production
EBITDA        Earnings before Interest Tax Depreciation and Amortisation
EPS           Earnings Per Share
FY            Financial Year
GBA           Gas Balancing Agreement
GoI           Government of India
GoSL          Government of Sri Lanka
Group         The Company and its subsidiaries
JV            Joint Venture
MPT           Mangala Processing Terminal
MC            Management Committee
NELP          New Exploration Licensing Policy
ONGC          Oil and Natural Gas Corporation Limited
OC            Operating Committee
PRA           Petroleum Resources Agreement
PPAC          Petroleum Planning & Analysis Cell
qoq           Quarter on Quarter
SL            Sri Lanka
Vedanta Group Vedanta Resources plc and/or its subsidiaries from time to time,
              but shall not include CIL
yoy           Year on Year



                              Technical Glossary

2P       Proven plus probable
3P       Proven plus probable and possible
2D/3D/4D Two dimensional/three dimensional/ time lapse
Boe      Barrel(s) of oil equivalent
Boepd    Barrels of oil equivalent per day
Bopd     Barrels of oil per day
Bscf     Billion standard cubic feet of gas
EOR      Enhanced Oil Recovery
FDP      Field Development Plan
MDT      Modular Dynamic Tester
Mmboe    million barrels of oil equivalent
Mmscfd   million standard cubic feet of gas per day
Mmt      million metric tonne
PRDS     Petroleum Resources Development Secretariat
PSC      Production Sharing Contract



                                Field Glossary

Barmer Hill Formation Lower permeability reservoir which overlies the
                      Fatehgarh
                      Secondary reservoirs in the Guda field and is the
Dharvi Dungar         reservoir rock encountered in the recent Kaameshwari
                      West discoveries
Fatehgarh             Name given to the primary reservoir rock of the Northern
                      Rajasthan fields of Mangala, Aishwariya and Bhagyam
Mannar Basin          Located in the Gulf of Mannar, situated on the NE
                      shallow continental shelf of Sri Lanka
MBA                   Mangala, Bhagyam and Aishwariya
                      Youngest reservoirs encountered in the basin. The
Thumbli               Thumbli is the primary reservoir for the Raageshwari
                      field



Disclaimer

This material contains  forward-looking statements regarding  Cairn India  and 
its affiliates,  our  corporate  plans,  future  financial  condition,  future 
results of operations, future business plans and strategies. All such forward-
looking statements are based  on our management's  assumptions and beliefs  in 
the light of information available to them at this time. These forward-looking
statements are by their nature subject to significant risks and uncertainties;
and actual results, performance and  achievements may be materially  different 
from those  expressed  in  such  statements. Factors  that  may  cause  actual 
results, performance or achievements to differ from expectations include,  but 
are not  limited to,  regulatory changes,  future levels  of industry  product 
supply, demand and pricing, weather and weather related impacts, wars and acts
of terrorism, development and use of technology, acts of competitors and other
changes to business conditions. Cairn India undertakes no obligation to revise
any such forward-looking statements  to reflect any  changes in Cairn  India's 
expectations with  regard thereto  or any  change in  circumstances or  events 
after the  date hereof.  Unless  otherwise stated  the reserves  and  resource 
numbers within this  document represent the  views of Cairn  India and do  not 
represent the views of any other party, including the Government of India, the
Directorate General  of Hydrocarbons  or any  of Cairn  India's joint  venture 
partner.

For further information, please contact:

Investors:                            

Ashwin Bajaj                          ir@vedanta.co.in

Senior  Vice  President  -   Investor Tel: +44 20 7659 4732 / +91 22 6646 1531
Relations

Vedanta Resources plc


Media:                                

Gordon Simpson                        

Faeth Birch                           Tel: +44 20 7251 3801

RLM Finsbury



About Vedanta Resources plc

Vedanta Resources  plc ("Vedanta")  is a  London listed  FTSE-100  diversified 
global resources  major. The  group produces  Aluminium, Copper,  Zinc,  Lead, 
Silver, Iron ore, Power,  and Oil and Gas.  Vedanta has world-class assets  in 
India, Zambia, South Africa, Namibia, Ireland Liberia, Australia and Sri Lanka
and a strong  organic growth pipeline  of projects. With  an empowered  talent 
pool globally,  Vedanta places  strong  emphasis on  partnering with  all  its 
stakeholders based on the core values of entrepreneurship, excellence,  trust, 
inclusiveness and growth. For more information, please visit:

www.vedantaresources.com.

Disclaimer

This press release contains "forward-looking statements" - that is, statements
related  to  future,  not  past,  events.  In  this  context,  forward-looking 
statements  often  address   our  expected  future   business  and   financial 
performance,  and  often  contain  words  such  as  "expects,"  "anticipates," 
"intends," "plans," "believes," "seeks,"  "should" or "will."  Forward-looking 
statements by their  nature address  matters that are,  to different  degrees, 
uncertain. For us,  uncertainties arise  from the behaviour  of financial  and 
metals markets including the London  Metal Exchange, fluctuations in  interest 
and or exchange rates  and metal prices; from  future integration of  acquired 
businesses; and from numerous other  matters of national, regional and  global 
scale, including  those of  a political,  economic, business,  competitive  or 
regulatory nature. These uncertainties may cause our actual future results  to 
be  materially  different   that  those  expressed   in  our   forward-looking 
statements. We do not undertake to update our forward-looking statements.



                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


MSCLLFIVISLFFIF -0- Oct/22/2012 13:17 GMT
 
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