Vedanta Res PLC (VED) - Cairn India Board approves Interim Dividend RNS Number : 9375P Vedanta Resources PLC 31 October 2012 31 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 Release31 October 2012 Cairn India Board approves Interim Dividend payment The Board of Directors of Cairn India Ltd (CIL) today declared interim cash dividend of INR 5 per Equity share on a face value of INR 10 per share. The dividend is proposed to be paid on or before 15 November, 2012, to shareholders on record as on 6 November, 2012. This will entail an outflow of INR 1,109 crore including the dividend distribution tax of INR 155 crore. This is the maiden dividend declared by the company for its shareholders. Cairn India is now well positioned to grow by building a balanced portfolio of assets and resources. The company is committed to deliver value through superior business performance and partnerships. While deciding the quantum of payout, the twin objective of stable dividend payout and investment for growth has been kept in view by the Board. Earlier, in April 2012 the Board approved a dividend policy of around 20 percent of annual consolidated net profits. The payment of dividend was subject to the completion of Corporate reorganisation, which has occurred on 18 October, 2012. Contact Details Analysts/Investors Anurag Pattnaik, DGM-Geology & Investor Relations +919910487716 Media Dr Sunil Bharati, Head, Corporate Affairs & Communications +919910486055 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 EBIT Earnings before Interest and Tax 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 PI Participating Interest PRA Petroleum Resources Agreement 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 Sectretariat PSC Production Sharing Contract Field Glossary Barmer Hill Formation Lower permeability reservoir which overlies the Fatehgarh Dharvi Dungar Secondary reservoirs in the Guda field and is the 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 Thumbli Youngest reservoirs encountered in the basin. The 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 email@example.com 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 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 MSCWGGPGUUPPURG -0- Oct/31/2012 08:14 GMT
Vedanta Res PLC VED Cairn India Board approves Interim Dividend
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