Upon the successful completion of the first phase Cairn India, has announced that it prepares to enter the second phase of oil exploration in Sri Lanka next year.
In its "First Quarter Financial Results for the period ended 30 June, 2012" statement, Cairn India said the exploration drilling is planned for mid-2013, and tendering for the drilling rig and the associated services is in progress.
Having completed the first phase of the exploration campaign, the company has just completed acquisition of 600 sq km of 3D seismic data under Phase II exploration and data processing is currently underway.
The first phase of the exploration programme involved the acquisition, processing and interpretation of 1,753 sq km of 3D seismic data and the drilling of three well deep water wells.
In Phase One Cairn successfully discovered two successive gas and condensate deposits in the wells CLPLDorado-91H/1z well and, the CLPL-Barracuda-1G/1 well in the offshore Block SL 2007-01-001 in the Mannar Basin of Sri Lanka.
The potential commercial interest notification has been submitted for the two Discoveries i.e. the Dorado and Barracuda wells, as per the terms of the Petroleum Resource Agreement (PRA), Cairn India said in its release.
The SL 2007-01-001, located in the Gulf of Mannar with water depths ranging from 400 to 1,900m, was awarded to Cairn Lanka in the bid round held in 2008. The Company holds a 100% participating interest in the block.