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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (7235)	9/26/1999 8:57:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

Cairn Energy Plc (UK) raises stake in oil-field cairn-energy.plc.uk 1999-09-26 18:31:18 (Probity) Cairn Energy India, a unit of Cairn Energy Plc is planning to raise its equity in one of its Indian joint ventures to 75% by buying 30% from its partner Tata Petrodyne, according to a report by the Press Trust of India (PTI). Cairn and Tata Petrodyne hold 45% each in the firm, which is exploring for oil in the Cambay Basin block off the western state of Gujarat. "We are in the process of increasing our presence in the CB-OS/2 block to 75%, by acquiring 30% equity from Tata Petrodyne," PTI quoted Cairn Energy India`s executive director Bruce McCarthy as saying. Oil & Natural Gas Corp (ONGC) holds the remaining 10% in the joint venture. Confirming the equity sale plan, a Tata official told PTI that the deal would involve transfer of all exploratory rights at the block to Cairn Energy India. Details of the proposal were still being negotiated and the deal needs approvals from the Indian government. McCarthy declined to divulge the financial details of the deal, saying it was premature to do so as several vital aspects were still being worked out. In August, a separate venture formed by Cairn and Royal Dutch Shell announced a find in India`s northwestern desert. The discovery was the first find by a foreign company in India in the last 20 years. Cairn is also developing the Ravva offshore block in the southern state of Andhra Pradesh with Videocon Petroleum Ltd, Ravva Oil Singapore Pte Ltd, and ONGC. =================== PRESS RELEASE 15 August 1999 Cairn Indian Oil Discovery - Rajasthan Well Test Cairn Energy PLC, together with its co-venturer Shell India Production Development BV, announce that following preliminary tests, its exploration well Guda-2 has flowed oil to surface, on a restricted choke, at a stabilized rate of 2,000 bopd with no water. Testing commenced on August 15th and is ongoing. The well is situated in block RJ-ON-90/1 in Rajasthan, India. This is the first discovery made in India by a foreign company since the commencement of licensing rounds.