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Sri Lanka Equity Forum » Stock Market & Forum Help » Stock Market News » Sri Lanka gas find seen to have commercial potential

Sri Lanka gas find seen to have commercial potential

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Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
pril 24, 2012 (LBO) - Cairn India which struck gas in two offshore wells in Sri Lankan waters last year has indicated that at least one may have commercial potential so far.

The company found natural gas in two of three test wells drilled in the Mannar Basin, off the island's north-west coast, called the CLPL Dorado- 91H/1z well and the CLPL-Barracuda-1G/1 well.
The third well, CLPL-Dorado North 1- 82K/1 was plugged and abandoned as a dry hole on 14 December, 2011.

Rahul Dhir, chief executive of Cairn India, said the firm had acquired additional 3D seismic in a 600 square kilometer area and entered a "second phase of exploration".

A "potential commercial interest notification" has been submitted to Sri Lankan authorities under its agreement with the country, Dhir said in a quarterly review.

Typically, an oil firm will dig exploration wells and following further seismic tests will drill an 'appraisal well" to find flow rate of hydrocarbon and extent of the deposit and determine the commercial viability of a discovery.


After a find has been declared to be commercially viable, actual production wells will follow.
An official at Sri Lanka's Petroleum Development Secretariat said the firm had indicated that there was commercial potential in their discoveries but an appraisal report has not yet been given.

Dhir said seismic data "will firm up several promising leads and prepare the operator for further exploration drilling in mid-2013."

The firm had tendered for a drill ship to conduct further exploratory drilling involving one firm well and three optional ones.

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