Cairn India has made the 26th oil discovery in
its Rajasthan block, following
approval to explore for oil on the block well even after expiry of the exploration phase.
Block oversight panel, called the Management Committee, approved the exploration work programme for the RJ-ON-90/1 block on February 14 after which Cairn India, the operator of the block, commenced the drilling of its first Exploration well, Raageshwari-South-1, on February 25 located in the
southern part of the block.
"Cairn India has made its latest oil discovery, the 26th discovery so far in the RJ-ON-90/1 block, following recent policy clarity by Government of India (GoI) to conduct exploration activity in development blocks," the company said in a statement.
Cairn CEO P Elango said the discovery in the block "reaffirms our belief that
an aggressive exploration drilling programme will help harness the full potential of the Barmer Basin in Rajasthan."
"Technical evaluations indicate about 10 metres of gross oil column within Dharvi Dungar Formation... Oil has been discovered and tested for the first time in Dharvi Dungar sands in Raageshwari-Tukaram area, where previous discoveries were in the shallower Thumbli sands," Cairn India's statement said, adding that the volumes of oil in place and the potential resource base associated with this discovery are under evaluation.
"This is a step closer towards reserve accretion through exploration-led growth," Elango said.
Shares of Cairn India were on Tuesday trading
2.27 per cent higher at Rs 292.65 in late morning trade on the Bombay Stock Exchange.
With inputs from PTI 
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