Cairn India has reported a 4.34 per cent fall in oil and gas production (Gross operated) for the second quarter of the financial year 2016-17 at 18.07 million barrels of oil equivalent as compared to 18.89 barrels of oil equivalent in the same quarter of the previous year. The production of the Company for the H1 of FY17 also declined 5.27 per cent to 35.98 million barrels of oil equivalent as compared to 37.98 million barrels of oil equivalent in the previous financial year.
Gross production from the state of Rajasthan was marginally higher by 0.5 per cent quarter of quarter to 167,699 barrels of oil equivalent per day (boepd). Encouraging results from Mangala EOR, driven by the enhanced well productivity as well as new wells coming online, increased the EOR contribution to production from 42 kboepd in Q1 FY17 to 52 kboepd in the second year of FY17. Production optimization along with maximization of liquid handling capacity helped maintain strong performance from Bhagyam accompanied by Aishwariya. Gross production from Development Area DA1 as well as DA2 averaged at 151,880 boepd and 15,820 boepd, respectively.
Gas production from RDG field also increased to 33 mmscfd in Q2 FY16 from 28 mmscfd in Q1 FY17, aided by superior initial well productivity results obtained from the hydro-frac campaign.
Cairn India share price is currently trading at Rs. 227.30 apiece on NSE, up by 4.05 points or 1.81 per cent from its previous closing of Rs. 223.25 on the NSE.
The scrip opened at Rs. 224.25 and has touched a high and low of Rs. 229.85 and Rs. 224.25 respectively.So far 28,11,818 shares were traded on the counter.The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 231.75 on 6th October 2016 and a 52 week low of Rs. 106.50 on 19th January 2016.
Last one week high and low of the scrip stood at Rs. 231.60 and Rs. 201.00 respectively. As of today the current market cap of the company is Rs. 41875.14 crores.The promoters holding in the company stood at 59.86 per cent, while institutions and non-institutions held 26.18 per cent and 13.96 per cent respectively.
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