Cairn India acquired about 3010 line-km of 2D infill seismic over Block 1 of the Orange basin, off South Africa's Northern Cape Province, in Q1 2014. It is currently evaluating the data.
The company acquired a 1981sq km 3D seismic data set over the western part of Block 1 in Q1 2013 and started interpreting the processed cube of seismic data in in Q2 of FY2014 (September 2013).
A wholly owned South African subsidiary of Cairn India completed a farm-in agreement with South African national oil company PetroSA for Block 1 on 16 August 2012. The first renewal phase of the Block 1 Exploration Right was signed on 7 February 2013. PetroSA expects to drill a well in the next extension period (2015-2016).
Block 1 covers 19,922sq km and is on trend with the discovered Kudu and Ibhubesi gas fields and has identified oil and gas leads and prospects. It lies along the northwestern maritime border between South Africa and Namibia.
Cairn India operates the block with 60% interest; PetroSA holds 40% interest.
Cairn India is controlled by Vedanta Resources plc (58.85%) and UK-based Cairn Energy PLC (18.28%). Cairn India is listed on the Bombay Stock Exchange and the National Stock Exchange of India.
Royal Dutch Shell PLC and Anadarko Petroleum Corp. are also exploring for oil and gas in the Orange basin.
Related OE news:
Sunbird awards contract off South Africa, 13 September 2013
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