Cairn India strikes oil in India`s east coast
Cairn India strikes oil in India`s east coast >Cairn India announced that it discovered oil in one of its exploration wells in the Ravva field off India`s east coast, reports Economic Times. Cairn is yet to inform the upstream regulator of the finding. The initial flow is around 1,500 barrels a day. Cairn India, (Q, N,C,F)* which owns a 22.5% stake in the block, is also the operator. ONGC, Videocon Industries and Japanese firm Marubeni are the other stakeholders.
Shares of the company gained Rs 4.9, or 2.78%, to trade at Rs 181. The total volume of shares traded was 1,445,709 at the BSE.(Friday)
