Cairn Makes Second Discovery Of Week

Cairn Energy, the second biggest independent UK oil and gas exploring group, has said that it has found oil below natural gas deposits in the Lakshmi field in India, its second such discovery of the week. Tests at a depth of between 1,382 and 1,388 meters pumped oil at a rate of 5,250 barrels a day, Cairn said in a statement. The first test, reported on Tuesday, produced 5,196 barrels of oil a day. “It's a nice discovery for them,” said Peter Hitchens, an analyst at CAI Cheuvreux. “It looks like they've got good flow rates.” The Edinburgh based Cairn, which last year struck oil or gas in nine out of 11 wells drilled in India, is reviewing an “accelerated” program to establish the size of the oil deposit. Lakshmi is scheduled to produce its first gas in August. Visit to &to=http://www.neftegaz.ru' target=_blank>NEFTEGAZ