Fourth oil exploration well drilling in February

*Three months ahead of schedule

*Natural gas discovered in two wells

Cairn India is scheduled to start drilling their fourth oil exploration well in the Mannar basin on February 2013, three months ahead of the due date.

The drilling of the fourth exploration well was earlier scheduled to take place in mid 2013. "However, due to early availability and excellent logistical preparations, the date has now been advanced by three months. The preparation for drilling activity is now complete with a rig being secured from Transocean. Drilling of the exploration well is planned for February 2013," Cairn India said.

Cairn, in its first exploration phase in Sri Lanka, drilled three wells in the Mannar basin and the company discovered natural gas in two out of three wells. "We are focused on exploration across our asset portfolio both in India and core areas internationally. We are accelerating exploration in a deeper prospect in Ravva. In Sri Lanka, we brought forward our offshore exploration drilling from June to mid-February for which the rig is already on its way," Interim Chief Executive Officer of Cairn India P Elango said.

"We are also in the process of starting a seismic survey in our South Africa block. This is in line with our exploration led growth strategy focused on aggressive replacement and growth of reserves leading to long term sustainable value creation," he said.