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Cairn India makes 3 more oil discoveries in Rajasthan field

The discoveries in the Barmer basin Block RJ-ON-90/1 'further exemplifies the capabilities of Cairn's exploration team operating in this prolific onshore block,' the company said in a statement here.

Exploration well DP-1 has encountered 70 meter gross oil bearing interval in the Barmer Hill formation. The well has been fracced and tested, flowing oil at the rate of 120 barrels per day.

The DP structure is located 6 km north-west of the producing Mangala field and has an aerial extent of 21 square kilometre.

'This is a significant discovery, in view of its proximity to the Mangala oil field and fast-track appraisal is planned to facilitate rapid commercialisation of this discovery,' it said.

Further, exploration well Saraswati SW-1 tested in a Mesozoic sand interval and flowed oil at the rate of 248 bpd.

Well Aishwariya-46 flowed oil at the rate of 182 bpd in Dharv Dungar formation, making it the 36th discovery in the block.

Cairn said its board of directors has also declared an interim cash dividend of Rs 5 per equity share. The dividend payout, nearly two-third of which will flow to its promoter Vedanta Group, will be a total of Rs 1,097 crore, including dividend distribution tax of Rs 159 crore.

Sudhir Mathur, Interim CEO, Cairn India said: 'The objective of our dividend policy is to continuously enhance value to our shareholders. In line with this policy, we are delighted to announce an interim dividend of Rs 5 per share.'

Meanwhile, Reliance Power Ltd(RPL) has agreed before the Supreme Court to surrender all rights in respect of the land acquired for its Dadri power project in Uttar Pradesh due to difficulty in setting the plant for want of domestic natural gas.

Taking into account the stand of the Anil Ambani-led company, a bench headed by Justice T S Thakur disposed of the appeal filed by RPL challenging the Allahabad High Court order quashing the land alottment for the proposed gas-based thermal power project.

'The appeals were heard and judgment reserved on 6 August, 2014. But before pronouncement of the judgment, an affidavit has been filed on behalf of the company seeking to surrender all rights in respect of the land covered by the above notifications dated 11 February, 2004 and 29 August, 2006, stating that on account of the difficulty in securing domestic natural gas to run the plant which was sought to be set up, it will not be feasible for the company to utilise the land for the purpose for which the same was acquired,' the bench said.
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