"We are confident that this will lead to a reserve replacement ratio of 150 percent and help us deliver a growth of 7 percent to 10 percent in production over the next three years from the Rajasthan block," Chairman of Cairn India, Navin Agarwal said.
Private oil & gas explorer Cairn India at its AGM announced an investment of USD 3 billion towards the company's three-year capex programme.
"We are confident that this will lead to a reserve replacement ratio of 150 percent and help us deliver a growth of 7 percent to 10 percent in production over the next three years from the Rajasthan block," Chairman of Cairn India, Navin Agarwal said.
The AGM was held in Mumbai on Wednesday.
He further reiterated need for simple policy to improve oil and gas production. he said that the government can look at encouraging hydrocarbons to boost local production. Cairn India produced 66.3 million barrels of oil in FY14.
Meanwhile, the company will announce its first quarter (April-June) earnings today . According to CNBC-TV18 poll estimates, analysts expect consolidated net profit of the Vedanta Resources group company to fall 13 percent to Rs 2,630 crore in June quarter from Rs 3,040 crore in previous quarter on lower revenue and weak operating profit.
Cairn India stock price
On July 14, 2014, Cairn India closed at Rs 338.65, down Rs 4.65, or 1.35 percent. The 52-week high of the share was Rs 385.00 and the 52-week low was Rs 286.85.
The company's trailing 12-month (TTM) EPS was at Rs 39.77 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 8.52. The latest book value of the company is Rs 206.73 per share. At current value, the price-to-book value of the company is 1.64.
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