The company’s gross operated production for the first half of 2008 was 80,873 barrels of oil equivalent per day (boepd), compared to 92,173boepd for the same period in 2007. Average net entitlement production for the first half of 2008 was 13,886boepd, compared to 22,486boepd for the same period in 2007.
Cairn’s after-tax profit was $375.3 million for the first half of 2008, including a $358.7 million gain on the 4% placement in shares in Cairn India. The company’s restated after-tax profit for the first half of 2007 was $1.51 billion including a $1.53 billion gain on the initial public offering of Cairn India.
Bill Gammell, CEO of Cairn Energy, said: The group has the ability to deliver material growth in the two arms of its business. Cairn India is on track to deliver crude oil from Rajasthan in the second half of 2009 and significant progress has been made towards optimizing and sustaining plateau production levels in this core asset.
