Cairn India Limited makes New Oil and Gas discovery.

Cairn India limited is another emerging player in area of Oil exploration. Honestly I haven't done enough reading on this to write a detailed post, maybe later. However it is currently trading at a P/E ratio of 55 which suggests that its revenue generating operations have not started in full swing yet. Click here for latest P/E ratio of Cairn India Limited.

Business Standard: Cairn India makes new Oil discovery

The open hole drill stem test flowed 40 degree API oil at a stabilised rate of 500 barrels of oil per day plus 0.4 mmscfd gas on 64/64" choke from a 4m Net pay interval in the Upper Thumbli Sand. In addition 1.4m of gas pay was identified in the Akli formation at 1 247.8m MDBRT (11 53.03m TVDSS).

Shares of Cairn India were trading up nearly 5.95 percent at Rs 162 from the rpevious day’s close at the BSE.