Malcom Graeme Woods interview, page-19

Cairn should have this one covered for now Whisky.

Cash: US$869mil, Undrawn debt facility: US$575mil.

2015 budget expenditure of US185mil out of which US135mil is for 3D+drilling in Senegal.

As for Catcher & Kraken, they'll drill apprx 20 & 25 dev wells + FPSO's which will cost them net $590mil for the period from 2015-2017. That's where the dbt facility will b used. So cash of 869m (without the sale of their Indian shares should b ok).

This tax fiasco they r involved in, is very frustrating nevertheless.

Cairn holds 184.125764 mil shares (apprx 9.65%) in CIL, which closed today at 213.6 Rupee. At an exchange rate of 61 this is roughly US3.50/sh or a value of US$645mil.

This has been a major set back, b'coz the SP was much higher 12 months ago when the value was over US$1b @ SP was 335 Rupee.

Issue here is an accounting gain taxed at 40% for some re-org done back in 2006 which converts to US1.6bil.

Most thought this was the amt that Cairn recorded as an exceptional gain of US1.53bil from which they had rewarded $940mil as special divi to its UK shareholders for flogging 31% interest in CIL out of 100%, when they listed in Jan'07. That isn't the case. No one knows how long that sideshow will drag on.