Thursday, May 28, 2009

Sri Lanka oil explorer says seismic surveys by end-2009

May 28, 2009 (LBO) - Cairn India said it plans to start seismic surveys in exploring for oil in Sri Lankan waters by the end of this year or in 2010 as it reported a sharp fall in quarterly profits.

The company, a unit of Britain's Cairn Energy, said its March quarter net profit plunged 84 percent to 3.9 million dollars from a year before on falling crude prices and higher costs. Full text