According to a company press release, Cairn’s first appraisal well in the Mangala oil field has yielded stabilised rates of between “1,250 barrels and 2,800 barrels per day” and that “excellent quality oil bearing sands” has been encountered during the spudding of the hole.

The company estimates that Mangala has estimated reserves of between 50 million to 200 million barrels of oil. These numbers have made Cairn Chief Executive Bill Gammell a happy man.

“I am delighted with this excellent start to the Mangala appraisal programme which is consistent with our views of the potential of the field,” said Gammell, who also confirmed that three more wells will be drilled in the area.

In related news, Cairn has announced that it will temporarily suspend operations on the Saraswati-4 appraisal well in order to allow the drilling rig to drill another exploration prospect known simply as N-C.

According to Cairn, “The N-C-1 exploration well is expected to commence drilling in early April.”