Vedanta Resources optimistic of Cairn deal going through

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http://www.thehindubusinessline.com/com ... epage=true


London, May 5:

Vedanta Resources says it's all set to complete the long-awaited Cairn deal, as its Chairman said he was confident the Government would separate the matter of the corporate transaction from the issue of royalties.

Mr Anil Agarwal said the company had told the Government that the sale of shares by parent firm Cairn Energy was a corporate transaction and had to be cut off from the matter of what royalty payments were due. “This has to be separate and cannot be linked,” said Mr Agarwal on an investor call as the London-listed firm unveiled its preliminary results for the year ending in March.

“We are working through that and believe they will agree to that in a short period of time,” he said, later adding, “We have a very strong feeling that this will be delinked. At this point in time, I believe the original agreement will move forward.”

The Group of Ministers meeting at which the deal was set to be deliberated on was postponed from Monday.

The company will acquire a total of a 58.5 per cent stake in Cairn India, with a total value of $9.4 billion — “a slightly lower price than envisaged”— Chief Executive, Mr M.S. Mehta, confirmed on the call.

Following an open offer that ended in March, Sesa Goa has acquired 8.1 per cent of Cairn India's share capital, as well as an additional 10.4 per cent from Petronas International, which Vedanta says it acquired at a price advantage.

Parent company Cairn Energy said it would be selling an additional 40 per cent stake to Vedanta, leaving its total holding at 21.7 per cent.
Revenues rise

The news came as Vedanta reported a 55.4 per cent rise in EBITDA to $3.5 billion on a 44 per cent increase in revenues. The company raised its final divided to 32.5 cents a share — 18.2 per cent up on the year before.

“Against a background of recovering economic conditions in the developed world and continued strong demand from emerging economies, we have delivered a robust financial performance,” said Mr Agarwal.

The firm also confirmed that it would be evaluating whether to go ahead with the listing of its Zambian copper business, KCM, later this year. There would be no linkage between the decision on KCM and the Government's verdict on the Cairn deal, Mr Mehta said.

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Vedanta Resources optimiste face Cairn passant par
http://www.thehindubusinessline.com/com ... epage = true


Londres, 5 mai:

Vedanta Resources dit qu'il est prêt à conclure l'affaire tant attendue Cairn, que son président a déclaré qu'il était confiant que le gouvernement permettrait de séparer la question de la transaction d'entreprise à partir de la question des redevances.

M. Anil Agarwal a dit la société avait dit au gouvernement que la vente d'actions par l'entreprise mère Cairn Energy a été une transaction d'entreprise et a dû être coupé de la question du paiement des redevances qui sont dues. "Ce doit être séparé et ne peuvent pas être liés», a déclaré M. Agarwal sur un appel des investisseurs que l'entreprise cotée à Londres a dévoilé ses résultats préliminaires pour l'année se terminant en Mars.

"Nous travaillons avec cela et croient qu'ils seront d'accord pour que, dans un court laps de temps, dit-il, ajoutant plus tard:« Nous avons un sentiment très fort que ce sera dissocié. À ce moment, je crois que l'accord initial ira de l'avant. "

La réunion du Groupe des Ministres au cours de laquelle l'accord a été mis en délibéré pour être sur a été reportée de lundi.

La Société va acquérir un total de 58,5 pour cent du capital Cairn India, d'une valeur totale de 9,4 milliards de dollars - «un prix légèrement inférieur aux prévisions" - chef de la direction, M. MS Mehta, a confirmé sur l'appel.

Suite à une offre ouverte qui s'est terminée en Mars, Sesa Goa a acquis 8,1 pour cent du capital de Cairn de l'Inde, ainsi que d'un 10,4 pour cent supplémentaires de Petronas International, qui dit Vedanta acquis à un prix avantageux.

La société mère Cairn Energy a déclaré qu'il serait de vente 40 autres pour cent du capital de Vedanta, laissant sa participation totale à 21,7 pour cent.
Les recettes augmentent

Les nouvelles sont venues que Vedanta fait état d'une hausse de 55,4 pour cent de l'EBITDA à 3,5 milliards de dollars sur une réduction de 44 pour cent d'augmentation du chiffre d'affaires. La société a levé sa finale divisée à 32,5 cents par action - 18,2 pour cent par rapport à l'année précédente.

"Dans un contexte de récupérer les conditions économiques dans le monde développé et la demande soutenue des économies émergentes, nous avons livré une performance financière solide", a déclaré M. Agarwal.

La société a également confirmé qu'il serait d'évaluer si d'aller de l'avant avec l'annonce de ses activités cuivre en Zambie, KCM, plus tard cette année. Il n'y aurait aucun lien entre la décision sur KCM et le verdict du gouvernement sur l'accord de Cairn, M. Mehta a déclaré.

[geoxis]

'There would be no linkage between the decision on KCM and the Government's verdict on the Cairn deal, Mr Mehta said'

Ben voyons, 9 ou 10 milliards à sortir, ça n'a rien a voir avec l'idée de récupérer un peu de monnaie pour les financer ....

[jbd48]

Re: Vedanta Resources optimistic of Cairn deal going through
'There would be no linkage between the decision on KCM and the Government's verdict on the Cairn deal, Mr Mehta said'
Ben voyons, 9 ou 10 milliards à sortir, ça n'a rien a voir avec l'idée de récupérer un peu de monnaie pour les financer ....

Absolument d'accord.

[phili675]

6 MAY, 2011, 06.14PM IST,PTI
Cairn India-led JV set to increase production in KG basin

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Read more on »Ravva JV|India|Cairn India Ltd.|Cairn India led JV


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HYDERABAD: Cairn India-led Ravva JV is set to increase its production in Krishna-Godavari basin from the current rate of 38,000 barrels of oil equivalent per day (BOEPD) to 54,000 BOPD after successfully drilling an offshore horizontal well, sources close to the development said.

"Drilling commenced in Ravva field in January and three wells have already been completed...In addition to the successful horizontal well, the other two wells also tested at rates higher than predicted," the sources told PTI today.

The horizontal well tested successfully to a flow rate of over 16,000 BOPD, they said.

Cairn India and Ravva JV are confident of considerable reserve potential of the field and producing more oil from the Andhra Pradesh block before the expiry of its production sharing contract (PSC) in 2019, they said.

Ravva, a major JV oil field, has one of the lowest operating costs in the world. Its direct operating cost per barrel at approximately $2.1, according to Cairn.

The Ravva JV, operator of the offshore Ravva block in the east coast of India, is planning to commence drilling new wells and work over wells from August, the sources indicated.

"The campaign shall comprise three firm wells and two optional wells."

Cairn India held a series of meetings recently with partners ONGC, Videocon and Marubeni-controlled Ravva Oil to discuss the work programme and budget for fiscal 2011-12.

According to industry analysts, the drilling of each new infill and work over well could cost about $11 million.