India: Cairn hits oil jackpot

THE UK's Cairn Energy has made a major onshore oil discovery in India's Rajasthan Basin. The resource, estimated to contain 50m-200m barrels of oil, is likely to transform Cairn's prospects—after the discovery's announcement on 19 January 2004, shares in the minor exploration and production firm rocketed in value. A Wood Mackenzie research note says the discovery 'has the potential to have a major impact on Cairn's fortunes. Combined with its strong cash position, which will allow it to support its continuing exploration and development initiatives and allow it to make further strategic acquisitions, Cairn's future looks bright.' The consultancy adds that a discovery at the upper end of the