Duster Unlikely To Dampen Growing Mannar Interest

BMI View: Despite a recent duster and doubts over the commercial viability of previous discoveries, Cairn India has notified the Sri Lankan government of its intention to begin second-phase exploration in the Mannar basin. The company's successful 2011 drilling campaign has boosted its share price and has put this upstream frontier play on the map - piquing the interest of many would-be foreign investors. We expect the government to proceed quickly with a new licensing round, with likely bidders to include Gazprom, Petronas and

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