Cairn India, releasing the December quarter (3Q) results yesterday said its subsidiary, Cairn Lanka is advancing the drilling of phase II exploration well in Sri Lanka’s Mannar basin by three months.

“Sri Lanka we brought forward our offshore exploration drilling from June to midFebruary for which the rig is already on its way,” the notes to the interim accounts said.

Post-acquisition and interpretation of 600 sq km 3D seismic data during phase II exploration period in Block SL 200701-001 exploration drilling was planned by mid-2013.

“However, due to early rig availability and excellent logistical preparations, the spud date is now advanced by a quarter. The preparation for drilling activity is now complete with a rig being secured from Transocean. Drilling of an exploration well is planned in February 2013.” Cairn Lanka’s successful drilling programme, the first in Sri Lanka in 30 years, in the latter part of 2011 established a working petroleum system in the frontier Mannar Basin. The company last year completed the first phase of exploration campaign in Sri Lanka and it resulted in two successive gas and condensate discoveries. Meanwhile, Cairn India’s consolidated net profit rose by 44 percent quarter-on-quarter, beating analysts’ expectations, to Rs.3,345 crore in the third quarter of financial year 2012-13, helped by forex gain.

Consolidated income from operations declined 3.7 percent to Rs.4,278 crore (lower than forecast) from Rs.4,443.1 crore during the same period.