GAS FOUND OFF MANNAR-PRESIDENT

“Be happy” President says after a gas deposit was discovered

Sri Lanka is found to contain Gas Deposits, was revealed by the President to the people at a meeting in Kandy yesterday. This was made official for the first time, the President disclosed.
The discovery had been made by M/s CAIRN LANKA Company during an oil excavation project off the sea of Mannar. They have discovered the presence of liquid hydrocarbon natural Gas deposits and it is also learnt to contain crude oil also.
The CAINS LANKA Company is a subsidiary company of CAIRNS INDIA LIMITED. They had been given permission and the green light by our Government to find the possibility of exploration of finding crude oil beyond the seas of Mannar. It is learnt that further investigations have to be made in this regard.
According to data found there is at a distance of 3048 to 3038 meters there is definitely a deposit containing Hydrocarbon. An expense amounting to US$ 110 is estimated to be invested for these explorations.
According to the agreements signed the CAIRNS LANKA Company should inform our Government within 3 days in the event Gas deposits or crude oil are found. This was revealed to the public by the President. However he did not disclose in what proportions the value of crude oil and the gas deposits would be divided.