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Date: Tuesday 26 Aug 2008

LONDON (ShareCast) - Sharply higher crude prices boosted Cairn Energy's first half operating profits even though output at the India-focused group fell.

Carin swung from an operating loss of $18.7m to a profit of $44.2m in the half-year to June as its average price per barrel of crude more than doubled. Revenue jumped to $180.4m from $138.7m. Pre-tax profit fell to $407m from $1.53bn reflecting gains on last year's IPO of Cairn India.

Gross operated production totalled 80,873 barrels, down from 92,173 this tme last year. Average net entitlement production for the first half was 13,886 barrels down from 22,486 barrels. Booked reserves increased increased 41% from 170m to 240m barrels.

"Cairn India is on track to deliver crude oil from Rajasthan in the second half of 2009 and significant progress has been made towards optimising and sustaining plateau production levels in this core asset," chief executive Bill Gammell said.

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