Vedanta Resources PLC Update on Oil & Gas Business (0540N)
03 May 2018 - 10:51PM
UK Regulatory
TIDMVED
RNS Number : 0540N
Vedanta Resources PLC
03 May 2018
3 May 2018
Vedanta Resources plc
Update on Oil & Gas Business
Vedanta Limited, a subsidiary of the Company, today announced
its consolidated results for the fourth quarter and full year ended
March 31, 2018 prepared in accordance with Ind AS (Indian
Accounting Standards). As part of the results, Vedanta Limited
reported a non-cash reversal of previously recorded impairment
charge of approximately US$ 661 million (Rs 4,257 Crore) (US$ 1,089
million (Rs 7,016 Crore) gross of taxes) for its oil and gas
business mainly following the progress on key growth projects
expected to result in the enhanced recovery of resources in a
commercially viable manner leading to a higher forecast for oil
production and savings in cost. The Company wishes to inform its
investors that there would be a similar impairment reversal in
Vedanta Resources' annual results and anticipates a reversal of US$
850 Mn to US$ 950 Mn (US$ 1,400 Mn to US$ 1,500 Mn gross of taxes)
being recorded.
For further information, please contact:
Communications Finsbury
Arun Arora Daniela Fleischmann
Head, Corporate Communications Tel: +44 20 7251 3801
Tel: +91 124 459 3000
gc@vedanta.co.in
Investors
Rashmi Mohanty Tel: +44 20 7659 4732
Director - Investor Relations Tel: +91 22 6646 1531
ir@vedanta.co.in
Sunila Martis
Associate General Manager
- Investor Relations
Veena Sankaran
Manager - Investor Relations
About Vedanta Resources
Vedanta Resources plc ("Vedanta") is a London listed diversified
global natural resources company. The group produces aluminium,
copper, zinc, lead, silver, iron ore, oil & gas and commercial
energy. Vedanta has operations in India, Zambia, Namibia and South
Africa. With an empowered talent pool globally, Vedanta places
strong emphasis on partnering with all its stakeholders based on
the core values of trust, sustainability, growth, entrepreneurship,
integrity, respect and care. To access the Vedanta Sustainable
Development Report 2017, please visit
http://www.vedantaresources.com/media/214366/vedanta_sd_report_2016-17.pdf.
For more information on Vedanta Resources, please visit
www.vedantaresources.com
Disclaimer
This press release contains "forward-looking statements" - that
is, statements related to future, not past, events. In this
context, forward-looking statements often address our expected
future business and financial performance, and often contain words
such as "expects," "anticipates," "intends," "plans," "believes,"
"seeks," "should" or "will." Forward-looking statements by their
nature address matters that are, to different degrees, uncertain.
For us, uncertainties arise from the behaviour of financial and
metals markets including the London Metal Exchange, fluctuations in
interest and/or exchange rates and metal prices; from future
integration of acquired businesses; and from numerous other matters
of national, regional and global scale, including those of a
political, economic, business, competitive or regulatory nature.
These uncertainties may cause our actual future results to be
materially different that those expressed in our forward-looking
statements. We do not undertake to update our forward-looking
statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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