Vedanta Resources PLC Update on Oil & Gas Business (0540N)

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: [phone] 
  Tel: [phone] 
  [e-mail] 
 Investors 
 Rashmi Mohanty                    Tel: [phone] 
  Director - Investor Relations     Tel: [phone] 
                                    [e-mail] 
 
  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.

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May 03, 2018 08:51 ET (12:51 GMT)