Exhibit 15.10 DEGOLYER AND MACNAUGHTON 5001 SPRING VALLEY ROAD SUITE 800 EAST DALLAS, TEXAS 75244 This is a digital representation of a DeGolyer and MacNaughton report. This file is intended to be a manifestation of certain data in the subject report and as such are subject to the same conditions thereof. The information and
data contained in this file may be subject to misinterpretation; therefore, the signed and bound copy of this report should be considered the only authoritative source of such information.  LOGO




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DEGOLYER AND
MACNAUGHTON 5001 SPRING VALLEY ROAD SUITE 800 EAST DALLAS, TEXAS 75244 REPORT as of MARCH 31, 2019 on RESERVES and REVENUE of CERTAIN FIELDS in INDIA with interests attributable to CAIRN OIL & GAS, DIVISION OF VEDANTA LIMITED




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DEGOLYER AND MACNAUGHTON TABLE of CONTENTS  PageFOREWORD


1Scope of Investigation


1Authority


3Source of Information


4DEFINITION of RESERVES


5ESTIMATION of RESERVES


10VALUATION of RESERVES


14Discussion of Fiscal Terms


15RJ-ON-90/1 PSC (Rajasthan)


15CB/OS-2 PSC (Cambay)


15KG-ONN-2003/1 PSC (Nagayalanka)


16PKGM-1 PSC (Ravva)


16SUMMARY and CONCLUSIONS


18TABLESTable 1  Working Interests and Contract Expiration DatesTable 2  Gross Proved ReservesTable 3  Net Proved ReservesTable 4  Reconciliation of Net Proved ReservesTable 5  Standardized Measure of Discounted Future Net Cash Flows and Changes therein
relating to Proved ReservesTable 6  Summary of Net Reserves and Future Net RevenueTable 7  Projection of Proved Developed Reserves and Future Net Revenue, CB/OS-2
PSCTable 8  Projection of Total Proved Reserves and Future Net Revenue, CB/OS-2 PSCTable 9  Projection of Proved Developed Reserves and Future Net Revenue, KG-ONN-2003/1
PSCTable 10  Projection of Total Proved Reserves and Future Net Revenue, KG-ONN-2003/1
PSCTable 11  Projection of Proved Developed Reserves and Future Net Revenue, RJ-ON-90/1
PSCTable 12  Projection of Total Proved Reserves and Future Net Revenue, RJ-ON-90/1
PSCTable 13  Projection of Proved Developed Reserves and Future Net Revenue, PKGM-1
PSCTable 14  Projection of Total Proved Reserves and Future Net Revenue, PKGM-1 PSC




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DEGOLYER AND
MACNAUGHTON 5001 SPRING VALLEY ROAD SUITE 800 EAST DALLAS, TEXAS 75244 REPORT as of MARCH 31, 2019 on RESERVES and REVENUE of CERTAIN FIELDS in INDIA with interests attributable to CAIRN OIL & GAS, DIVISION OF VEDANTA LIMITED FOREWORD Scope of Investigation This report presents estimates, as of March 31, 2019, of the extent and value of the proved oil, condensate, and sales gas reserves of certain fields in
India in which Cairn Oil & Gas, Division of Vedanta Limited (Cairn) has represented it holds an interest under the terms of various production sharing contracts (PSC) with the Government of India (GOI). Table 1 presents a listing of the
properties evaluated along with contract type, interest evaluated, and expiration of each license area. Estimates of reserves presented in this report
have been prepared in compliance with the regulations promulgated by the United States Securities and Exchange Commission (SEC). These reserves definitions are discussed in detail in the Definition of Reserves section of this report. Reserves estimated in this report are expressed as gross reserves and net reserves. Gross reserves are defined as the total estimated petroleum remaining to
be produced from these properties after March 31, 2019. Net reserves are defined as that portion of the gross reserves attributable to the interests held by Cairn after deducting all interests held by others.




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DEGOLYER AND MACNAUGHTON  Certain properties in which Cairn has represented it holds an interest are subject to the terms of various
PSCs. The terms of these agreements generally allow for working interest participants to be reimbursed for portions of capital costs and operating expenses and to share in the profits. The reimbursements and profit proceeds are converted to a barrel
of oil equivalent or standard cubic foot of gas equivalent by dividing by product prices to estimate the entitlement quantities. These entitlement quantities are equivalent in principle to net reserves and are used to calculate an
equivalent net share, termed an entitlement interest. In this report, Cairns net reserves or interest for certain properties subject to these agreements is the entitlement based on Cairns working interest. The fields evaluated herein are located in the CB/OS-2 PSC (3 fields), the KG-ONN-2003/1 PSC (1 field), the RJ-ON-90/1 PSC (15 fields), and the PKGM-1
PSC (1 field). The CB-X, Gauri, and Lakshmi fields are located in the CB/OS-2 PSC (Cambay), the Nagayalanka field is located in the KG-ONN-2003/1 PSC
(Nagayalanka), the Aishwariya, Aishwariya Barmer Hill, Bhagyam, GS-V, Guda, Kaameshwari-1, Kaameshwari West-2, Mangala, N-E, N-I, Raagashwari Oil, Raagashwari Deep Gas, Saraswati, Shakti, and Tukarum fields are located in the RJ-ON-90/1 PSC
(Rajasthan), and the Ravva field is located in the PKGM-1 PSC (Ravva). The net entitlement interests for the properties evaluated in this report are
calculated for each PSC and may change from year to year depending on changes to the estimated costs projected for each field, the timing of production, and price assumptions. Estimates of the entitlement interest for the total proved reserves for
each PSC are as follows:  Net EntitlementInterestArea

Oil andCondensate(percent)


SalesGas(percent)CB/OS-2 PSC


24.20



24.18KG-ONN-2003/1 PSC


48.67



48.63RJ-ON-90/1 PSC


42.39



41.82PKGM-1 PSC


9.72



10.56  2




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DEGOLYER AND MACNAUGHTON  This report presents values for proved reserves that were estimated using prices, expenses, and costs
provided by Cairn. Future prices were estimated using guidelines established by the SEC and the Financial Accounting Standards Board (FASB). Prices, expenses, and costs were provided in Indian rupees (INR) or United States dollars (U.S.$). At the
request of Cairn, an exchange rate of INR69.28 per U.S.$1.00 was used. All values were estimated in INR and U.S.$, and all prices, expenses, costs, and revenue shown in this report are expressed in INR and U.S.$. A detailed explanation of the future
price, expense, and cost assumptions is included in the Valuation of Reserves section of this report. Values for proved reserves in this report are
expressed in terms of estimated in terms of future gross revenue, future net revenue and present worth. Future gross revenue is defined as that revenue which will accrue to the evaluated interests from the production and sale of the estimated net
reserves. Future net revenue is calculated by deducting cash royalties, production taxes (termed cess), operating expenses, capital costs, and Indian income tax from the future gross revenue. Operating expenses include field operating
expenses, workover costs, compression costs, and all other direct costs specified by Cairn. Capital costs include such items as platforms, pipelines, wells, compressors, and abandonment fund payments. Present worth is defined as the future net
revenue discounted at a specified arbitrary discount rate compounded monthly over the expected period of realization. Present worth should not be construed as fair market value because no consideration was given to additional factors that influence
the prices at which properties are bought and sold. In this report, present worth values using a nominal discount rate of 10 percent are reported. Estimates of reserves and revenue should be regarded only as estimates that may change as further production history and additional information become
available. Not only are such estimates based on that information which is currently available, but such estimates are also subject to the uncertainties inherent in the application of judgmental factors in interpreting such information. Authority This report was authorized by Mr. M.
Suresh Kumar, Chief Reservoir Engineer, Cairn Oil & Gas, Division of Vedanta Limited.  3




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DEGOLYER AND MACNAUGHTON  Source of Information Information used in the preparation of this report was obtained from Cairn. In the preparation of this report we have relied, without independent verification,
upon information furnished by Cairn with respect to the property interests being evaluated, production from such properties, current costs of operation and development, current prices for production, agreements relating to current and future
operations and sale of production, and various other information and data that were accepted as represented. A field examination of the properties was not considered necessary for the purposes of this report.  4




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DEGOLYER AND MACNAUGHTON  DEFINITION of RESERVES Petroleum reserves included in this report are classified as proved. Only proved reserves have been evaluated for this report. Reserves classifications used in
this report are in accordance with the reserves definitions of Rules 410(a) (1)(32) of Regulation SX of the SEC. Reserves are judged to be economically producible in future years from known reservoirs under existing economic
and operating conditions and assuming continuation of current regulatory practices using conventional production methods and equipment. In the analyses of production-decline curves, reserves were estimated only to the limit of economic rates of
production under existing economic and operating conditions using prices and costs consistent with the effective date of this report, including consideration of changes in existing prices provided only by contractual arrangements but not including
escalations based upon future conditions. The petroleum reserves are classified as follows: Proved oil and gas reserves 
Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically produciblefrom a given date forward, from known reservoirs,
and under existing economic conditions, operating methods, and government regulationsprior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of
whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time. (i) The area of the reservoir considered as proved includes: (A) The area identified by drilling and limited by fluid contacts, if any, and (B) Adjacent undrilled portions of the reservoir that
can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data. (ii) In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons (LKH) as seen in a
well penetration unless geoscience, engineering, or performance data and reliable technology establishes a lower contact with reasonable certainty.  5




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DEGOLYER AND MACNAUGHTON  (iii) Where direct observation from well penetrations has defined a highest known oil (HKO)
elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher
contact with reasonable certainty. (iv) Reserves which can be produced economically through application of improved recovery techniques
(including, but not limited to, fluid injection) are included in the proved classification when: (A) Successful testing by a pilot
project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the
reasonable certainty of the engineering analysis on which the project or program was based; and (B) The project has been approved for development by all necessary parties and entities, including governmental entities. (v) Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall
be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are
defined by contractual arrangements, excluding escalations based upon future conditions. Probable reserves  Probable reserves
are those additional reserves that are less certain to be recovered than proved reserves but which, together with proved reserves, are as likely as not to be recovered. (i) When deterministic methods are used, it is as likely as not that actual remaining quantities recovered will exceed the sum of estimated
proved plus probable reserves. When probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the proved plus probable reserves estimates.  6




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DEGOLYER AND MACNAUGHTON  (ii) Probable reserves may be assigned to areas of a reservoir adjacent to proved reserves
where data control or interpretations of available data are less certain, even if the interpreted reservoir continuity of structure or productivity does not meet the reasonable certainty criterion. Probable reserves may be assigned to areas that are
structurally higher than the proved area if these areas are in communication with the proved reservoir. (iii) Probable reserves estimates
also include potential incremental quantities associated with a greater percentage recovery of the hydrocarbons in place than assumed for proved reserves. (iv) See also guidelines in paragraphs (iv) and (vi) of the definition of possible reserves. Possible reserves  Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. (i) When deterministic methods are used, the total quantities ultimately recovered from a project have a low probability of exceeding
proved plus probable plus possible reserves. When probabilistic methods are used, there should be at least a 10% probability that the total quantities ultimately recovered will equal or exceed the proved plus probable plus possible reserves
estimates. (ii) Possible reserves may be assigned to areas of a reservoir adjacent to probable reserves where data control and
interpretations of available data are progressively less certain. Frequently, this will be in areas where geoscience and engineering data are unable to define clearly the area and vertical limits of commercial production from the reservoir by a
defined project.  7




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DEGOLYER AND MACNAUGHTON  (iii) Possible reserves also include incremental quantities associated with a greater
percentage recovery of the hydrocarbons in place than the recovery quantities assumed for probable reserves. (iv) The proved plus probable
and proved plus probable plus possible reserves estimates must be based on reasonable alternative technical and commercial interpretations within the reservoir or subject project that are clearly documented, including comparisons to results in
successful similar projects. (v) Possible reserves may be assigned where geoscience and engineering data identify directly adjacent
portions of a reservoir within the same accumulation that may be separated from proved areas by faults with displacement less than formation thickness or other geological discontinuities and that have not been penetrated by a wellbore, and the
registrant believes that such adjacent portions are in communication with the known (proved) reservoir. Possible reserves may be assigned to areas that are structurally higher or lower than the proved area if these areas are in communication with
the proved reservoir. (vi) Pursuant to paragraph (iii) of the proved oil and gas reserves definition, where direct observation has
defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves should be assigned in the structurally higher portions of the reservoir above the HKO only if the higher contact can be established
with reasonable certainty through reliable technology. Portions of the reservoir that do not meet this reasonable certainty criterion may be assigned as probable and possible oil or gas based on reservoir fluid properties and pressure gradient
interpretations. Developed oil and gas reserves  Developed oil and gas reserves are reserves of any category that can be
expected to be recovered: (i) Through existing wells with existing equipment and operating methods or in which the cost of the required
equipment is relatively minor compared to the cost of a new well; and  8




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DEGOLYER AND MACNAUGHTON  (ii) Through installed extraction equipment and infrastructure operational at the time of the
reserves estimate if the extraction is by means not involving a well. Undeveloped oil and gas reserves  Undeveloped oil and
gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion. (i) Reserves on undrilled acreage shall be limited to those directly offsetting development spacing areas that are reasonably certain of
production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater distances. (ii) Undrilled locations can be classified as having undeveloped reserves only if a development plan has been adopted indicating that they are
scheduled to be drilled within five years, unless the specific circumstances justify a longer time. (iii) Under no circumstances shall
estimates for undeveloped reserves be attributable to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects in the same
reservoir or an analogous reservoir, as defined in [section 210.410 (a) Definitions], or by other evidence using reliable technology establishing reasonable certainty. The extent to which probable and possible reserves ultimately may be reclassified as proved reserves is dependent upon future drilling, testing, and well
performance. The degree of risk to be applied in evaluating probable and possible reserves is influenced by economic and technological factors as well as the time element. No probable or possible reserves have been evaluated for this report.  9




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DEGOLYER AND MACNAUGHTON  ESTIMATION of RESERVES Estimates of reserves were prepared by the use of appropriate geologic, petroleum engineering, and evaluation principles and techniques that are in accordance
with the reserves definitions of Rules 410(a) (1)(32) of Regulation SX of the SEC and with practices generally recognized by the petroleum industry as presented in the publication of the Society of Petroleum Engineers entitled
Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information (Revision as of February 19, 2007). The method or combination of methods used in the analysis of each reservoir was tempered by experience with
similar reservoirs, stage of development, quality and completeness of basic data, and production history. Based on the current stage of field
development, production performance, the development plans provided by Cairn, and analyses of areas offsetting existing wells with test or production data, reserves were classified as proved developed or proved undeveloped. Cairn has represented that its senior management is committed to the development plan provided by Cairn and that Cairn has the financial capability to execute
the development plan, including the drilling and completion of wells and the installation of equipment and facilities. The volumetric method was used to
estimate the original oil in place (OOIP) and original gas in place (OGIP). Structure maps were prepared to delineate each reservoir, and isopach maps were constructed to estimate reservoir volume. Electrical logs, radioactivity logs, core analyses,
and other available data were used to prepare these maps as well as to estimate representative values for porosity and water saturation. When adequate data were available and when circumstances justified, material-balance methods were used to
estimate OOIP or OGIP. Estimates of ultimate recovery were obtained after applying recovery factors to OOIP and OGIP. These recovery factors were based
on consideration of the type of energy inherent in the reservoirs, analyses of the petroleum, the structural positions of the properties, and the production histories. When applicable, material balance and other engineering methods were used to
estimate recovery factors based on an analysis of reservoir performance, including production rate, reservoir pressure, and reservoir fluid properties.  10




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DEGOLYER AND MACNAUGHTON  For depletion-type reservoirs or those whose performance disclosed a reliable decline in producing-rate
trends or other diagnostic characteristics, reserves were estimated by the application of appropriate decline curves or other performance relationships. In the analyses of production-decline curves, reserves were estimated only to the limits of
economic production as defined in the Definition of Reserves section of this report or the expiration of the fiscal agreement, as appropriate. In certain
cases, reserves were estimated by incorporating elements of analogy with similar wells or reservoirs for which more complete data were available. Data
provided by Cairn from wells drilled through March 31, 2019, and made available for this evaluation were used to prepare the reserves estimates herein. These reserves estimates were based on consideration of production data through
March 31, 2019. Estimated cumulative production, as of March 31, 2019, was deducted from the estimated gross ultimate recovery to estimate gross reserves. Oil and condensate reserves estimated herein are to be recovered by normal field separation and are expressed in millions of barrels (106bbl). In these estimates, 1 barrel equals 42 United States gallons. For reporting purposes, oil and condensate reserves have been estimated separately and are presented herein as a summed quantity. Gas quantities estimated herein are expressed as sales gas. Sales gas is defined as the total gas to be produced from the reservoirs, measured at the
point of delivery, after reduction for fuel usage, flare, and shrinkage resulting from field separation and processing. Gas reserves estimated herein are reported as sales gas. Gas reserves estimated herein are expressed at a temperature base of 60
degrees Fahrenheit (°F) and at a pressure base of 14.7 pounds per square inch absolute (psia). Gas reserves presented in this report are expressed in billions of cubic feet (109ft3). Gas quantities are identified by the type of reservoir from which the gas will be produced.
Nonassociated gas is gas at initial reservoir conditions with no oil present in the reservoir. Associated gas is both gas-cap gas and solution gas. Gas-cap gas is gas at initial reservoir conditions and is in communication with an underlying oil
zone. Solution gas is gas dissolved in oil at initial reservoir conditions. Gas quantities estimated herein include both associated and nonassociated gas.  11




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DEGOLYER AND MACNAUGHTON  At the request of Cairn, sales gas reserves estimated herein were converted to oil equivalent using an energy
equivalent factor of 6,000 cubic feet of gas per 1 barrel of oil equivalent. This conversion factor was provided by Cairn. Forecasts of reserves provided
herein are reported on a fiscal-year basis starting April 1 of each year and ending March 31 of the following calendar year. Reserves were
forecast to the expiration of each PSC. The expiration date for each PSC is as follows:  Area

Expiration DateCB/OS-2 PSC

June 30, 2023KG-ONN-2003/1 PSC

September 24, 2031RJ-ON-90/1 PSC

May 14, 2030PKGM-1 PSC

October 27, 2029 A 10-year PSC extension was approved for the RJ-ON-90/1 PSC in October 25, 2018, which extends the PSC expiration date
from May 14, 2020, to May 14, 2030. A 10-year PSC extension was also approved for the PKGM-1 PSC on March 6, 2019, which extends the PSC expiration date from October 27, 2019, to October 27, 2029. The result of these two PSC
extensions significantly increases the reserves estimated herein. The gross and net proved reserves evaluated herein are presented in Tables 2 and 3,
respectively. A reconciliation of the net proved oil and condensate and sales gas reserves, as of March 31, 2019, is shown in Table 4.  12




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DEGOLYER AND MACNAUGHTON  The estimated gross and net proved developed, proved undeveloped, and total proved reserves, as of
March 31, 2019, of the properties evaluated herein are summarized as follows, expressed in millions of barrels (106bbl) and billions of cubic feet (109ft3):  Proved Developed


Proved Undeveloped


Total ProvedOil andCondensate(106bbl)


Sales Gas(109ft3)


Oil andCondensate(106bbl)


Sales Gas(109ft3)


Oil andCondensate(106bbl)


Sales Gas(109ft3)Gross


Net


Gross


Net


Gross


Net


Gross


Net


Gross


Net


Gross


Net258.386



101.399



149.113



56.448



56.828



25.431



91.460



38.917



315.214



126.830



240.573



95.365  13




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DEGOLYER AND MACNAUGHTON  VALUATION of RESERVES Revenue values in this report were estimated using initial prices, expenses, and costs provided by Cairn. An exchange rate of INR69.28 per U.S.$1.00 was used
based on representation from Cairn that it was the prevailing exchange rate on March 31, 2019. Future prices were estimated using guidelines established by the SEC and the FASB. The following economic assumptions were used for estimating the
revenue values reported herein: Oil and Condensate Prices Cairn has represented that the oil and condensate prices were based on a 12-month average price, calculated as the unweighted average of the
first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period, unless prices are defined by contractual agreements. All oil and condensate estimated herein is sold under contractual agreements. The
volume-weighted average adjusted product price attributable to estimated proved reserves was U.S.$66.01 per barrel for oil and condensate, based on a 12-month average Brent reference price of U.S.$70.15 per barrel. Cairn supplied differentials by
field to the Brent reference price, and these prices were held constant for the lives of the properties. Gas Prices Cairn has represented that the gas prices are defined by contractual agreements based on specific market conditions. The volume-weighted
average adjusted product price attributable to estimated proved reserves was U.S.$7.46 per thousand cubic feet. The average contract prices for each contract area were held constant for the lives of the properties.  14




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DEGOLYER AND MACNAUGHTON  Operating Expenses, Capital Costs, and Abandonment Costs Estimates of future operating expenses, capital costs, and abandonment costs were based on information provided by Cairn. This information
included historical costs as well as operating expense and capital cost estimates for future development. Estimates of future operating expenses and capital costs, either higher or lower than the Cairn development plan estimates, may have been made
in order to conform to the respective reserves cases. Abandonment costs, which are those costs associated with the removal of equipment, plugging of wells, and reclamation and restoration associated with the abandonment, were provided by Cairn for
each field or contract area and were included as capital costs through escrow payments over the life of the remaining reserves. As of March 31, 2019, Cairn has represented that no additional funding for abandonment costs is required for the
CB/OS-2 PSC. Estimates of operating expenses, capital costs, and abandonment costs provided by Cairn have been considered in determining the economic viability of the undeveloped reserves estimated herein. No escalation of operating expenses,
capital costs, or abandonment costs have been applied. Discussion of Fiscal Terms RJ-ON-90/1 PSC (Rajasthan) Cairn has represented that
under the terms of the PSC signed with the GOI, the Contractor (Cairn and its partners) has the right to recover costs and share in the profit proceeds with the GOI. The Licensee (Oil and Natural Gas Corporation) pays royalties of 20 percent on the
wellhead value of oil and condensate sales and 10 percent on the wellhead value of gas sales. The Contractor is liable for a production tax (termed cess) of 20 percent on the value of oil produced. Royalties and cess are considered
allowable costs for cost recovery purposes. Profits are shared based on a sliding scale tied to the ratio of cumulative revenues divided by cumulative investments (exploration and development). Income taxes are assessable at statutory rates for
domestic and foreign companies (Cairns interests are held by two entities: one domestic entity and one foreign entity). CB/OS-2 PSC (Cambay) Cairn has represented that under the terms of the PSC signed with the GOI, the Contractor has the right to recover costs and share in the profit
proceeds with the GOI. The Contractor is not responsible for royalties or cess under the terms of this contract. Profits are shared based on a sliding scale tied to the after-tax rate of return. Income taxes are assessable at statutory rates for
domestic companies.  15




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DEGOLYER AND MACNAUGHTON  KG-ONN-2003/1 PSC (Nagayalanka) Cairn has represented that under the terms of the PSC signed with the GOI, the Contractor has the right to recover costs with 95 percent of revenue limit and
share in the profit proceeds with the GOI. The Contractor pays royalties of 12.5 percent on the wellhead value of oil and condensate sales and 10 percent on the wellhead value of gas sales. Profits are shared based on a sliding scale tied to the
ratio of cumulative revenues divided by cumulative investments (exploration and development). Income taxes are assessable at statutory rates for domestic companies. PKGM-1 PSC (Ravva) Cairn has represented that under the
terms of the PSC signed with the GOI, the Contractor has the right to recover costs and share in the profit proceeds with the GOI. Royalties are INR481 per metric ton (before the 2019 PSC extension) and INR2,674 per metric ton (after 2019 PSC
extension) on oil sales and 10 percent on the wellhead value of gas sales. Cess rates are INR927 per metric ton (before 2019 PSC extension) and INR5,813 per metric ton (after the 2019 PSC extension) of oil produced. Royalties and cess payments are
deducted before profit sharing, and are not involved in cost recovery calculation. Profits are shared based on a sliding scale tied to the after-tax rate of return. Income taxes are assessable at statutory rates for domestic companies. The estimated future net revenue and present worth of the future net revenue at a discount rate of 10 percent to be derived from the production and sale of
the net proved developed and total proved reserves, as of March 31, 2019, of the properties evaluated using the guidelines established by the SEC are summarized as follows, expressed in millions of Indian rupees (106INR) and millions of United States dollars (106U.S.$):  Proved Developed


Total Proved


Proved Developed


Total ProvedFuture NetRevenue(106INR)


PresentWorth at10 Percent(106INR)


Future NetRevenue(106INR)


PresentWorth at10 Percent(106INR)


Future NetRevenue(106U.S.$)


PresentWorth at10 Percent(106U.S.$)


Future NetRevenue(106U.S.$)


PresentWorth at10 Percent(106U.S.$)136,325



103,684



157,025



114,044



1,968



1,497



2,267



1,646  16




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DEGOLYER AND MACNAUGHTON  Standardized measure of discounted future net cash flows (SMV) and changes therein relating to proved
reserves, as of March 31, 2019, are shown in Table 5. The SMV is the net present worth discounted at 10 percent. Table 6 presents a summary of net reserves and future net revenue. Tables 7 through 14 show the projection of proved developed and
total proved reserves and future net revenue by PSC. In our opinion, the information relating to estimated proved reserves, estimated future net revenue
from proved reserves, and present worth of estimated future net revenue from proved reserves of oil, condensate, and gas contained in this report has been prepared in accordance with Paragraphs 932-235-50-4 through 932-235-50-7, 932-235-50-9,
932-235-50-30, and 932-235-50-31 of the Accounting Standards Update 932-235-50, Extractive Industries  Oil and Gas (Topic 932): Oil and Gas Reserve Estimation and Disclosures (January 2010) of the FASB and Rules 410(a)
(1)(32) of Regulation SX and Rules 302(b), 1201, 1202(a) (1), (2), (3), (4), (8)(i), (ii), and (v)(x), and 1203(a) of Regulation SK of the SEC; provided, however, the reserves and values are presented on a fiscal-year
basis and not on a calendar-year basis. This report does not include certain disclosures required by Item 1202 (a)(8) of Regulation SK and is thus not to be used for inclusion in certain SEC filings. To the extent the above-enumerated rules, regulations, and statements require determinations of an accounting or legal nature, we, as engineers, are
necessarily unable to express an opinion as to whether the above-described information is in accordance therewith or sufficient therefor.  17




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DEGOLYER AND MACNAUGHTON  SUMMARY and CONCLUSIONS Cairn has represented that it holds an interest in certain properties located in India evaluated herein. The estimated net proved developed, proved
undeveloped, and total proved reserves, as of March 31, 2019, of the properties evaluated herein are summarized as follows, expressed in millions of barrels (106bbl), billions of cubic feet
(109ft3), and millions of barrels of oil equivalent (106boe):  Net ReservesOil andCondensate(106bbl)


SalesGas(109ft3)


OilEquivalent(106boe)Proved Developed


101.399



56.448



110.806Proved Undeveloped


25.431



38.917



31.918Total Proved


126.830



95.365



142.724  Note:
Sales gas resereves estimated herein were converted to oil equivalent using an energy equivalent factor of
6,000 cubic feet of gas per 1 barrel of oil equivalent. The estimated present worth discounted at a rate of 10 percent attributable to
Cairns interest in the proved developed and total proved reserves, as of March 31, 2019, of the properties evaluated using the guidelines established by the SEC is summarized as follows, expressed in millions of Indian rupees (106INR) and millions of United States dollars (106U.S.$):  Present Worth at10 Percent(106INR)


Present Worth at10 Percent(106U.S.$)Proved Developed


103,684



1,497Total Proved


114,044



1,646 While the oil and gas industry may be subject to regulatory changes from time to time that could affect an industry
participants ability to recover its reserves, we are not aware of any such governmental actions which would restrict the recovery of the March 31, 2019, estimated reserves.  18




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DEGOLYER AND MACNAUGHTON  DeGolyer and MacNaughton is an independent petroleum engineering consulting firm that has been providing
petroleum consulting services throughout the world since 1936. Our fees were not contingent on the results of our evaluation. This report has been prepared at the request of Cairn. DeGolyer and MacNaughton has used all assumptions, procedures, data,
and methods that it considers necessary to prepare this report.  Submitted,LOGODeGOLYER and MacNAUGHTONTexas Registered Engineering Firm F-716
 SIGNED: April 20, 2019  LOGO  LOGOThomas C. Pence, P.E.Senior Vice PresidentDeGolyer and MacNaughton
  19




---

TABLE 1
WORKING INTERESTS and CONTRACT EXPIRATION DATES
as of MARCH 31,
2019 for CERTAIN
AREAS in
INDIA with interests held
by CAIRN OIL & GAS, DIVISION of VEDANTA LIMITED

LOGO  Country Area

Fiscal Regime


Working Interest(%)


Expiration DatesIndiaCB/OS-2 PSC


PSC



40.0



June 30, 2023KG-ONN-2003/1 PSC


PSC



49.0



September 24, 2031RJ-ON-90/1PSC


PSC



70.0



May 14, 2030PKGM-1 PSC


PSC



22.5



October 27, 2029 These data accompany the report of DeGolyer and MacNaughton and are subject to its specific conditions.




---

TABLE 2
GROSS PROVED RESERVES as
of MARCH 31, 2019
for CERTAIN
FIELDS in
INDIA

LOGO  Gross ReservesProved Developed


Proved Undeveloped


Total ProvedArea Field

Oil andCondensate(106bbl)


SalesGas(109ft3)


OilEquivalent(106boe)


Oil andCondensate(106bbl)


SalesGas(109ft3)


OilEquivalent(106boe)


Oil andCondensate(106bbl)


SalesGas(109ft3)


OilEquivalent(106boe)CB/OS-2 PSCCB-X


0.000



0.000



0.000



0.000



0.000



0.000



0.000



0.000



0.000Gauri


1.677



1.119



1.864



0.000



0.267



0.044



1.677



1.386



1.908Lakshmi


9.638



10.555



11.397



0.000



2.110



0.352



9.638



12.665



11.749Total CB/OS-2 PSC


11.315



11.674



13.261



0.000



2.377



0.396



11.315



14.051



13.657KG-ONN-2003/1 PSCNagayalanka


0.583



1.160



0.776



1.749



3.479



2.329



2.332



4.639



3.105RJ-ON-90/1 PSCAishwariya


32.875



0.000



32.875



2.669



0.000



2.669



35.544



0.000



35.544Aishwariya Barmer Hill


1.666



0.000



1.666



25.334



0.000



25.334



27.000



0.000



27.000Bhagyam


31.760



0.000



31.760



5.487



0.000



5.487



37.247



0.000



37.247GS-V


0.000



0.000



0.000



0.098



0.000



0.098



0.098



0.000



0.098Guda


0.545



0.000



0.545



0.000



0.000



0.000



0.545



0.000



0.545Kaameshwari-1


0.000



0.000



0.000



0.570



0.000



0.570



0.570



0.000



0.570Kaameshwari West-2


0.264



0.000



0.264



0.000



0.000



0.000



0.264



0.000



0.264Mangala


155.818



0.000



155.818



12.660



0.000



12.660



168.478



0.000



168.478N-E


1.186



0.000



1.186



0.230



0.000



0.230



1.416



0.000



1.416N-I


1.756



0.000



1.756



0.000



0.000



0.000



1.756



0.000



1.756Raageshwari Oil


0.520



0.000



0.520



0.000



0.000



0.000



0.520



0.000



0.520Raageshwari Deep Gas


8.441



126.974



29.603



2.825



85.060



17.002



11.266



212.034



46.605Saraswati


0.550



0.000



0.550



0.000



0.000



0.000



0.550



0.000



0.550Shakti


0.000



0.000



0.000



0.248



0.000



0.248



0.248



0.000



0.248Tukaram


0.000



0.000



0.000



1.111



0.000



1.111



1.111



0.000



1.111Total RJ-ON-90/1 PSC


235.381



126.974



256.543



51.232



85.060



65.409



286.613



212.034



321.952PKGM-1 PSCRavva


11.107



9.305



12.658



3.847



0.544



3.938



14.954



9.849



16.596Grand Total


258.386



149.113



283.238



56.828



91.460



72.072



315.214



240.573



355.310  Note:
Sales gas is converted to oil equivalent using an energy equivalent factor of 6,000 cubic feet of gas per 1
barrel of oil equivalent. These data accompany the report of DeGolyer and MacNaughton and are subject to its
specific conditions.




---

TABLE 3
NET PROVED RESERVES as
of MARCH 31, 2019
for CERTAIN AREAS
in INDIA
with interests held by
CAIRN OIL & GAS, DIVISION of VEDANTA LIMITED

LOGO  Net ReservesProved Developed


Proved Undeveloped


Total ProvedArea

Oil andCondensate(106bbl)


SalesGas(109ft3)


OilEquivalent(106boe)


Oil andCondensate(106bbl)


SalesGas(109ft3)


OilEquivalent(106boe)


Oil andCondensate(106bbl)


SalesGas(109ft3)


OilEquivalent(106boe)CB/OS-2 PSC


2.730



2.816



3.199



0.008



0.581



0.105



2.738



3.397



3.304KG-ONN-2003/1 PSC


0.284



0.564



0.378



0.851



1.692



1.133



1.135



2.256



1.511RJ-ON-90/1 PSC


97.403



52.244



106.110



24.101



36.428



30.173



121.504



88.672



136.283PKGM-1 PSC


0.982



0.824



1.119



0.471



0.216



0.507



1.453



1.040



1.626Total


101.399



56.448



110.806



25.431



38.917



31.918



126.830



95.365



142.724  Note:
Sales gas is converted to oil equivalent using an energy equivalent factor of 6,000 cubic feet of gas per 1
barrel of oil equivalent. These data accompany the report of DeGolyer and MacNaughton and are subject to its
specific conditions.




---

TABLE 4
RECONCILIATION of NET PROVED RESERVES
as of MARCH 31,
2019 for CERTAIN
AREAS in
INDIA with interests held
by CAIRN OIL & GAS, DIVISION of VEDANTA LIMITED

LOGO  Oil andCondensate(106bbl)


SalesGas(109ft3)


OilEquivalent(106boe)Proved Developed and Undeveloped Reserves as of March 31, 2018


47.356



11.161



49.216Revisions


99.813



89.219



114.682Improved Recovery


4.873



0.052



4.882Purchases or (Sales) of Minerals in Place


0.000



0.000



0.000Extensions and Discoveries


2.314



2.745



2.772Annual Production


(27.526
)


(7.812
)


(28.828
)Proved Developed and Undeveloped Reserves as of March 31, 2019


126.830



95.365



142.724Proved Developed ReservesMarch 31, 2018


38.586



9.866



40.230March 31, 2019


101.399



56.448



110.806  Note:
Sales gas is converted to oil equivalent using a factor of 6,000 cubic feet of gas per 1 barrel of oil
equivalent. These data accompany the report of DeGolyer and MacNaughton and are subject to its
specific conditions.




---

TABLE 5
STANDARDIZED MEASURE of DISCOUNTED FUTURE NET CASH FLOWS and CHANGES THEREIN relating to PROVED RESERVES
as of MARCH 31,
2019 for CERTAIN
AREAS in
INDIA with interests held
by CAIRN OIL & GAS, DIVISION of VEDANTA LIMITED

LOGO  TotalProved(106 INR)


TotalProved(106 U.S.$)Future cash inflows


629,770



9,089Future production costs


349,686



5,047Future development costs


55,167



796Future income tax expenses


67,890



980Future net cash flows


157,025



2,26610% annual discount for estimated timing of cash flows


(42,981
)


(620
)Standardized measure of discounted future net cash flows


114,044



1,646The following are the principal sources of change in the standardized measure of discounted future
net cash flows during Fiscal Year 2018:Standardized Measure March 31, 2018


46,315



712Sales and transfers of oil and gas produced, net of production costs


(77,131
)


(1,113
)Net changes in prices and production costs


42,652



571Extensions, discoveries and improved recovery


12,071



174Development costs incurred during the period


58,242



841Revisions of previous quantity estimates


158,825



2,293Change in estimated development costs


(85,499
)


(1,234
)Purchase or (Sales) of Minerals in Place


0



0Accretion of discount


4,985



72Net change in income taxes


(46,416
)


(670
)Standardized Measure March 31, 2019


114,044



1,646 Notes:  1.
Indian Rupees (INR) were converted to United States dollars (U.S.$) using an exchange rate of INR69.28 per
U.S.$1.00. 2.
For 2018, an exchange rate of INR 65.04 per U.S.$1.00 was used. These data accompany the report of DeGolyer and MacNaughton and are subject to its specific conditions.




---

TABLE 6
SUMMARY of NET RESERVES and FUTURE NET REVENUE
as of MARCH 31,
2019 for CERTAIN
PROPERTIES in
INDIA with interests held
by CAIRN OIL & GAS, DIVISION of VEDANTA LIMITED

LOGO  Net Reserves


FutureGross


Royalty


Operating


Capital


Income


Future Net


PresentWorthReserves Category

Oil(106bbl)


Sales Gas(109ft3)


Revenue(106INR)


and Cess(106INR)


Expenses(106INR)


Costs(106INR)


Tax(106INR)


Revenue(106INR)


at 10 Percent(106INR)Proved Developed


101.399



56.448



494,955



125,590



166,202



12,731



54,106



136,325



103,684Proved Undeveloped


25.431



38.917



134,815



27,867



30,027



42,436



13,784



20,700



10,360Total Proved


126.830



95.365



629,770



153,457



196,229



55,167



67,890



157,025



114,044  Note:
Capital costs include abandonment. These data accompany the report of DeGolyer and MacNaughton and are subject to its specific conditions.




---

TABLE 7
PROJECTION OF PROVED DEVELOPED RESERVES and FUTURE NET REVENUE
as of MARCH 31,
2019 for CERTAIN
FIELDS located in the
CB/OS-2 PSC
INDIA with interests held
by CAIRN OIL & GAS, DIVISION of VEDANTA LIMITED

LOGO  Future

















PresentOil and Condensate


Sales Gas








Gross


Royalty


Operating


Capital


Income


Future Net


WorthFiscalYear

Gross(106bbl)


Net(106bbl)


Gross(109ft3)


Net(109ft3)


Oil Price(INR/bbl)


Gas Price(INR/103ft3)


Revenue(106INR)


and Cess(106INR)


Expenses(106INR)


Costs(106INR)


Tax(106INR)


Revenue(106INR)


at 10 Percent(106INR)2019


5.189



1.242



5.316



1.272



4,733.90



355.41



6,586



0



966



445



1,788



3,386



3,2102020


3.000



0.736



3.182



0.781



4,733.90



355.41



4,019



0



643



386



1,025



1,965



1,6862021


1.769



0.422



2.010



0.480



4,733.90



355.41



2,170



0



382



103



539



1,146



8902022


1.046



0.251



0.900



0.216



4,733.90



355.41



1,263



0



263



31



288



680



4782023


0.311



0.079



0.266



0.067



4,733.90



355.41



396



0



125



8



7



256



1632024


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02025


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02026


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02027


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02028


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02029


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02030


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02031


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02032


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02033


0.000



0.000



0.000



0.000











0



0



0



0



0



0



0Total


11.315



2.730



11.674



2.816











14,434



0



2,379



973



3,647



7,433



6,427 These data accompany the report of DeGolyer and MacNaughton and are subject to its specific conditions.




---

TABLE 8
PROJECTION OF TOTAL PROVED RESERVES and FUTURE NET REVENUE
as of MARCH 31,
2019 for CERTAIN
FIELDS located in the
CB/OS-2 PSC
INDIA with interests held
by CAIRN OIL & GAS, DIVISION of VEDANTA LIMITED

LOGO  Future

















PresentOil and Condensate


Sales Gas








Gross


Royalty


Operating


Capital


Income


Future Net


WorthFiscalYear

Gross(106bbl)


Net(106bbl)


Gross(109ft3)


Net(109ft3)


Oil Price(INR/bbl)


Gas Price(INR/103ft3)


Revenue(106INR)


and Cess(106INR)


Expenses(106INR)


Costs(106INR)


Tax(106INR)


Revenue(106INR)


at 10 Percent(106INR)2019


5.189



1.252



6.151



1.484



4,733.90



355.41



6,710



0



966



574



1,805



3,365



3,1902020


3.000



0.735



3.973



0.973



4,733.90



355.41



4,080



0



643



386



1,043



2,007



1,7222021


1.769



0.421



2.761



0.657



4,733.90



355.41



2,228



0



382



103



556



1,186



9212022


1.046



0.251



0.900



0.216



4,733.90



355.41



1,263



0



263



31



286



682



4802023


0.311



0.079



0.266



0.067



4,733.90



355.41



396



0



125



8



7



256



1632024


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02025


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02026


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02027


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02028


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02029


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02030


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02031


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02032


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02033


0.000



0.000



0.000



0.000











0



0



0



0



0



0



0Total


11.315



2.738



14.051



3.397











14,677



0



2,379



1,102



3,697



7,496



6,476 These data accompany the report of DeGolyer and MacNaughton and are subject to its specific conditions.




---

TABLE 9
PROJECTION OF PROVED DEVELOPED RESERVES and FUTURE NET REVENUE
as of MARCH 31,
2019 for the
NAGAYALANKA FIELD located
in the KG-ONN-2003/1 PSC
INDIA with interests held
by CAIRN OIL & GAS, DIVISION of VEDANTA LIMITED

LOGO  Future

















PresentOil and Condensate


Sales Gas








Gross


Royalty


Operating


Capital


Income


Future Net


WorthFiscal
Year

Gross(106bbl)


Net(106bbl)


Gross(109ft3)


Net(109ft3)


Oil Price(INR/bbl)


Gas Price(INR/103ft3)


Revenue(106INR)


and Cess(106INR)


Expenses(106INR)


Costs(106INR)


Tax(106INR)


Revenue(106INR)


at 10 Percent(106INR)2019


0.244



0.119



0.503



0.245



4,859.99



351.94



663



76



142



23



0



422



4002020


0.099



0.048



0.174



0.085



4,859.99



351.94



264



30



54



9



0



171



1472021


0.075



0.036



0.138



0.067



4,859.99



351.94



201



23



43



7



0



128



992022


0.056



0.027



0.108



0.053



4,859.99



351.94



151



17



34



5



0



95



662023


0.043



0.021



0.087



0.042



4,859.99



351.94



117



13



27



4



0



72



462024


0.024



0.012



0.052



0.025



4,859.99



351.94



66



8



16



3



0



40



232025


0.018



0.009



0.040



0.019



4,859.99



351.94



49



6



12



2



0



30



162026


0.014



0.007



0.033



0.016



4,859.99



351.94



39



4



10



2



0



23



112027


0.010



0.005



0.025



0.012



4,859.99



351.94



28



3



7



1



0



16



72028


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02029


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02030


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02031


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02032


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02033


0.000



0.000



0.000



0.000











0



0



0



0



0



0



0Total


0.583



0.284



1.160



0.564











1,578



180



345



56



0



997



815  Note:
Capital costs include abandonment. These data accompany the report of DeGolyer and MacNaughton and are subject to its specific conditions.




---

TABLE 10
PROJECTION OF TOTAL PROVED RESERVES and FUTURE NET REVENUE
as of MARCH 31,
2019 for the
NAGAYALANKA FIELD located
in the KG-ONN-2003/1 PSC
INDIA with interests held
by CAIRN OIL & GAS, DIVISION of VEDANTA LIMITED

LOGO  Future

















PresentOil and Condensate


Sales Gas








Gross


Royalty


Operating


Capital


Income


Future Net


WorthFiscal
Year

Gross(106bbl)


Net(106bbl)


Gross(109ft3)


Net(109ft3)


Oil Price(INR/bbl)


Gas Price(INR/103ft3)


Revenue(106INR)


and Cess(106INR)


Expenses(106INR)


Costs(106INR)


Tax(106INR)


Revenue(106INR)


at 10 Percent(106INR)2019


0.595



0.289



1.074



0.522



4,859.99



351.94



1,590



182



335



977



0



95



902020


0.392



0.191



0.689



0.335



4,859.99



351.94



1,044



120



212



18



0



695



5962021


0.306



0.149



0.564



0.274



4,859.99



351.94



820



94



175



14



0



536



4172022


0.244



0.119



0.472



0.230



4,859.99



351.94



657



75



146



12



0



424



2982023


0.199



0.097



0.406



0.197



4,859.99



351.94



540



62



125



10



0



343



2182024


0.153



0.074



0.328



0.160



4,859.99



351.94



418



48



99



8



0



263



1512025


0.118



0.057



0.264



0.128



4,859.99



351.94



324



37



79



6



0



202



1052026


0.086



0.042



0.203



0.099



4,859.99



351.94



238



27



60



5



0



147



692027


0.072



0.035



0.179



0.087



4,859.99



351.94



201



23



51



4



0



122



522028


0.055



0.027



0.144



0.070



4,859.99



351.94



155



18



41



3



0



93



362029


0.049



0.024



0.134



0.065



4,859.99



351.94



139



16



37



3



0



83



292030


0.043



0.021



0.123



0.060



4,859.99



351.94



123



14



34



3



0



72



982031


0.020



0.010



0.059



0.029



4,859.99



351.94



58



7



16



1



0



34



792032


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02033


0.000



0.000



0.000



0.000











0



0



0



0



0



0



0Total


2.332



1.135



4.639



2.256











6,307



723



1,410



1,064



0



3,109



2,238  Note:
Capital costs include abandonment. These data accompany the report of DeGolyer and MacNaughton and are subject to its specific conditions.




---

TABLE 11
PROJECTION OF PROVED DEVELOPED RESERVES and FUTURE NET REVENUE
as of MARCH 31,
2019 for CERTAIN
FIELDS located in the
RJ-ON-90/1 PSC RAJASTHAN
STATE, INDIA with interests held by
CAIRN OIL & GAS, DIVISION of VEDANTA LIMITED

LOGO  Future

















PresentOil and Condensate


Sales Gas








Gross


Royalty


Operating


Capital


Income


Future Net


WorthFiscal
Year

Gross(106bbl)


Net(106bbl)


Gross(109ft3)


Net(109ft3)


Oil Price(INR/bbl)


Gas Price(INR/103ft3)


Revenue(106INR)


and Cess(106INR)


Expenses(106INR)


Costs(106INR)


Tax(106INR)


Revenue(106INR)


at 10 Percent(106INR)2019


47.694



20.948



34.041



14.951



4,563.47



502.97



103,116



25,393



18,239



2,422



18,933



38,130



36,1432020


36.933



13.737



21.728



8.082



4,563.47



523.76



66,921



19,663



16,642



1,831



8,341



20,443



17,5412021


29.262



10.932



15.640



5.843



4,563.47



545.93



53,075



15,579



14,570



1,429



5,923



15,575



12,0972022


24.211



9.425



14.014



5.456



4,563.47



554.93



46,039



12,890



15,305



1,174



4,404



12,266



8,6242023


20.564



8.351



11.011



4.472



4,563.47



579.18



40,699



10,948



15,766



986



3,283



9,715



6,1832024


17.508



7.355



8.637



3.628



4,563.47



609.66



35,775



9,321



15,374



832



2,476



7,772



4,4772025


15.086



6.592



6.814



2.978



4,563.47



648.46



32,015



8,032



15,284



712



1,820



6,168



3,2162026


13.066



5.793



5.344



2.369



4,563.47



695.57



28,086



6,956



13,882



613



1,486



5,148



2,4302027


11.373



5.114



4.167



1.874



4,563.47



695.57



24,639



6,055



12,550



530



1,211



4,293



1,8342028


9.935



4.566



3.122



1.435



4,563.47



695.57



21,834



5,289



11,638



458



939



3,509



1,3572029


8.712



4.098



2.264



1.065



4,563.47



695.57



19,442



4,638



10,842



399



712



2,851



9982030


1.037



0.492



0.192



0.091



4,563.47



695.57



2,307



552



1,303



47



119



286



912031


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02032


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02033


0.000



0.000



0.000



0.000











0



0



0



0



0



0



0Total


235.381



97.403



126.974



52.244











473,948



125,316



161,395



11,433



49,647



126,156



94,991  Note:
Capital costs include abandonment. These data accompany the report of DeGolyer and MacNaughton and are subject to its specific conditions.




---

TABLE 12
PROJECTION OF TOTAL PROVED RESERVES and FUTURE NET REVENUE
as of MARCH 31,
2019 for CERTAIN
FIELDS located in the
RJ-ON-90/1 PSC RAJASTHAN
STATE, INDIA with interests held by
CAIRN OIL & GAS, DIVISION of VEDANTA LIMITED

LOGO  Future

















PresentOil and Condensate


Sales Gas








Gross


Royalty


Operating


Capital


Income


Future Net


WorthFiscal
Year

Gross(106bbl)


Net(106bbl)


Gross(109ft3)


Net(109ft3)


Oil Price(INR/bbl)


Gas Price(INR/103ft3)


Revenue(106INR)


and Cess(106INR)


Expenses(106INR)


Costs(106INR)


Tax(106INR)


Revenue(106INR)


at 10 Percent(106INR)2019


53.792



26.108



39.824



19.329



4,563.47



497.43



128,757



28,639



20,109



33,876



18,980



27,153



25,7382020


43.848



18.219



44.439



18.465



4,563.47



493.97



92,263



23,345



19,129



8,343



13,500



27,947



23,9792021


35.085



12.839



36.370



13.309



4,563.47



500.20



65,246



18,679



16,633



1,823



7,844



20,266



15,7402022


28.953



11.053



24.086



9.195



4,563.47



517.52



55,197



15,415



17,131



1,455



5,607



15,590



10,9612023


24.233



9.637



16.877



6.712



4,563.47



540.38



47,604



12,902



17,289



1,169



4,069



12,176



7,7492024


21.676



8.899



14.555



5.975



4,563.47



551.47



43,905



11,540



17,725



1,047



3,374



10,219



5,8872025


19.035



8.120



11.163



4.762



4,563.47



577.80



39,805



10,134



17,911



911



2,591



8,258



4,3072026


16.892



7.314



8.637



3.740



4,563.47



609.66



35,659



8,993



16,658



800



2,197



7,011



3,3102027


15.201



6.667



6.725



2.949



4,563.47



651.23



32,345



8,093



15,575



713



1,922



6,041



2,5822028


13.905



6.224



5.132



2.297



4,563.47



695.57



29,999



7,403



15,125



647



1,655



5,169



1,9992029


12.647



5.793



3.871



1.773



4,563.47



695.57



27,667



6,733



14,637



583



1,373



4,341



1,5202030


1.346



0.631



0.355



0.166



4,563.47



695.57



2,996



717



1,659



63



164



393



1252031


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02032


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02033


0.000



0.000



0.000



0.000











0



0



0



0



0



0



0Total


286.613



121.504



212.034



88.672











601,443



152,593



189,581



51,430



63,276



144,564



103,897  Note:
Capital costs include abandonment. These data accompany the report of DeGolyer and MacNaughton and are subject to its specific conditions.




---

TABLE 13
PROJECTION OF PROVED DEVELOPED RESERVES and FUTURE NET REVENUE
as of MARCH 31,
2019 for the
RAVVA FIELD located in
the PKGM-1 PSC
BAY OF BENGAL, INDIA with
interests held by CAIRN OIL & GAS, DIVISION of VEDANTA LIMITED

LOGO  Future

















PresentOil and Condensate


Sales Gas








Gross


Royalty


Operating


Capital


Income


Future Net


WorthFiscal
Year

Gross(106bbl)


Net(106bbl)


Gross(109ft3)


Net(109ft3)


Oil Price(INR/bbl)


Gas Price(INR/103ft3)


Revenue(106INR)


and Cess(106INR)


Expenses(106INR)


Costs(106INR)


Tax(106INR)


Revenue(106INR)


at 10 Percent(106INR)2019


3.610



0.362



4.137



0.415



4,839.90



293.82



1,875



0



631



38



403



803



7612020


2.350



0.168



2.119



0.151



4,839.90



296.46



856



47



302



38



150



319



2742021


1.576



0.114



1.178



0.085



4,839.90



298.24



576



0



208



28



107



232



1812022


1.090



0.085



0.701



0.055



4,839.90



299.82



427



0



186



22



67



153



1072023


0.768



0.069



0.420



0.038



4,839.90



300.81



346



0



191



22



39



94



602024


0.544



0.053



0.260



0.025



4,839.90



302.07



265



47



158



22



7



31



182025


0.398



0.042



0.176



0.019



4,839.90



303.15



210



0



133



22



15



40



212026


0.295



0.032



0.126



0.014



4,839.90



303.74



159



0



98



22



10



29



142027


0.223



0.026



0.090



0.010



4,839.90



304.96



128



0



81



22



6



20



82028


0.165



0.020



0.064



0.008



4,839.90



306.22



100



0



62



22



4



13



52029


0.088



0.011



0.034



0.004



4,839.90



306.22



53



0



33



11



4



5



22030


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02031


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02032


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02033


0.000



0.000



0.000



0.000











0



0



0



0



0



0



0Total


11.107



0.982



9.305



0.824











4,995



94



2,083



269



812



1,739



1,451  Note:
Capital costs include abandonment. These data accompany the report of DeGolyer and MacNaughton and are subject to its specific conditions.




---

TABLE 14
PROJECTION OF TOTAL PROVED RESERVES and FUTURE NET REVENUE
as of MARCH 31,
2019 for the
RAVVA FIELD located in
the PKGM-1 PSC
BAY OF BENGAL, INDIA with
interests held by CAIRN OIL & GAS, DIVISION of VEDANTA LIMITED

LOGO  Future

















PresentOil and Condensate


Sales Gas








Gross


Royalty


Operating


Capital


Income


Future Net


WorthFiscal
Year

Gross(106bbl)


Net(106bbl)


Gross(109ft3)


Net(109ft3)


Oil Price(INR/bbl)


Gas Price(INR/103ft3)


Revenue(106INR)


and Cess(106INR)


Expenses(106INR)


Costs(106INR)


Tax(106INR)


Revenue(106INR)


at 10 Percent(106INR)2019


3.610



0.502



4.137



0.576



4,839.90



293.82



2,601



0



631



1,168



427



374



3552020


3.189



0.250



2.239



0.175



4,839.90



296.98



1,261



47



410



210



175



419



3602021


2.447



0.175



1.300



0.093



4,839.90



298.99



873



0



323



28



134



388



3012022


1.743



0.134



0.792



0.061



4,839.90



300.55



668



47



298



22



68



234



1642023


1.258



0.112



0.489



0.043



4,839.90



301.57



553



0



312



22



48



171



1092024


0.911



0.087



0.312



0.030



4,839.90



302.76



431



0



265



22



29



115



662025


0.673



0.069



0.215



0.022



4,839.90



303.71



343



0



225



22



17



78



412026


0.500



0.052



0.156



0.016



4,839.90



304.21



258



0



166



22



12



58



272027


0.370



0.041



0.111



0.012



4,839.90



305.19



202



0



134



22



7



40



172028


0.165



0.020



0.064



0.008



4,839.90



306.22



100



0



62



22



0



17



62029


0.088



0.011



0.034



0.004



4,839.90



306.22



53



47



33



11



0



(38
)


(13
)2030


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02031


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02032


0.000



0.000



0.000



0.000











0



0



0



0



0



0



02033


0.000



0.000



0.000



0.000











0



0



0



0



0



0



0Total


14.954



1.453



9.849



1.040











7,343



141



2,859



1,571



917



1,856



1,433  Note:
Capital costs include abandonment. These data accompany the report of DeGolyer and MacNaughton and are subject to its specific conditions.