Exhibit 15.11 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, 2020 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 .


4Source of Information


4DEFINITION of RESERVES


5ESTIMATION of RESERVES


10VALUATION of RESERVES


13Discussion of Fiscal Terms


14RJ-ON-90/1 PSC
(Rajasthan)


14CB/OS-2 PSC (Cambay)


14KG-ONN-2003/1 PSC
(Nagayalanka)


15PKGM-1 PSC (Ravva)


15SUMMARY and CONCLUSIONS


17TABLESTable 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, 2020 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, 2020, 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, 2020. 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 (16 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, Saraswati-4 Basement, 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 were 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 EntitlementInterestContract Area

Oil andCondensate(percent)


SalesGas(percent)CB/OS-2 PSC


23.65



23.64KG-ONN-2003/1
PSC


48.53



48.64RJ-ON-90/1
PSC


41.99



41.75PKGM-1 PSC


8.43



8.04  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 INR74.81 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 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 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. Abandonment costs are represented by Cairn to be inclusive of those costs
associated with the removal of equipment, plugging of wells, and reclamation and restoration associated with the abandonment. Present worth is defined as 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.  3




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DEGOLYER AND MACNAUGHTON  Authority This report was authorized by Mr. M. Suresh Kumar, Chief Reservoir Engineer, Cairn Oil & Gas, Division of Vedanta Limited. 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 thosequantities 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 thatare 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 thatare 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 arereserves 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 reservesare 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 (revised June 2019) Approved by the SPE Board on 25 June 2019. 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. The proved undeveloped reserves estimates were based on opportunities identified in the plan of development provided by Cairn. 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.  10




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DEGOLYER AND MACNAUGHTON  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. 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, 2020, 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, 2020. Cumulative production, as of
March 31, 2020, 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 quantities 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 quantities included in this report are expressed in billions
of cubic feet (109ft3).  11




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DEGOLYER AND MACNAUGHTON  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. 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. 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:  Contract 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 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. 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


Net231.297



91.490



250.980



100.451



30.296



12.554



43.472



18.573



261.593



104.044



294.452



119.024  12




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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 INR74.81 per U.S.$1.00 was used
based on representation from Cairn that it was the prevailing exchange rate on March 31, 2020. 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.$58.80 per barrel for oil and condensate, based on a 12-month average Brent reference price of U.S.$62.59 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.$4.07 per thousand cubic feet. The
average contract prices for each contract area were held constant for the lives of the properties.  13




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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, 2020, 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 (ONGC), 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 ad-valorem. 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 and the same are payable by Licensee (ONGC). 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.  14




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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 ad-valorem 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 were paid at a rate of INR481 per metric ton for oil and 10 percent ad-valorem of the wellhead value for gas sales until October 2019 (in accordance with the terms of the original PSC).
Royalties after October 2019 (in accordance with the terms of the PSC extension) are paid at a rate of 10 percent on the wellhead value for oil and gas sales. Cess rates were INR900 per metric ton of oil until October 2019 (in accordance with
the terms of the original PSC). Cess rates after October 2019 are paid at a rate of 20 percent ad-valorem on the wellhead value of oil sales (in accordance with the terms of the PSC extension). Royalties
and cess payments are deducted before profit sharing. 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 discounted at a 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, 2020, 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.$):  15




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DEGOLYER AND MACNAUGHTON  Proved Developed


Total Proved


Proved Developed


Total ProvedFuture NetRevenue(106INR)


PresentWorth at 10Percent(106INR)


Future NetRevenue(106INR)


PresentWorth at 10Percent(106INR)


Future NetRevenue(106U.S.$)


PresentWorth at 10Percent(106U.S.$)


Future NetRevenue(106U.S.$)


PresentWorth at 10Percent(106U.S.$)112,210



82,978



120,003



86,705



1,500



1,109



1,604



1,159 Standardized measure of discounted future net cash flows (SMV) and changes therein relating to proved reserves, as of
March 31, 2020, 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.  16




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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, 2020, 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


91.490



100.451



108.233Proved Undeveloped


12.554



18.573



15.649Total Proved


104.044



119.024



123.882  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, 2020, 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


82,978



1,109Total Proved


86,705



1,159 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, 2020, estimated reserves.  17




---

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, 2020  LOGO  LOGOThomas C. Pence, P.E.Senior Vice PresidentDeGolyer and MacNaughton
  18




---

TABLE 1
WORKING INTERESTS and CONTRACT EXPIRATION DATES
as of MARCH 31,
2020 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, 2020
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


1.115



0.972



1.277



0.000



0.000



0.000



1.115



0.972



1.277Lakshmi


6.465



5.525



7.386



0.000



1.041



0.173



6.465



6.566



7.559Total CB/OS-2 PSC


7.580



6.497



8.663



0.000



1.041



0.173



7.580



7.538



8.836KG-ONN-2003/1
PSCNagayalanka


1.867



3.277



2.413



0.000



0.000



0.000



1.867



3.277



2.413RJ-ON-90/1
PSCAishwariya


27.210



0.000



27.210



2.858



0.000



2.858



30.068



0.000



30.068Aishwariya Barmer Hill


19.286



0.000



19.286



4.802



0.000



4.802



24.088



0.000



24.088Bhagyam


27.570



0.000



27.570



4.765



0.000



4.765



32.335



0.000



32.335GS-V


0.000



0.000



0.000



0.098



0.000



0.098



0.098



0.000



0.098Guda


0.334



0.000



0.334



0.000



0.000



0.000



0.334



0.000



0.334Kaameshwari-1


0.000



0.000



0.000



0.570



0.000



0.570



0.570



0.000



0.570Kaameshwari West-2


0.229



0.000



0.229



0.000



0.000



0.000



0.229



0.000



0.229Mangala


123.466



0.000



123.466



10.532



0.000



10.532



133.998



0.000



133.998N-E


1.123



0.000



1.123



0.000



0.000



0.000



1.123



0.000



1.123N-I


1.381



0.000



1.381



0.000



0.000



0.000



1.381



0.000



1.381Raageshwari Deep Gas


10.988



233.577



49.918



1.176



41.846



8.150



12.164



275.423



58.068Raageshwari Oil


0.588



0.000



0.588



0.000



0.000



0.000



0.588



0.000



0.588Saraswati


0.232



0.000



0.232



0.000



0.000



0.000



0.232



0.000



0.232Saraswati-4 Basement


0.095



0.000



0.095



0.000



0.000



0.000



0.095



0.000



0.095Shakti


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


212.502



233.577



251.432



26.160



41.846



33.134



238.662



275.423



284.566PKGM-1 PSCRavva


9.348



7.629



10.620



4.136



0.585



4.233



13.484



8.214



14.853Grand Total


231.297



250.980



273.128



30.296



43.472



37.540



261.593



294.452



310.668  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, 2020
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


1.790



1.533



2.046



0.003



0.249



0.044



1.793



1.782



2.090KG-ONN-2003/1
PSC


0.906



1.594



1.172



0.000



0.000



0.000



0.906



1.594



1.172RJ-ON-90/1
PSC


88.020



96.729



104.142



12.188



18.259



15.231



100.208



114.988



119.373PKGM-1 PSC


0.774



0.595



0.873



0.363



0.065



0.374



1.137



0.660



1.247Total


91.490



100.451



108.233



12.554



18.573



15.649



104.044



119.024



123.882  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,
2020 for CERTAIN
AREAS in
INDIA with interests held
by CAIRN OIL & GAS, DIVISION of VEDANTA LIMITED

LOGO  Proved Developed and Undeveloped

Oil andCondensate(106bbl)


SalesGas(109ft3)


OilEquivalent(106boe)Reserves as of March 31, 2019


126.830



95.365



142.724Revisions


5.403



42.373



12.466Improved Recovery


0.000



0.000



0.000Purchases or (Sales) of Minerals in Place


0.000



0.000



0.000Extensions and Discoveries


0.040



0.000



0.040Annual Production


(28.229
)


(18.714
)


(31.348
)Proved Developed and Undeveloped Reserves as of March 31, 2020


104.044



119.024



123.882Proved Developed ReservesMarch 31, 2019


101.399



56.448



110.806March 31, 2020


91.490



100.451



108.233  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,
2020 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


493,984



6,603Future production costs


301,972



4,037Future development costs


28,465



380Future income tax expenses


43,544



582Future net cash flows


120,003



1,60410% annual discount for estimated timing of cash flows


(33,298
)


(445
)Standardized measure of discounted future net cash flows


86,705



1,159The following are the principal sources of change in the standardized measure of discounted future
net cash flows during Fiscal Year 2019:Standardized Measure March 31, 2019


114,044



1,646Sales and transfers of oil and gas produced, net of production costs


(80,409
)


(1,075
)Net changes in prices and production costs


(35,288
)


(594
)Extensions, discoveries and improved recovery


43



1Development costs incurred during the period


39,114



523Revisions of previous quantity estimates


13,595



182Change in estimated development costs


(436
)


(6
)Purchase or (Sales) of Minerals in Place


0



0Accretion of discount


18,193



243Net change in income taxes


17,849



239Standardized Measure March 31, 2020


86,705



1,159 Notes:  1.
Indian Rupees (INR) were converted to United States dollars (U.S.$) using an exchange rate of INR74.81 per
U.S.$1.00. 2.
For FY2019, an exchange rate of INR69.28 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,
2020 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(106 INR)


and Cess(106 INR)


Expenses(106 INR)


Costs(106 INR)


Tax(106 INR)


Revenue(106 INR)


at 10 Percent(106 INR)Proved Developed


91.490



100.451



433,415



109,664



162,476



11,485



37,580



112,210



82,978Proved Undeveloped


12.554



18.573



60,569



13,475



16,357



16,980



5,964



7,793



3,727Total Proved


104.044



119.024



493,984



123,139



178,833



28,465



43,544



120,003



86,705  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,
2020 for CERTAIN
FIELDS located in the
CB/OS-2 PSC
INDIA with interests held
by CAIRN OIL & GAS, DIVISION of VEDANTA LIMITED

LOGO  Oil and Condensate


Sales Gas








FutureGross


Royalty


Operating


Capital


Income


FutureNet


PresentWorthFiscalYear

Gross(106bbl)


Net(106bbl)


Gross(109ft3)


Net(109ft3)


Oil Price(INR/bbl)


Gas Price(INR/103ft3)


Revenue(106 INR)


and Cess(106 INR)


Expenses(106 INR)


Costs(106 INR)


Tax(106 INR)


Revenue(106 INR)


at 10 Percent(106 INR)2020


3.592



0.865



3.077



0.741



4,371.90



385.27



4,067



0



920



84



1,012



2,051



1,9452021


2.192



0.505



2.076



0.478



4,371.90



385.27



2,391



0



324



34



656



1,377



1,1812022


1.359



0.317



1.002



0.234



4,371.90



385.27



1,475



0



221



24



384



846



6562023


0.437



0.103



0.342



0.080



4,371.90



385.27



479



0



77



6



15



381



2682024


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



02034


0.000



0.000



0.000



0.000











0



0



0



0



0



0



0Total


7.580



1.790



6.497



1.533











8,412



0



1,542



148



2,067



4,655



4,050 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,
2020 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(106 INR)


and Cess(106 INR)


Expenses(106 INR)


Costs(106 INR)


Tax(106 INR)


Revenue(106 INR)


at 10 Percent(106 INR)2020


3.592



0.868



3.611



0.872



4,371.90



385.27



4,130



0



941



100



1,023



2,066



1,9582021


2.192



0.505



2.583



0.596



4,371.90



385.27



2,439



0



336



34



669



1,400



1,2022022


1.359



0.317



1.002



0.234



4,371.90



385.27



1,475



0



221



24



384



846



6572023


0.437



0.103



0.342



0.080



4,371.90



385.27



479



0



77



6



15



381



2682024


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



02034


0.000



0.000



0.000



0.000











0



0



0



0



0



0



0Total


7.580



1.793



7.538



1.782











8,523



0



1,575



164



2,091



4,693



4,085 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,
2020 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


WorthFiscalYear

Gross(106bbl)


Net(106bbl)


Gross(109ft3)


Net(109ft3)


Oil Price(INR/bbl)


Gas Price(INR/103ft3)


Revenue(106 INR)


and Cess(106 INR)


Expenses(106 INR)


Costs(106 INR)


Tax(106 INR)


Revenue(106 INR)


at 10 Percent(106 INR)2020


0.451



0.219



0.707



0.344



4,264.17



230.22



1,014



117



230



51



61



555



5272021


0.340



0.165



0.559



0.272



4,264.17



230.22



768



88



221



46



35



378



3232022


0.261



0.127



0.449



0.218



4,264.17



230.22



592



68



180



40



23



281



2182023


0.206



0.100



0.371



0.180



4,264.17



230.22



469



54



117



29



45



224



1582024


0.150



0.073



0.267



0.130



4,264.17



230.22



341



39



86



25



55



136



862025


0.117



0.057



0.215



0.105



4,264.17



230.22



267



31



69



22



41



104



602026


0.090



0.044



0.169



0.082



4,264.17



230.22



206



24



54



19



29



80



412027


0.075



0.036



0.150



0.073



4,264.17



230.22



172



20



46



18



24



64



312028


0.062



0.030



0.129



0.063



4,264.17



230.22



143



16



39



17



19



52



232029


0.052



0.025



0.114



0.055



4,264.17



230.22



121



14



33



15



15



44



172030


0.044



0.021



0.102



0.050



4,264.17



230.22



103



12



29



15



12



35



122031


0.019



0.009



0.045



0.022



4,264.17



230.22



45



5



13



12



1



14



192032


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



02034


0.000



0.000



0.000



0.000











0



0



0



0



0



0



0Total


1.867



0.906



3.277



1.594











4,241



488



1,117



309



360



1,967



1,515  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,
2020 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


WorthFiscalYear

Gross(106bbl)


Net(106bbl)


Gross(109ft3)


Net(109ft3)


Oil Price(INR/bbl)


Gas Price(INR/103ft3)


Revenue(106 INR)


and Cess(106 INR)


Expenses(106 INR)


Costs(106 INR)


Tax(106 INR)


Revenue(106 INR)


at 10 Percent(106 INR)2020


0.451



0.219



0.707



0.344



4,264.17



230.22



1,014



117



230



51



61



555



5272021


0.340



0.165



0.559



0.272



4,264.17



230.22



768



88



221



46



35



378



3232022


0.261



0.127



0.449



0.218



4,264.17



230.22



592



68



180



40



23



281



2182023


0.206



0.100



0.371



0.180



4,264.17



230.22



469



54



117



29



45



224



1582024


0.150



0.073



0.267



0.130



4,264.17



230.22



341



39



86



25



55



136



862025


0.117



0.057



0.215



0.105



4,264.17



230.22



267



31



69



22



41



104



602026


0.090



0.044



0.169



0.082



4,264.17



230.22



206



24



54



19



29



80



412027


0.075



0.036



0.150



0.073



4,264.17



230.22



172



20



46



18



24



64



312028


0.062



0.030



0.129



0.063



4,264.17



230.22



143



16



39



17



19



52



232029


0.052



0.025



0.114



0.055



4,264.17



230.22



121



14



33



15



15



44



172030


0.044



0.021



0.102



0.050



4,264.17



230.22



103



12



29



15



12



35



122031


0.019



0.009



0.045



0.022



4,264.17



230.22



45



5



13



12



1



14



192032


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



02034


0.000



0.000



0.000



0.000











0



0



0



0



0



0



0Total


1.867



0.906



3.277



1.594











4,241



488



1,117



309



360



1,967



1,515  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,
2020 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


WorthFiscalYear

Gross(106bbl)


Net(106bbl)


Gross(109ft3)


Net(109ft3)


Oil Price(INR/bbl)


Gas Price(INR/103ft3)


Revenue(106 INR)


and Cess(106 INR)


Expenses(106 INR)


Costs(106 INR)


Tax(106 INR)


Revenue(106 INR)


at 10 Percent(106 INR)2020


43.176



18.531



40.472



17.371



4,399.58



297.00



86,689



22,162



27,486



2,128



9,975



24,938



23,6392021


34.368



13.737



38.193



15.266



4,399.58



297.74



64,981



17,641



22,674



1,733



5,828



17,105



14,6782022


27.641



11.013



30.806



12.274



4,399.58



301.48



52,151



14,188



18,738



1,419



4,290



13,516



10,4972023


23.123



9.323



25.535



10.295



4,399.58



305.97



44,167



11,869



16,538



1,203



3,420



11,137



7,8312024


19.505



7.958



21.638



8.829



4,399.58



308.97



37,741



10,012



14,702



1,025



2,760



9,242



5,8812025


16.836



6.959



18.772



7.760



4,399.58



313.45



33,051



8,642



13,416



895



2,307



7,791



4,4882026


14.444



6.063



16.545



6.945



4,399.58



317.94



28,883



7,414



12,290



774



1,891



6,514



3,3972027


12.396



5.283



14.806



6.310



4,399.58



322.43



25,277



6,363



11,245



668



1,551



5,450



2,5732028


10.636



4.596



13.313



5.752



4,399.58



326.17



22,095



5,459



10,218



577



1,275



4,566



1,9512029


9.255



4.060



12.109



5.312



4,399.58



330.66



19,619



4,750



9,445



504



1,066



3,854



1,4912030


1.122



0.497



1.388



0.615



4,399.58



335.15



2,393



576



1,178



61



170



408



1432031


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



02034


0.000



0.000



0.000



0.000











0



0



0



0



0



0



0Total


212.502



88.020



233.577



96.729











417,047



109,076



157,930



10,987



34,533



104,521



76,569  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,
2020 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  Oil and Condensate


Sales Gas








Future
Gross


Royalty


Operating


Capital


Income


Future Net


Present
WorthFiscalYear

Gross(106bbl)


Net(106bbl)


Gross(109ft3)


Net(109ft3)


Oil Price(INR/bbl)


Gas Price(INR/103ft3)


Revenue(106 INR)


and Cess(1060 INR)


Expenses(106 INR)


Costs(106 INR)


Tax(106 INR)


Revenue(106 INR)


at 10 Percent(106 INR)2020


46.943



21.142



40.472



18.227



4,399.58



297.00



98,429



24,095



29,433



11,757



10,570



22,574



21,3972021


37.348



15.354



40.471



16.638



4,399.58



297.00



72,495



19,170



23,803



6,189



6,405



16,928



14,5252022


29.979



12.077



40.437



16.290



4,399.58



297.00



57,971



15,388



19,325



3,029



5,199



15,030



11,6752023


25.748



10.392



35.076



14.157



4,399.58



299.24



49,958



13,216



17,769



1,670



4,295



13,008



9,1462024


21.705



8.769



28.018



11.320



4,399.58



302.98



42,010



11,141



15,938



1,131



3,245



10,555



6,7172025


18.762



7.695



23.285



9.550



4,399.58



307.47



36,792



9,630



14,643



983



2,682



8,854



5,1012026


16.490



6.873



19.859



8.277



4,399.58



311.96



32,820



8,464



13,712



867



2,268



7,509



3,9162027


14.709



6.228



17.328



7.337



4,399.58



316.45



29,723



7,550



12,991



776



1,966



6,440



3,0402028


13.413



5.764



15.275



6.564



4,399.58



320.93



27,466



6,885



12,488



710



1,765



5,618



2,4012029


12.179



5.304



13.661



5.949



4,399.58



325.42



25,270



6,251



11,890



646



1,581



4,902



1,8962030


1.386



0.610



1.541



0.679



4,399.58



329.91



2,909



711



1,407



74



211



506



1772031


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



02034


0.000



0.000



0.000



0.000











0



0



0



0



0



0



0Total


238.662



100.208



275.423



114.988











475,843



122,501



173,399



27,832



40,187



111,924



79,991  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,
2020 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  Oil and Condensate


Sales Gas








FutureGross


Royalty


Operating


Capital


Income


Future Net


PresentWorthFiscalYear

Gross(106bbl)


Net(106bbl)


Gross(109ft3)


Net(109ft3)


Oil Price(INR/bbl)


Gas Price(INR/103ft3)


Revenue(106 INR)


and Cess(106 INR)


Expenses(106 INR)


Costs(106 INR)


Tax(106 INR)


Revenue(106 INR)


at 10 Percent(106 INR)2020


3.457



0.249



3.869



0.278



4,511.04



374.44



1,226



50



463



5



411



297



2812021


1.862



0.137



1.589



0.117



4,511.04



374.44



661



0



265



5



101



290



2492022


1.230



0.099



0.903



0.073



4,511.04



374.44



476



50



234



5



38



149



1152023


0.866



0.079



0.546



0.050



4,511.04



374.44



373



0



221



4



31



117



822024


0.616



0.062



0.260



0.026



4,511.04



374.44



292



0



198



4



16



74



472025


0.452



0.050



0.172



0.019



4,511.04



374.44



232



0



170



4



8



50



282026


0.333



0.037



0.121



0.013



4,511.04



374.44



172



0



126



4



6



36



192027


0.248



0.028



0.086



0.010



4,511.04



374.44



131



0



97



4



3



27



122028


0.187



0.022



0.055



0.006



4,511.04



374.44



100



0



75



4



2



19



82029


0.097



0.011



0.028



0.003



4,511.04



374.44



52



0



38



2



4



8



32030


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



02034


0.000



0.000



0.000



0.000











0



0



0



0



0



0



0Total


9.348



0.774



7.629



0.595











3,715



100



1,887



41



620



1,067



844  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,
2020 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  Oil and Condensate


Sales Gas








FutureGross


Royalty


Operating


Capital


Income


Future Net


PresentWorthFiscalYear

Gross(106bbl)


Net(106bbl)


Gross(109ft3)


Net(109ft3)


Oil Price(INR/bbl)


Gas Price(INR/103ft3)


Revenue(106 INR)


and Cess(106 INR)


Expenses(106 INR)


Costs(106 INR)


Tax(106 INR)


Revenue(106 INR)


at 10 Percent(106 INR)2020


4.239



0.322



3.982



0.303



4,511.04



374.44



1,568



50



568



124



530



296



2802021


3.257



0.240



1.781



0.131



4,511.04



374.44



1,131



50



463



5



174



439



3762022


1.862



0.151



0.992



0.080



4,511.04



374.44



710



0



354



5



92



259



2002023


1.303



0.118



0.608



0.055



4,511.04



374.44



554



0



332



4



53



165



1162024


0.941



0.095



0.307



0.031



4,511.04



374.44



442



50



302



4



12



74



462025


0.696



0.077



0.207



0.023



4,511.04



374.44



354



0



262



4



18



70



402026


0.516



0.057



0.148



0.016



4,511.04



374.44



264



0



196



4



12



52



272027


0.386



0.044



0.106



0.012



4,511.04



374.44



202



0



152



4



9



37



182028


0.187



0.022



0.055



0.006



4,511.04



374.44



100



0



75



4



2



19



82029


0.097



0.011



0.028



0.003



4,511.04



374.44



52



0



38



2



4



8



32030


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



02034


0.000



0.000



0.000



0.000











0



0



0



0



0



0



0Total


13.484



1.137



8.214



0.660











5,377



150



2,742



160



906



1,419



1,114  Note:
Capital costs include abandonment. These data accompany the report of DeGolyer and MacNaughton and are subject to its specific conditions.