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.

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

DEGOLYER AND MACNAUGHTON

TABLE of CONTENTS

	Page
FOREWORD		1
Scope of Investigation		1
Authority		3
Source of Information		4
DEFINITION of RESERVES		5
ESTIMATION of RESERVES		10
VALUATION of RESERVES		14
Discussion of Fiscal Terms		15
RJ-ON-90/1 PSC (Rajasthan)		15
CB/OS-2 PSC (Cambay)		15
KG-ONN-2003/1 PSC (Nagayalanka)		16
PKGM-1 PSC (Ravva)		16
SUMMARY and CONCLUSIONS		18
TABLES
Table 1 – Working Interests and Contract Expiration Dates
Table 2 – Gross Proved Reserves
Table 3 – Net Proved Reserves
Table 4 – Reconciliation of Net Proved Reserves
Table 5 – Standardized Measure of Discounted Future Net Cash Flows and Changes therein relating to Proved Reserves
Table 6 – Summary of Net Reserves and Future Net Revenue
Table 7 – Projection of Proved Developed Reserves and Future Net Revenue, CB/OS-2 PSC
Table 8 – Projection of Total Proved Reserves and Future Net Revenue, CB/OS-2 PSC
Table 9 – Projection of Proved Developed Reserves and Future Net Revenue, KG-ONN-2003/1 PSC
Table 10 – Projection of Total Proved Reserves and Future Net Revenue, KG-ONN-2003/1 PSC
Table 11 – Projection of Proved Developed Reserves and Future Net Revenue, RJ-ON-90/1 PSC
Table 12 – Projection of Total Proved Reserves and Future Net Revenue, RJ-ON-90/1 PSC
Table 13 – Projection of Proved Developed Reserves and Future Net Revenue, PKGM-1 PSC
Table 14 – Projection of Total Proved Reserves and Future Net Revenue, PKGM-1 PSC

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.

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 Entitlement Interest
Area	Oil and Condensate (percent)		Sales Gas (percent)
CB/OS-2 PSC		24.20		24.18
KG-ONN-2003/1 PSC		48.67		48.63
RJ-ON-90/1 PSC		42.39		41.82
PKGM-1 PSC		9.72		10.56

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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.

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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.

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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.

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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.

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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.

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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

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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.

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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.

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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.

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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 Date
CB/OS-2 PSC	June 30, 2023
KG-ONN-2003/1 PSC	September 24, 2031
RJ-ON-90/1 PSC	May 14, 2030
PKGM-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.

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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 Proved

Oil and Condensate (106bbl)

Sales Gas (109ft3)

Oil and Condensate (106bbl)

Sales Gas (109ft3)

Oil and Condensate (106bbl)

Sales Gas (109ft3)

Gross

Net

Gross

Net

Gross

Net

Gross

Net

Gross

Net

Gross

Net

258.386

101.399

149.113

56.448

56.828

25.431

91.460

38.917

315.214

126.830

240.573

95.365

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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.

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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.

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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 Proved
Future Net Revenue (106INR)		Present Worth at 10 Percent (106INR)		Future Net Revenue (106INR)		Present Worth at 10 Percent (106INR)		Future Net Revenue (106U.S.$)		Present Worth at 10 Percent (106U.S.$)		Future Net Revenue (106U.S.$)		Present Worth at 10 Percent (106U.S.$)
	136,325		103,684		157,025		114,044		1,968		1,497		2,267		1,646

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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.

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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 Reserves
	Oil and Condensate (106bbl)		Sales Gas (109ft3)		Oil Equivalent (106boe)
Proved Developed		101.399		56.448		110.806
Proved Undeveloped		25.431		38.917		31.918
Total 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 at 10 Percent (106INR)		Present Worth at 10 Percent (106U.S.$)
Proved Developed		103,684		1,497
Total 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

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,

DeGOLYER and MacNAUGHTON

Texas Registered Engineering Firm F-716

SIGNED: April 20, 2019

Thomas C. Pence, P.E.

Senior Vice President

DeGolyer 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

Country Area	Fiscal Regime		Working Interest (%)		Expiration Dates
India
CB/OS-2 PSC		PSC		40.0		June 30, 2023
KG-ONN-2003/1 PSC		PSC		49.0		September 24, 2031
RJ-ON-90/1PSC		PSC		70.0		May 14, 2030
PKGM-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

	Gross Reserves
	Proved Developed						Proved Undeveloped						Total Proved
Area Field	Oil and Condensate (106bbl)		Sales Gas (109ft3 )		Oil Equivalent (106boe)		Oil and Condensate (106bbl)		Sales Gas (109ft3 )		Oil Equivalent (106boe)		Oil and Condensate (106bbl)		Sales Gas (109ft3 )		Oil Equivalent (106boe)
CB/OS-2 PSC
CB-X		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000		0.000
Gauri		1.677		1.119		1.864		0.000		0.267		0.044		1.677		1.386		1.908
Lakshmi		9.638		10.555		11.397		0.000		2.110		0.352		9.638		12.665		11.749
Total CB/OS-2 PSC		11.315		11.674		13.261		0.000		2.377		0.396		11.315		14.051		13.657
KG-ONN-2003/1 PSC
Nagayalanka		0.583		1.160		0.776		1.749		3.479		2.329		2.332		4.639		3.105
RJ-ON-90/1 PSC
Aishwariya		32.875		0.000		32.875		2.669		0.000		2.669		35.544		0.000		35.544
Aishwariya Barmer Hill		1.666		0.000		1.666		25.334		0.000		25.334		27.000		0.000		27.000
Bhagyam		31.760		0.000		31.760		5.487		0.000		5.487		37.247		0.000		37.247
GS-V		0.000		0.000		0.000		0.098		0.000		0.098		0.098		0.000		0.098
Guda		0.545		0.000		0.545		0.000		0.000		0.000		0.545		0.000		0.545
Kaameshwari-1		0.000		0.000		0.000		0.570		0.000		0.570		0.570		0.000		0.570
Kaameshwari West-2		0.264		0.000		0.264		0.000		0.000		0.000		0.264		0.000		0.264
Mangala		155.818		0.000		155.818		12.660		0.000		12.660		168.478		0.000		168.478
N-E		1.186		0.000		1.186		0.230		0.000		0.230		1.416		0.000		1.416
N-I		1.756		0.000		1.756		0.000		0.000		0.000		1.756		0.000		1.756
Raageshwari Oil		0.520		0.000		0.520		0.000		0.000		0.000		0.520		0.000		0.520
Raageshwari Deep Gas		8.441		126.974		29.603		2.825		85.060		17.002		11.266		212.034		46.605
Saraswati		0.550		0.000		0.550		0.000		0.000		0.000		0.550		0.000		0.550
Shakti		0.000		0.000		0.000		0.248		0.000		0.248		0.248		0.000		0.248
Tukaram		0.000		0.000		0.000		1.111		0.000		1.111		1.111		0.000		1.111
Total RJ-ON-90/1 PSC		235.381		126.974		256.543		51.232		85.060		65.409		286.613		212.034		321.952
PKGM-1 PSC
Ravva		11.107		9.305		12.658		3.847		0.544		3.938		14.954		9.849		16.596
Grand 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

	Net Reserves
	Proved Developed						Proved Undeveloped						Total Proved
Area	Oil and Condensate (106bbl)		Sales Gas (109ft3 )		Oil Equivalent (106boe)		Oil and Condensate (106bbl)		Sales Gas (109ft3 )		Oil Equivalent (106boe)		Oil and Condensate (106bbl)		Sales Gas (109ft3 )		Oil Equivalent (106boe)
CB/OS-2 PSC		2.730		2.816		3.199		0.008		0.581		0.105		2.738		3.397		3.304
KG-ONN-2003/1 PSC		0.284		0.564		0.378		0.851		1.692		1.133		1.135		2.256		1.511
RJ-ON-90/1 PSC		97.403		52.244		106.110		24.101		36.428		30.173		121.504		88.672		136.283
PKGM-1 PSC		0.982		0.824		1.119		0.471		0.216		0.507		1.453		1.040		1.626
Total		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

	Oil and Condensate (106bbl)			Sales Gas (109ft3 )			Oil Equivalent (106boe)
Proved Developed and Undeveloped Reserves as of March 31, 2018		47.356			11.161			49.216
Revisions		99.813			89.219			114.682
Improved Recovery		4.873			0.052			4.882
Purchases or (Sales) of Minerals in Place		0.000			0.000			0.000
Extensions and Discoveries		2.314			2.745			2.772
Annual Production		(27.526	)		(7.812	)		(28.828	)
Proved Developed and Undeveloped Reserves as of March 31, 2019		126.830			95.365			142.724
Proved Developed Reserves
March 31, 2018		38.586			9.866			40.230
March 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

	Total Proved (106 INR)			Total Proved (106 U.S.$)
Future cash inflows		629,770			9,089
Future production costs		349,686			5,047
Future development costs		55,167			796
Future income tax expenses		67,890			980
Future net cash flows		157,025			2,266
10% annual discount for estimated timing of cash flows		(42,981	)		(620	)
Standardized measure of discounted future net cash flows		114,044			1,646
The 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			712
Sales and transfers of oil and gas produced, net of production costs		(77,131	)		(1,113	)
Net changes in prices and production costs		42,652			571
Extensions, discoveries and improved recovery		12,071			174
Development costs incurred during the period		58,242			841
Revisions of previous quantity estimates		158,825			2,293
Change in estimated development costs		(85,499	)		(1,234	)
Purchase or (Sales) of Minerals in Place		0			0
Accretion of discount		4,985			72
Net 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

	Net Reserves				Future Gross		Royalty		Operating		Capital		Income		Future Net		Present Worth
Reserves 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		101.399		56.448		494,955		125,590		166,202		12,731		54,106		136,325		103,684
Proved Undeveloped		25.431		38.917		134,815		27,867		30,027		42,436		13,784		20,700		10,360
Total 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

													Future												Present
	Oil and Condensate				Sales Gas								Gross		Royalty		Operating		Capital		Income		Future Net		Worth
Fiscal Year	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)
2019		5.189		1.242		5.316		1.272		4,733.90		355.41		6,586		0		966		445		1,788		3,386		3,210
2020		3.000		0.736		3.182		0.781		4,733.90		355.41		4,019		0		643		386		1,025		1,965		1,686
2021		1.769		0.422		2.010		0.480		4,733.90		355.41		2,170		0		382		103		539		1,146		890
2022		1.046		0.251		0.900		0.216		4,733.90		355.41		1,263		0		263		31		288		680		478
2023		0.311		0.079		0.266		0.067		4,733.90		355.41		396		0		125		8		7		256		163
2024		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2025		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2026		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2027		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2028		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2029		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2030		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2031		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2032		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2033		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
Total		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

													Future												Present
	Oil and Condensate				Sales Gas								Gross		Royalty		Operating		Capital		Income		Future Net		Worth
Fiscal Year	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)
2019		5.189		1.252		6.151		1.484		4,733.90		355.41		6,710		0		966		574		1,805		3,365		3,190
2020		3.000		0.735		3.973		0.973		4,733.90		355.41		4,080		0		643		386		1,043		2,007		1,722
2021		1.769		0.421		2.761		0.657		4,733.90		355.41		2,228		0		382		103		556		1,186		921
2022		1.046		0.251		0.900		0.216		4,733.90		355.41		1,263		0		263		31		286		682		480
2023		0.311		0.079		0.266		0.067		4,733.90		355.41		396		0		125		8		7		256		163
2024		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2025		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2026		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2027		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2028		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2029		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2030		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2031		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2032		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2033		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
Total		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

													Future												Present
	Oil and Condensate				Sales Gas								Gross		Royalty		Operating		Capital		Income		Future Net		Worth
Fiscal Year	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)
2019		0.244		0.119		0.503		0.245		4,859.99		351.94		663		76		142		23		0		422		400
2020		0.099		0.048		0.174		0.085		4,859.99		351.94		264		30		54		9		0		171		147
2021		0.075		0.036		0.138		0.067		4,859.99		351.94		201		23		43		7		0		128		99
2022		0.056		0.027		0.108		0.053		4,859.99		351.94		151		17		34		5		0		95		66
2023		0.043		0.021		0.087		0.042		4,859.99		351.94		117		13		27		4		0		72		46
2024		0.024		0.012		0.052		0.025		4,859.99		351.94		66		8		16		3		0		40		23
2025		0.018		0.009		0.040		0.019		4,859.99		351.94		49		6		12		2		0		30		16
2026		0.014		0.007		0.033		0.016		4,859.99		351.94		39		4		10		2		0		23		11
2027		0.010		0.005		0.025		0.012		4,859.99		351.94		28		3		7		1		0		16		7
2028		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2029		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2030		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2031		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2032		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2033		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
Total		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

													Future												Present
	Oil and Condensate				Sales Gas								Gross		Royalty		Operating		Capital		Income		Future Net		Worth
Fiscal Year	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)
2019		0.595		0.289		1.074		0.522		4,859.99		351.94		1,590		182		335		977		0		95		90
2020		0.392		0.191		0.689		0.335		4,859.99		351.94		1,044		120		212		18		0		695		596
2021		0.306		0.149		0.564		0.274		4,859.99		351.94		820		94		175		14		0		536		417
2022		0.244		0.119		0.472		0.230		4,859.99		351.94		657		75		146		12		0		424		298
2023		0.199		0.097		0.406		0.197		4,859.99		351.94		540		62		125		10		0		343		218
2024		0.153		0.074		0.328		0.160		4,859.99		351.94		418		48		99		8		0		263		151
2025		0.118		0.057		0.264		0.128		4,859.99		351.94		324		37		79		6		0		202		105
2026		0.086		0.042		0.203		0.099		4,859.99		351.94		238		27		60		5		0		147		69
2027		0.072		0.035		0.179		0.087		4,859.99		351.94		201		23		51		4		0		122		52
2028		0.055		0.027		0.144		0.070		4,859.99		351.94		155		18		41		3		0		93		36
2029		0.049		0.024		0.134		0.065		4,859.99		351.94		139		16		37		3		0		83		29
2030		0.043		0.021		0.123		0.060		4,859.99		351.94		123		14		34		3		0		72		98
2031		0.020		0.010		0.059		0.029		4,859.99		351.94		58		7		16		1		0		34		79
2032		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2033		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
Total		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

													Future												Present
	Oil and Condensate				Sales Gas								Gross		Royalty		Operating		Capital		Income		Future Net		Worth
Fiscal Year	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)
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		36,143
2020		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		17,541
2021		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		12,097
2022		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		8,624
2023		20.564		8.351		11.011		4.472		4,563.47		579.18		40,699		10,948		15,766		986		3,283		9,715		6,183
2024		17.508		7.355		8.637		3.628		4,563.47		609.66		35,775		9,321		15,374		832		2,476		7,772		4,477
2025		15.086		6.592		6.814		2.978		4,563.47		648.46		32,015		8,032		15,284		712		1,820		6,168		3,216
2026		13.066		5.793		5.344		2.369		4,563.47		695.57		28,086		6,956		13,882		613		1,486		5,148		2,430
2027		11.373		5.114		4.167		1.874		4,563.47		695.57		24,639		6,055		12,550		530		1,211		4,293		1,834
2028		9.935		4.566		3.122		1.435		4,563.47		695.57		21,834		5,289		11,638		458		939		3,509		1,357
2029		8.712		4.098		2.264		1.065		4,563.47		695.57		19,442		4,638		10,842		399		712		2,851		998
2030		1.037		0.492		0.192		0.091		4,563.47		695.57		2,307		552		1,303		47		119		286		91
2031		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2032		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2033		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
Total		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

													Future												Present
	Oil and Condensate				Sales Gas								Gross		Royalty		Operating		Capital		Income		Future Net		Worth
Fiscal Year	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)
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		25,738
2020		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		23,979
2021		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		15,740
2022		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		10,961
2023		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		7,749
2024		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		5,887
2025		19.035		8.120		11.163		4.762		4,563.47		577.80		39,805		10,134		17,911		911		2,591		8,258		4,307
2026		16.892		7.314		8.637		3.740		4,563.47		609.66		35,659		8,993		16,658		800		2,197		7,011		3,310
2027		15.201		6.667		6.725		2.949		4,563.47		651.23		32,345		8,093		15,575		713		1,922		6,041		2,582
2028		13.905		6.224		5.132		2.297		4,563.47		695.57		29,999		7,403		15,125		647		1,655		5,169		1,999
2029		12.647		5.793		3.871		1.773		4,563.47		695.57		27,667		6,733		14,637		583		1,373		4,341		1,520
2030		1.346		0.631		0.355		0.166		4,563.47		695.57		2,996		717		1,659		63		164		393		125
2031		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2032		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2033		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
Total		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

													Future												Present
	Oil and Condensate				Sales Gas								Gross		Royalty		Operating		Capital		Income		Future Net		Worth
Fiscal Year	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)
2019		3.610		0.362		4.137		0.415		4,839.90		293.82		1,875		0		631		38		403		803		761
2020		2.350		0.168		2.119		0.151		4,839.90		296.46		856		47		302		38		150		319		274
2021		1.576		0.114		1.178		0.085		4,839.90		298.24		576		0		208		28		107		232		181
2022		1.090		0.085		0.701		0.055		4,839.90		299.82		427		0		186		22		67		153		107
2023		0.768		0.069		0.420		0.038		4,839.90		300.81		346		0		191		22		39		94		60
2024		0.544		0.053		0.260		0.025		4,839.90		302.07		265		47		158		22		7		31		18
2025		0.398		0.042		0.176		0.019		4,839.90		303.15		210		0		133		22		15		40		21
2026		0.295		0.032		0.126		0.014		4,839.90		303.74		159		0		98		22		10		29		14
2027		0.223		0.026		0.090		0.010		4,839.90		304.96		128		0		81		22		6		20		8
2028		0.165		0.020		0.064		0.008		4,839.90		306.22		100		0		62		22		4		13		5
2029		0.088		0.011		0.034		0.004		4,839.90		306.22		53		0		33		11		4		5		2
2030		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2031		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2032		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2033		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
Total		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

													Future													Present
	Oil and Condensate				Sales Gas								Gross		Royalty		Operating		Capital		Income		Future Net			Worth
Fiscal Year	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)
2019		3.610		0.502		4.137		0.576		4,839.90		293.82		2,601		0		631		1,168		427		374			355
2020		3.189		0.250		2.239		0.175		4,839.90		296.98		1,261		47		410		210		175		419			360
2021		2.447		0.175		1.300		0.093		4,839.90		298.99		873		0		323		28		134		388			301
2022		1.743		0.134		0.792		0.061		4,839.90		300.55		668		47		298		22		68		234			164
2023		1.258		0.112		0.489		0.043		4,839.90		301.57		553		0		312		22		48		171			109
2024		0.911		0.087		0.312		0.030		4,839.90		302.76		431		0		265		22		29		115			66
2025		0.673		0.069		0.215		0.022		4,839.90		303.71		343		0		225		22		17		78			41
2026		0.500		0.052		0.156		0.016		4,839.90		304.21		258		0		166		22		12		58			27
2027		0.370		0.041		0.111		0.012		4,839.90		305.19		202		0		134		22		7		40			17
2028		0.165		0.020		0.064		0.008		4,839.90		306.22		100		0		62		22		0		17			6
2029		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			0
2031		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0			0
2032		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0			0
2033		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0			0
Total		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.