Exhibit 15.13

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, 2022

on

RESERVES and REVENUE

of

CERTAIN FIELDS

in

INDIA

with interests attributable to

CAIRN OIL & GAS, DIVISION OF VEDANTA LIMITED

SEC CASE

DEGOLYER AND MACNAUGHTON

TABLE of CONTENTS

	Page
FOREWORD		1
Scope of Investigation		1
Authority		4
Source of Information		4
DEFINITION of RESERVES		5
ESTIMATION of RESERVES		10
VALUATION of RESERVES		13
Discussion of Fiscal Terms		14
RJ-ON-90/1 PSC (Rajasthan)		14
CB/OS-2 PSC (Cambay)		14
KG-ONN-2003/1 PSC (Nagayalanka)		15
PKGM-1 PSC (Ravva)		15
AA-ONHP-2018/01 RSC (Hazarigaon)		15
SUMMARY and CONCLUSIONS		17
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-2PSC
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
Table 15 – Projection of Proved Developed Reserves and Future Net Revenue, AA-ONHP-2018/01 RSC
Table 16 – Projection of Total Proved Reserves and Future Net Revenue, AA-ONHP-2018/01 RSC

DEGOLYER AND MACNAUGHTON

5001 SPRING VALLEY ROAD

SUITE 800 EAST

DALLAS, TEXAS 75244

REPORT

as of

MARCH 31, 2022

on

RESERVES and REVENUE

of

CERTAIN FIELDS

in

INDIA

with interests attributable to

CAIRN OIL & GAS, DIVISION OF VEDANTA LIMITED

SEC CASE

FOREWORD

Scope of Investigation

This report presents estimates, as of March 31, 2022, 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) and revenue sharing contracts (RSC) 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, 2022. 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 2

Certain properties in which Cairn has represented that it holds an interest are subject to the terms of various PSCs and RSCs. The terms of the PSC agreements generally allow for working interest participants (the Contractor) 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 PSC agreements is the entitlement based on Cairn’s working interest. A RSC refers to an agreement between the Contractor and the government whereby the Contractor bears all exploration risks and production and development costs in return for a stipulated share of revenue. In this report, Cairn’s net reserves or interest for certain properties subject to RSC agreements is equivalent to Cairn’s working interest. A detailed explanation of these agreements is included in the Valuation of Reserves section of this report.

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 (18 fields), the PKGM-1 PSC (1 field), and the AA-ONHP-2018/01 RSC (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), the Ravva field is located in the PKGM-1 PSC (Ravva), and the Hazarigaon field is located in the AA-ONHP-2018/01 RSC (Hazarigaon).

DEGOLYER AND MACNAUGHTON 3

The net entitlement interests for the properties evaluated in this report were calculated for each block 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 block are as follows:

	Net Entitlement Interest
Contract Area	Oil and Condensate (percent)		Sales Gas (percent)
CB/OS-2 PSC		23.40		23.42
KG-ONN-2003/1 PSC		48.67		48.68
RJ-ON-90/1 PSC		38.95		38.99
PKGM-1 PSC		7.97		7.81
AA-ONHP-2018/01 RSC		100.00		100.00

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 INR75.59 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.

DEGOLYER AND MACNAUGHTON 4

Authority

This report was authorized by Mr. Brian W. Horn, Interim Head – Reserves & Resources and Exploration Assurance, 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 was not considered necessary for the purposes of this report.

DEGOLYER AND MACNAUGHTON 5

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–l0(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.

DEGOLYER AND MACNAUGHTON 6

(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.

DEGOLYER AND MACNAUGHTON 7

(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.

DEGOLYER AND MACNAUGHTON 8

(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

DEGOLYER AND MACNAUGHTON 9

(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.

DEGOLYER AND MACNAUGHTON 10

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.

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.

DEGOLYER AND MACNAUGHTON 11

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, 2022, 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, 2022. Cumulative production, as of March 31, 2022, 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).

DEGOLYER AND MACNAUGHTON 12

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.

Reserves estimated herein were forecast 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 contract area. The expiration date for each contract area is as follows:

Contract Area	Expiration Date
CB/OS-2 PSC	June 29, 2023
KG-ONN-2003/1 PSC	September 24, 2031
RJ-ON-90/1 PSC	May 14, 2030
PKGM-1 PSC	October 27, 2029
AA-ONHP-2018/01 RSC	April 24, 2034

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, 2022, is shown in Table 4.

The estimated gross and net proved developed, proved undeveloped, and total proved reserves, as of March 31, 2022, 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

180.319

64.907

184.536

67.771

21.961

10.167

16.064

7.747

202.280

75.074

200.600

75.518

DEGOLYER AND MACNAUGHTON 13

VALUATION of RESERVES

Revenue values in this report were estimated using initial prices, expenses, and costs provided by Cairn. Future prices were estimated using guidelines established by the SEC and the FASB. An exchange rate of INR75.59 per U.S.$1.00 was used based on representation from Cairn that it was the prevailing exchange rate on March 31, 2022. 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 reference price, calculated as the unweighted arithmetic 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. Cairn supplied differentials to a Brent price of U.S.$78.89 per barrel of oil and condensate and the prices were held constant thereafter. The volume-weighted average adjusted price attributable to the estimated proved reserves over the lives of the properties was U.S.$74.94 per barrel of oil and condensate.

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 the estimated proved reserves was U.S.$11.16 per thousand cubic feet of gas. The average contract prices for each contract area were held constant for the lives of the properties.

DEGOLYER AND MACNAUGHTON 14

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 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, 2022, 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.

DEGOLYER AND MACNAUGHTON 15

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.

AA-ONHP-2018/01 RSC (Hazarigaon)

Cairn has represented that under the terms of the RSC signed with the GOI, the Contractor is responsible for all production and development costs in return for a stipulated share of the revenue. This share of the state royalty is 12.5 percent for oil and 10 percent for gas. After deducting the royalty payment from the gross proceeds, the Contractor must pay an additional 40-percent royalty to the GOI. The remaining proceeds are retained by Cairn.

DEGOLYER AND MACNAUGHTON 16

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, 2022, 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)		Net Present Worth at  10 Percent (106INR)		Future Net Revenue (106INR)		Net Present Worth at  10 Percent (106INR)		Future Net Revenue (106U.S.$)		Net Present Worth at  10 Percent (106U.S.$)		Future Net Revenue (106U.S.$)		Net Present Worth at  10 Percent (106U.S.$)
	121,788		91,185		127,760		94,454		1,611		1,206		1,690		1,250

Standardized measure of discounted future net cash flows (SMV) and changes therein relating to proved reserves, as of March 31, 2022, 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 16 show the projection of proved developed and total proved reserves and future net revenue by contract area.

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, NGL, 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(a), (b), and (e) 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, that (i) future income tax expenses have not been taken into account in estimating the future net revenue and present worth values set forth herein and (ii) estimates of the proved developed and proved undeveloped reserves are not presented at the beginning of the year. 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.

DEGOLYER AND MACNAUGHTON 17

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, 2022, 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		64.907		67.771		76.203
Proved Undeveloped		10.167		7.747		11.458
Total Proved		75.074		75.518		87.661

Notes: 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.

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, 2022, 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		91,185		1,206
Total Proved		94,454		1,250

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, 2022, estimated reserves.

DEGOLYER AND MACNAUGHTON 18

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,

/s/ DeGOLYER and MacNAUGHTON

DeGOLYER and MacNAUGHTON

Texas Registered Engineering Firm F-716

SIGNED: May 13, 2022

/s/ Federico Dordoni, P.E.

Federico Dordoni, P.E.

Senior Vice President

DeGolyer and MacNaughton

TABLE 1

WORKING INTERESTS and CONTRACT EXPIRATION DATES

as of

MARCH 31, 2022

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 29, 2023
KG-ONN-2003/1 PSC		PSC		49.0		September 24, 2031
RJ-ON-90/1 PSC		PSC		70.0		May 14, 2030
PKGM-1 PSC		PSC		22.5		October 27, 2029
AA-ONHP-2018/01 RSC		RSC		100.0		April 24, 2034

TABLE 2

GROSS PROVED RESERVES

as of

MARCH 31, 2022

CERTAIN FIELDS

in

INDIA

	Gross Reserves
	Proved Developed						Proved Undeveloped						Total Proved
Area Field	Oil and Condensate (106 bbl)		Sales Gas (109 ft3)		Oil Equivalent (106 boe)		Oil and Condensate (106 bbl)		Sales Gas (109 ft3)		Oil Equivalent (106 boe)		Oil and Condensate (106 bbl)		Sales Gas (109 ft3)		Oil Equivalent (106 boe)
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		0.696		0.814		0.832		0.408		0.133		0.430		1.104		0.947		1.262
Lakshmi		1.847		2.664		2.291		1.497		3.111		2.016		3.344		5.775		4.307
Total CB/OS-2 PSC		2.543		3.478		3.123		1.905		3.244		2.446		4.448		6.722		5.569
KG-ONN-2003/1 PSC
Nagayalanka		1.280		2.385		1.678		0.000		0.000		0.000		1.280		2.385		1.678
RJ-ON-90/1 PSC
Aishwariya		23.848		0.000		23.848		5.879		0.000		5.879		29.727		0.000		29.727
Aishwariya Barmer Hill		16.211		0.000		16.211		2.030		0.000		2.030		18.241		0.000		18.241
Bhagyam		26.981		0.000		26.981		4.747		0.000		4.747		31.728		0.000		31.728
GS-V		0.000		0.000		0.000		0.080		0.000		0.080		0.080		0.000		0.080
Guda		0.242		0.000		0.242		0.000		0.000		0.000		0.242		0.000		0.242
Kaameshwari-1		0.000		0.000		0.000		0.451		0.000		0.451		0.451		0.000		0.451
Kaameshwari West-2		0.100		0.000		0.100		0.000		0.000		0.000		0.100		0.000		0.100
Mangala		89.170		0.000		89.170		3.553		0.000		3.553		92.723		0.000		92.723
N-E		0.713		0.000		0.713		0.000		0.000		0.000		0.713		0.000		0.713
N-I		0.945		0.000		0.945		0.096		0.000		0.096		1.041		0.000		1.041
NL		0.197		0.000		0.197		0.000		0.000		0.000		0.197		0.000		0.197
Raageshwari Deep Gas		6.827		169.343		35.051		0.487		12.820		2.624		7.314		182.163		37.675
Raageshwari Oil		0.670		0.000		0.670		1.109		0.000		1.109		1.779		0.000		1.779
Raageahwari South-1		0.000		0.000		0.000		0.256		0.000		0.256		0.256		0.000		0.256
Saraswati		0.342		0.000		0.342		0.000		0.000		0.000		0.342		0.000		0.342
Saraswati-4 Basement		0.065		0.000		0.065		0.000		0.000		0.000		0.065		0.000		0.065
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		1.120		0.000		1.120		1.120		0.000		1.120
Total RJ-ON-90/1 PSC		166.311		169.343		194.535		20.056		12.820		22.193		186.367		182.163		216.728
PKGM-1 PSC
Ravva		10.185		8.208		11.553		0.000		0.000		0.000		10.185		8.208		11.553
AA-ONHP-2018/01 RSC
Hazarigaon		0.000		1.122		0.187		0.000		0.000		0.000		0.000		1.122		0.187
Grand Total		180.319		184.536		211.076		21.961		16.064		24.639		202.280		200.600		235.715

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.

TABLE 3

NET PROVED RESERVES

as of

MARCH 31, 2022

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 (106 bbl)		Sales Gas (109 ft3)		Oil Equivalent (106 boe)		Oil and Condensate (106 bbl)		Sales Gas (109 ft3)		Oil Equivalent (106 boe)		Oil and Condensate (106 bbl)		Sales Gas (109 ft3)		Oil Equivalent (106 boe)
CB/OS-2 PSC		0.595		0.815		0.731		0.446		0.759		0.572		1.041		1.574		1.303
KG-ONN-2003/1 PSC		0.623		1.161		0.817		0.000		0.000		0.000		0.623		1.161		0.817
RJ-ON-90/1 PSC		62.877		64.032		73.549		9.721		6.988		10.886		72.598		71.020		84.435
PKGM-1 PSC		0.812		0.641		0.919		0.000		0.000		0.000		0.812		0.641		0.919
AA-ONHP-2018/01 RSC		0.000		1.122		0.187		0.000		0.000		0.000		0.000		1.122		0.187
Total		64.907		67.771		76.203		10.167		7.747		11.458		75.074		75.518		87.661

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.

TABLE 4

RECONCILIATION of NET PROVED RESERVES

as of

MARCH 31, 2022

for

CERTAIN AREAS

in

INDIA

with interests held by

CAIRN OIL & GAS, DIVISION of VEDANTA LIMITED

Proved Developed and Undeveloped	Oil and Condensate (106 bbl)			Sales Gas (109 ft3)			Oil Equivalent (106 boe)
Reserves as of March 31, 2021		104.301			109.771			122.596
Revisions		(10.232	)		(14.571	)		(12.660	)
Improved Recovery		0.000			0.000			0.000
Purchases or (Sales) of Minerals in Place		0.000			0.000			0.000
Extensions and Discoveries		0.000			1.122			0.187
Annual Production		(18.995	)		(20.804	)		(22.462	)
Proved Developed and Undeveloped Reserves as of March 31, 2022		75.074			75.518			87.661
Proved Developed Reserves
March 31, 2021		98.964			98.751			115.422
March 31, 2022		64.907			67.771			76.203

Note: Sales gas is converted to oil equivalent using a factor of 6,000 cubic feet of gas per 1 barrel of oil equivalent.

TABLE 5

STANDARDIZED MEASURE of DISCOUNTED FUTURE NET CASH FLOWS and

CHANGES THEREIN relating to PROVED RESERVES

as of

MARCH 31, 2022

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		489,013			6,469
Future production costs		258,748			3,423
Future development costs		46,791			619
Future income tax expenses		55,714			737
Future net cash flows		127,760			1,690
10% annual discount for estimated timing of cash flows		(33,306	)		(440	)
Standardized measure of discounted future net cash flows		94,454			1,250
The following are the principal sources of change in the standardized measure of discounted future net cash flows during Fiscal Year 2021:
Standardized Measure March 31, 2021		39,145			534
Sales and transfers of oil and gas produced, net of production costs		(65,680	)		(869	)
Net changes in prices and production costs		116,478			1,525
Extensions, discoveries and improved recovery		8			0
Development costs incurred during the period		10,590			140
Revisions of previous quantity estimates		(22,829	)		(302	)
Change in estimated development costs		45,813			606
Purchase or (Sales) of Minerals in Place		0			0
Accretion of discount		4,974			66
Net change in income taxes		(34,045	)		(450	)
Standardized Measure March 31, 2022		94,454			1,250

Notes:

1. Indian Rupees (INR) ware converted to United States dollars (U.S.$) using an exchange rate of INR75.59 par U.S.$1.00.

2. For FY2020, an exchange rate of INR74.81 per U.S.$1.00 was used.

TABLE 6

SUMMARY of NET RESERVES and FUTURE NET REVENUE

as of

MARCH 31, 2022

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 (106 bbl)		Sales Gas (109 ft3)		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		64.907		67.771		424,970		111,237		124,272		17,278		50,395		121,788		91,185
Proved Undeveloped		10.167		7.747		64,043		13,339		9,894		29,519		5,319		5,972		3,269
Total Proved		75.074		75.518		489,013		124,576		134,166		46,797		55,714		127,760		94,454

Note: Capital costs include abandonment.

TABLE 7

PROJECTION OF PROVED DEVELOPED RESERVES and FUTURE NET REVENUE

as of

MARCH 31, 2022

for

CERTAIN FIELDS

located in the

CB/OS-2 PSC

INDIA

with interests held by

CAIRN OIL & GAS, DIVISION of VEDANTA LIMITED

	Oil and Condensate				Sales Gas								Future Gross		Royalty		Operating		Capital		Income		Future Net		Present Worth
Fiscal Year	Gross (106 bbl)		Net (106 bbl)		Gross (109 ft3)		Net (109 ft3)		Oil Price (INR/ bbl)		Gas Price (INR/103 ft3)		Revenue (106 INR)		and Cess (106 INR)		Expenses (106 INR)		Costs (106 INR)		Tax (106 INR)		Revenue (106 INR)		at 10 Percent (106 INR)
2022		1.932		0.454		2.664		0.627		5,665.47		377.95		2,811		0		542		126		730		1,413		1,340
2023		0.611		0.141		0.814		0.188		5,665.47		377.95		873		0		154		15		140		564		483
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
2034		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2035		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2036		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
Total		2.543		0.595		3.478		0.815						3,684		0		696		141		870		1,977		1,823

Note: The abandonment fund for the CB/OS-2 PSC has been fully funded.

TABLE 8

PROJECTION OF TOTAL PROVED RESERVES and FUTURE NET REVENUE

as of

MARCH 31, 2022

for

CERTAIN FIELDS

located in the

CB/OS-2 PSC

INDIA

with interests held by

CAIRN OIL & GAS, DIVISION of VEDANTA LIMITED

	Oil and Condensate				Sales Gas								Future Gross		Royalty		Operating		Capital		Income		Future Net		Present 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)
2022		3.554		0.836		5.566		1.309		5,665.47		377.95		5,231		0		1,034		126		1,404		2,667		2,529
2023		0.894		0.205		1.156		0.265		5,665.47		377.95		1,263		0		223		15		206		819		702
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
2034		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2035		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2036		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
Total		4.448		1.041		6.722		1.574						6,494		0		1,257		141		1,610		3,486		3,231

Note: The abandonment fund for the CB/OS-2 PSC has been fully funded.

TABLE 9

PROJECTION OF PROVED DEVELOPED RESERVES and FUTURE NET REVENUE

as of

MARCH 31, 2022

for the

NAGAYALANKA FIELD

located in the

KG-ONN-2003/1 PSC

INDIA

with interests held by

CAIRN OIL & GAS, DIVISION of VEDANTA LIMITED

	Oil and Condensate				Sales Gas								Future Gross		Royalty		Operating		Capital		Income		Future Net		Present 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)
2022		0.280		0.136		0.450		0.219		5,605.75		166.30		800		93		157		37		66		447		424
2023		0.217		0.106		0.364		0.177		5,605.75		166.30		621		72		132		33		53		331		284
2024		0.173		0.084		0.304		0.148		5,605.75		166.30		496		57		109		30		94		206		160
2025		0.142		0.069		0.265		0.129		5,605.75		166.30		409		47		93		28		74		167		117
2026		0.117		0.057		0.226		0.110		5,605.75		166.30		337		39		80		27		59		132		85
2027		0.100		0.049		0.204		0.099		5,605.75		166.30		289		33		71		26		49		110		63
2028		0.085		0.041		0.183		0.089		5,605.75		166.30		247		28		64		25		39		91		47
2029		0.073		0.036		0.164		0.080		5,605.75		166.30		212		25		58		24		32		73		35
2030		0.064		0.031		0.152		0.074		5,605.75		166.30		187		22		53		23		27		62		26
2031		0.029		0.014		0.073		0.036		5,605.75		166.30		85		10		25		11		9		30		12
2032		0.000		0.000		0.000		0.000		5,605.75		166.30		0		0		0		0		0		0		0
2033		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2034		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2035		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2036		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
Total		1.280		0.623		2.385		1.161						3,683		426		842		264		502		1,649		1,253

Note: Capital costs include abandonment.

TABLE 10

PROJECTION OF TOTAL PROVED RESERVES and FUTURE NET REVENUE

as of

MARCH 31, 2022

for the

NAGAYALANKA FIELD

located in the

KG-ONN-2003/1 PSC

INDIA

with interests held by

CAIRN OIL & GAS, DIVISION of VEDANTA LIMITED

	Oil and Condensate				Sales Gas								Future Gross		Royalty		Operating		Capital		Income		Future Net		Present 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)
2022		0.280		0.136		0.450		0.219		5,605.75		166.30		800		93		157		37		66		447		424
2023		0.217		0.106		0.364		0.177		5,605.75		166.30		621		72		132		33		53		331		284
2024		0.173		0.084		0.304		0.148		5,605.75		166.30		496		57		109		30		94		206		160
2025		0.142		0.069		0.265		0.129		5,605.75		166.30		409		47		93		28		74		167		117
2026		0.117		0.057		0.226		0.110		5,605.75		166.30		337		39		80		27		59		132		85
2027		0.100		0.049		0.204		0.099		5,605.75		166.30		289		33		71		26		49		110		63
2028		0.085		0.041		0.183		0.089		5,605.75		166.30		247		28		64		25		39		91		47
2029		0.073		0.036		0.164		0.080		5,605.75		166.30		212		25		58		24		32		73		35
2030		0.064		0.031		0.152		0.074		5,605.75		166.30		187		22		53		23		27		62		26
2031		0.029		0.014		0.073		0.036		5,605.75		166.30		85		10		25		11		9		30		12
2032		0.000		0.000		0.000		0.000		5,605.75		166.30		0		0		0		0		0		0		0
2033		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2034		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2035		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2036		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
Total		1.280		0.623		2.385		1.161						3,683		426		842		264		502		1,649		1,253

Note: Capital costs include abandonment.

TABLE 11

PROJECTION OF PROVED DEVELOPED RESERVES and FUTURE NET REVENUE

as of

MARCH 31, 2022

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

	Oil and Condensate				Sales Gas								Future Gross		Royalty		Operating		Capital		Income		Future Net		Present 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)
2022		34.540		12.962		35.618		13.367		5,665.47		879.87		85,198		22,970		20,211		5,427		11,228		25,362		24,040
2023		28.369		10.541		28.615		10.632		5,665.47		879.87		69,072		18,866		18,528		3,248		8,405		20,025		17,182
2024		23.514		8.701		23.721		8.778		5,665.47		879.87		57,018		15,638		15,839		1,818		6,848		16,875		13,107
2025		20.024		7.480		20.245		7.562		5,665.47		879.87		49,030		13,317		14,257		1,551		5,719		14,186		9,974
2026		17.359		6.557		17.619		6.655		5,665.47		879.87		43,004		11,544		13,161		1,347		4,875		12,077		7,686
2027		15.291		5.834		15.608		5.955		5,665.47		879.87		38,291		10,169		12,238		1,191		4,256		10,437		6,014
2028		13.611		5.262		13.916		5.380		5,665.47		879.87		34,544		9,052		11,646		1,064		3,733		9,049		4,720
2029		12.216		4.838		12.569		4.978		5,665.47		879.87		31,788		8,124		11,725		957		3,219		7,763		3,665
2030		1.387		0.702		1.432		0.725		5,665.47		879.87		4,614		922		2,982		109		0		601		256
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
2034		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2035		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2036		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
Total		166.311		62.877		169.343		64.032						412,559		110,602		120,587		16,712		48,283		116,375		86,644

Note: Capital costs Include abandonment.

TABLE 12

PROJECTION OF TOTAL PROVED RESERVES and FUTURE NET REVENUE

as of

MARCH 31, 2022

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

	Oil and Condensate				Sales Gas								Future Gross		Royalty		Operating		Capital		Income		Future Net		Present 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)
2022		38.664		16.141		39.056		16.305		5,665.47		879.87		105,795		25,713		22,163		24,596		12,076		21,247		20,139
2023		33.557		13.228		31.614		12.462		5,665.47		879.87		85,910		22,317		20,956		12,647		9,673		20,317		17,433
2024		26.950		9.919		25.726		9.469		5,665.47		879.87		64,528		17,923		17,220		2,141		7,814		19,430		15,092
2025		22.638		8.405		21.662		8.043		5,665.47		879.87		54,696		15,055		15,316		1,782		6,400		16,143		11,350
2026		19.173		7.207		18.660		7.014		5,665.47		879.87		47,000		12,751		13,984		1,504		5,282		13,479		8,578
2027		16.520		6.278		16.392		6.230		5,665.47		879.87		41,052		10,986		12,857		1,295		4,477		11,437		6,589
2028		14.514		5.594		14.520		5.596		5,665.47		879.87		36,614		9,652		12,162		1,138		3,859		9,803		5,112
2029		12.899		5.097		13.053		5.158		5,665.47		879.87		33,415		8,578		12,207		1,013		3,281		8,336		3,935
2030		1.452		0.729		1.480		0.743		5,665.47		879.87		4,782		966		3,055		115		0		646		277
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
2034		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2035		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2036		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
Total		186.367		72.598		182.163		71.020						473,782		123,941		129,920		46,231		52,862		120,838		88,505

Note: Capital costs Include abandonment.

TABLE 13

PROJECTION OF PROVED DEVELOPED RESERVES and FUTURE NET REVENUE

as of

MARCH 31, 2022

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

	Oil and Condensate				Sales Gas								Future Gross		Royalty		Operating		Capital		Income		Future Net		Present 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)
2022		3.628		0.263		3.590		0.261		5,665.47		332.60		1,579		51		546		24		296		662		628
2023		2.298		0.174		1.915		0.145		5,665.47		332.60		1,032		51		397		20		167		397		340
2024		1.496		0.121		1.122		0.091		5,665.47		332.60		715		0		316		20		110		269		209
2025		1.013		0.091		0.675		0.060		5,665.47		332.60		534		0		281		20		64		169		118
2026		0.701		0.064		0.418		0.038		5,665.47		332.60		376		0		200		20		42		114		73
2027		0.497		0.046		0.255		0.024		5,665.47		332.60		270		0		142		20		28		80		46
2028		0.363		0.035		0.158		0.015		5,665.47		332.60		201		0		103		20		19		59		30
2029		0.189		0.018		0.075		0.007		5,665.47		332.60		105		0		54		11		12		28		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
2034		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2035		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2036		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
Total		10.185		0.812		8.208		0.641						4,812		102		2,039		155		738		1,778		1,457

Note: The abandonment fund for the PKGM-1 PSC has been fully funded.

TABLE 14

PROJECTION OF TOTAL PROVED RESERVES and FUTURE NET REVENUE

as of

MARCH 31, 2022

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

	Oil and Condensate				Sales Gas								Future Gross		Royalty		Operating		Capital		Income		Future Net		Present 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)
2022		3.628		0.263		3.590		0.261		5,665.47		332.60		1,579		51		546		24		296		662		628
2023		2.298		0.174		1.915		0.145		5,665.47		332.60		1,032		51		397		20		167		397		340
2024		1.496		0.121		1.122		0.091		5,665.47		332.60		715		0		316		20		110		269		209
2025		1.013		0.091		0.675		0.060		5,665.47		332.60		534		0		281		20		64		169		118
2026		0.701		0.064		0.418		0.038		5,665.47		332.60		376		0		200		20		42		114		73
2027		0.497		0.046		0.255		0.024		5,665.47		332.60		270		0		142		20		28		80		46
2028		0.363		0.035		0.158		0.015		5,665.47		332.60		201		0		103		20		19		59		30
2029		0.189		0.018		0.075		0.007		5,665.47		332.60		105		0		54		11		12		28		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
2034		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2035		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2036		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
Total		10.185		0.812		8.208		0.641						4,812		102		2,039		155		738		1,778		1,457

Note: The abandonment fund for the PKGM-1 PSC has been fully funded.

TABLE 15

PROJECTION OF PROVED DEVELOPED RESERVES and FUTURE NET REVENUE

as of

MARCH 31, 2022

for the

HAZARIGAON FIELD

located in the

AA-ONHP-2018/01 RSC

INDIA

with Interests held by

CAIRN OIL & GAS, DIVISION of VEDANTA LIMITED

	Oil and Condensate				Sales Gas								Future Gross		Royalty		Operating		Capital		Income		Future Net		Present 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)
2022		0.000		0.000		0.274		0.274		5,665.47		204.85		56		26		23		1		1		5		5
2023		0.000		0.000		0.848		0.848		5,665.47		204.85		176		81		85		5		1		4		3
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
2034		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2035		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2036		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
Total		0.000		0.000		1.122		1.122						232		107		108		6		2		9		8

Note: Capital costs include abandonment.

TABLE 16

PROJECTION OF TOTAL PROVED RESERVES and FUTURE NET REVENUE

as of

MARCH 31, 2022

for the

HAZARIGAON FIELD

located in the

AA-ONHP-2018/01 RSC

INDIA

with interests held by

CAIRN OIL & GAS, DIVISION of VEDANTA LIMITED

	Oil and Condensate				Sales Gas								Future Gross		Royalty		Operating		Capital		Income		Future Net		Present 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)
2022		0.000		0.000		0.274		0.274		5,665.47		204.85		56		26		23		1		1		5		5
2023		0.000		0.000		0.848		0.848		5,665.47		204.85		176		81		85		5		1		4		3
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
2034		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2035		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
2036		0.000		0.000		0.000		0.000		—		—		0		0		0		0		0		0		0
Total		0.000		0.000		1.122		1.122						232		107		108		6		2		9		8

Note: Capital costs include abandonment.