Oil Bid

July 8, 2013 (LBO) - Ceylan Energy, a Sri Lanka based start-up oil firm will bid for an exploration block, partnering with international operators, a media report said.

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Sri Lanka's The Sunday Times newspaper quoted Harry Kulasinghe, chairman as saying that the firm has a team of people with over 100 years collective oil and gas experience.

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Sri Lanka's second bidding round is to close in November.

India's Cairn Energy, which bought a block in the first bidding round has already found traces of petroleum deposits off Mannar in the northeast of the island and is assessing the commercial viability of the find.

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