LONDON (MarketWatch) -- Oil producer Cairn Energy (UK:CNE 2,623, 0.00, 0.00%) said Tuesday that it swung to a first-half net loss of $60.9 million, from a profit of $361.7 million a year ago. Revenue dropped to $17.1 million, from $180.4 million last year. Cairn said that it took an exceptional charge in the period related to the Rawa field where its share of petroleum produced has been disputed for some years with the Indian Government. The disputed share of profit petroleum of $64 million has been charged against revenue and the related interest charge of $32 million has been recognised as a finance cost. A $40 million tax credit was also recognised. Production is due to start shortly from Mangala with initial volumes evacuated by trucking. The target for completing the second processing train and the pipeline is the end of 2009 but it is increasingly challenging, the firm said.
