India Arbitration Update

RNS Number : 2887R

Cairn Energy PLC

28 October 2019

 

For Immediate Release                                                                                             28 October 2019

CAIRN ENERGY PLC ("Cairn")

India Arbitration Update

Cairn is announcing an update on its proceedings against India under the UK-India Bilateral Investment Treaty. 

The Arbitral Tribunal has indicated that, whilst it is not yet able to commit to a specific award release date, it expects to be in a position to issue the Award in the summer of 2020.  In compliance with direction from the Tribunal, the relevant text is reproduced in full below.*

Cairn continues to have a high level of confidence in the merits of its claims in the arbitration and is seeking full restitution for losses of more than US$1.4 billion.

* "The Arbitral Tribunal has indicated that it expects to be in a position to issue the Award in the summer of 2020, but has clarified that to avoid any misunderstanding, the Tribunal did not intend firmly to commit to a specific Award-release date, nor is it yet in a position to do so."

Enquiries to:

Analysts / Investors

David Nisbet, Corporate Affairs                                                                      Tel: [phone]

Media 

Linda Bain, Corporate Affairs                                                                         Tel: [phone]

Cairn Energy PLC

Patrick Handley, David Litterick                                                                      Tel: [phone]

Brunswick Group LLP      

Background

Cairn commenced proceedings against India in 2015 following retrospective taxation actions undertaken by the Indian Income Tax Department ("IITD") in 2014.  Final merits hearings for the arbitration concluded during 2018.  

About Cairn Energy PLC

Cairn is one of Europe's leading independent oil and gas exploration and development companies and has been listed on the London Stock Exchange for 30 years.  Cairn has explored, discovered, developed and produced oil and gas in a variety of locations throughout the world as an operator and partner in all stages of the oil and gas lifecycle.  

Cairn's exploration activities have a geographical focus in North West Europe, West Africa and Latin America, underpinned by interests in production and development assets in the North Sea.  Cairn has its headquarters in Edinburgh, Scotland supported by operational offices in London, Norway, Senegal and Mexico.

For further information on Cairn please see: www.cairnenergy.com

 

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