Sale of Shares in Cairn India Limited

RNS Number : 4582G

Cairn Energy PLC

29 June 2012

 



29 June 2012

FOR IMMEDIATE RELEASE

CAIRN ENERGY PLC ("Cairn" or "the Company")
 Sale of Shares in Cairn India Limited ("Cairn India")

At the General Meeting of the Company held on 17 May 2012, Shareholders authorised the Board to dispose of all or part of Cairn's residual interest in Cairn India.

Cairn announces that, on 29 June 2012, it has reached an agreement with Citi to complete an on-market sale of a total of 66,758,864 shares in Cairn India, representing approximately a 3.5% shareholding in Cairn India.

Cairn expects to receive from this disposal a cash consideration (before transaction costs) of approximately US$360 million which will be used to help fund Cairn's stated strategy and provide greater operational flexibility.

Following the sale, Cairn retains an approximate 18.3% shareholding in Cairn India.

Enquiries:

Analysts/Investors Simon Thomson, Chief Executive Jann Brown, Managing Director & CFO Mike Watts, Deputy Chief Executive David Nisbet, Corporate Affairs	Tel: [phone]
Media Patrick Handley, David Litterick Brunswick Group LLP	Tel: [phone]

NOTES TO EDITORS

Cairn Energy PLC

Ø Cairn Energy PLC ("Cairn") is an Edinburgh-based oil and gas exploration and production company listed on the London Stock Exchange.

Ø "Cairn" where referred to in this release means Cairn Energy PLC and/or its subsidiaries as appropriate.

Ø Cairn currently holds approximately 18.3% of the issued share capital of Cairn India Limited (CIL).  Production from CIL's Rajasthan operations is 175,000 bopd.

Ø Cairn (including Capricorn) is run from Edinburgh with operational offices in Kathmandu, Nuuk, Madrid and Stavanger.

Cairn in Greenland

Ø Cairn through its subsidiary, Capricorn, operates 11 blocks offshore Greenland.

Ø A total of 14 exploration wells have been drilled offshore Greenland to date, five of which were drilled in the 1970s, one in 2000, three in 2010 by Cairn Energy and five by Cairn Energy in 2011.

Cairn in North West Europe

Ø Agora Oil & Gas is 100% owned by Cairn.

Ø Formed in October 2009 by the former management team of Revus Energy ASA and based in Stavanger, Norway.  Agora has focused on creating exploration and appraisal value in mature parts of the North Sea in areas of low-moderate geological and operational risk.

Ø Agora has 15 employees who are based in Stavanger and the UK.

Cairn in the Mediterranean

Ø Cairn is in the early stages of carrying out frontier exploration in Spain and expects to participate in the offshore Lebanon bid round later this year.

Ø Cairn is participating along with consortium partners in the current bid round offshore Cyprus.

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

 

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