FOR IMMEDIATE RELEASE 21 July 2020
CAIRN ENERGY PLC ("Cairn")
India Arbitration Update
Cairn is announcing an update on its proceedings against the Government of India under the UK-India Bilateral Investment Treaty.
The Arbitral Tribunal has indicated that, whilst it has encountered some difficulties created by the Covid-19 pandemic, it does not expect significant delays and hopes to remain reasonably within the lead-time it had anticipated. Whilst it is not yet able to commit to a specific date for its ruling, it expects a "release of the Award after the end of the summer."
Cairn continues to have a high level of confidence in the arbitration and is seeking full restitution for losses of more than US$1.4 billion.
Enquiries: |
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Analysts/Investors |
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David Nisbet, Corporate Affairs |
Tel: 0131 475 3000 |
Media |
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Linda Bain, Corporate Affairs |
Tel: 0131 475 3000 |
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Patrick Handley/David Litterick, Brunswick Group LLP |
Tel: 0207 404 5959 |
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 the North Sea, West Africa and Latin America, underpinned by interests in production and development assets. Cairn has its headquarters in Edinburgh, Scotland supported by operational offices in London, Senegal and Mexico.
For further information on Cairn please see: www.cairnenergy.com