Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

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For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
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  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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Cairn Energy PLC (CNE)

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Tuesday 26 October, 2010

Cairn Energy PLC

Greenland Operational Update

RNS Number : 9816U
Cairn Energy PLC
26 October 2010
 



FOR IMMEDIATE RELEASE                                                                                             26 October 2010

 

 

CAIRN ENERGY PLC ("Cairn")

Greenland Operational Update

 

The following operational statement concerns Cairn's 2010 exploration drilling campaign offshore Greenland.

 

All operations concluded at the end of the drilling season as agreed with the Greenland Bureau of Minerals and Petroleum (BMP) and the Stena Forth and Stena Don rigs have been released off contract.  The Alpha-1S1 exploration well has been suspended to allow possible re-entry to sidetrack or deepen the well at a later date. The T8-1 and T4-1 exploration wells have been plugged and abandoned.

 

Well Summaries

 

Alpha-1S1

As previously announced, the Alpha-1S1 well encountered oil shows in the volcanic section.  In accordance with the BMP regulations, drilling operations ceased as of 30 September 2010.  At this point the well was still in volcanics and the prognosed Mesozoic section had not been reached.

 

T4-1

The T4-1 well, which was targeting a Tertiary objective at a different stratigraphic level to T8-1, failed to encounter any significant hydrocarbons and found only thin reservoir sands, although geochemical analyses continue on selective samples.

 

T8-1

The T8-1 well, which (as announced on 24 August 2010) encountered gas in thin sands has been plugged and abandoned.

 

The T8-1 and T4-1 wells did not result in commercial discoveries; consequently the well costs, including all associated demobilisation and other costs, of US ~$185 million are forecast to be written off in accordance with Cairn's accounting policies.  The primary objectives of the Alpha prospect were not reached, the well has been suspended and any future re-entry work depends on the results of further evaluation.

 

Ongoing Operations

 

Geophysical operations in Greenland are still active with a 2,500km 2D seismic survey currently ongoing on the Eqqua Block and some data will also be acquired in the Sigguk block (~ 215km) for well-tie purposes.  A 7,400km 2D survey was completed during the summer across the offshore south Greenland blocks.

 

Cairn has now drilled one third of all exploration wells ever drilled offshore Greenland and the first wells in the Greenland Arctic for almost 35 years. This campaign has demonstrated to the Greenland Government and the industry that drilling operations can be successfully and safely carried out in this area.

 

 

Mike Watts, Deputy Chief Executive, Cairn Energy, said:

 

"Exploration in Greenland is at a very early stage and consequently to have encountered both gas and oil in two of the first frontier exploration wells in the previously undrilled Baffin Bay geological basin is extremely encouraging.

 

Cairn continues to evaluate all the data acquired this summer.  Plans for the forward exploration programme in 2011 are already underway and will be announced in Q1 2011."

 

 

Enquiries to:

 

Cairn Energy PLC

Sir Bill Gammell, Chief Executive

Dr Mike Watts, Deputy Chief Executive

Jann Brown, Finance Director

David Nisbet, Corporate Affairs

Tel: 0131 475 3000

 

Brunswick Group LLP

Patrick Handley

David Litterick

 

 

Tel: 0207 404 5959

 

Cairn Energy Conference Call

 

A conference call will be held at 0900 (UK time) on Tuesday 26 October 2010.

 

Dial In Details

 

UK Free Call:                             0800 073 1809

UK Standard International:          +44 (0)1452 542 400

USA Free Call:                          1 866 223 9797

ID:                                            20549633

 

An archived version of the conference call will be available later on the Cairn Energy website: www.cairnenergy.com



NOTES TO EDITORS:

 

Ø Cairn Energy PLC ("Cairn") is an Edinburgh-based oil and gas exploration and production company listed on the London Stock Exchange. Following the IPO of Cairn India in January 2007, there are two separate arms to the business:

Ø Cairn India limited ("Cairn India") is now listed on the Bombay Stock Exchange and the National Stock Exchange of India and has interests in a total of 11 acreage blocks in India and Sri Lanka. Cairn currently retains a 62.37% interest in Cairn India.

Ø Capricorn Oil Limited ("Capricorn"), a 100% subsidiary of Cairn, is focused on exploration. Capricorn now has assets in Bangladesh, Nepal, Northern India, Greenland, Tunisia, Albania, and pending licence awards in Spain.

Ø "Cairn" where referred to in this release means Cairn Energy PLC and/or its subsidiaries (including Cairn India and Capricorn), as appropriate.

Ø "Cairn India" where referred to in the release means Cairn India Limited and/or its subsidiaries, as appropriate.

Ø "Capricorn" where referred to in this release means Capricorn Oil Limited and/or its subsidiaries as appropriate.

Ø Cairn has focused its activities on the geographic region of South Asia, which has already resulted in a significant number of oil and gas discoveries.  In particular, Cairn made a major oil discovery (Mangala) in Rajasthan in the north west of India at the beginning of 2004. Cairn has now made more than 20 discoveries in Rajasthan block RJ-ON-90/1.

Ø Cairn India is headquartered in Gurgaon on the outskirts of Delhi, with operational offices in Chennai, Gujarat, Andhra Pradesh and Rajasthan.

Ø Cairn Energy PLC (including Capricorn) is run from Edinburgh with operational offices in Dhaka, Chittagong and Kathmandu.

Ø Rothschild is acting as financial adviser to Cairn on the proposed transaction. Merrill Lynch and RBS Hoare Govett are corporate brokers to Cairn.

 

For further information on Cairn please go to: www.cairnenergy.com

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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