Cairn Energy PLC Announcement

RNS Number : 9616Y

Cairn Energy PLC

31 January 2014

 



FOR IMMEDIATE RELEASE                                                                                   31 January 2014

CAIRN ENERGY PLC ("Cairn" or "the Company")

In its announcement issued on 24 January 2014, Cairn undertook to keep the market updated regarding the request from the Indian Income Tax Department for information regarding its income tax assessments for the year ended 31 March 2007.

Following this, Cairn has re-confirmed with its advisers that throughout its history of operating in India the Company has been fully compliant with the tax legislation in force in each year.

The correspondence received from the Indian Income Tax Department indicates that this is in respect of amendments introduced in the 2012 Indian Finance Act which seek to tax prior year transactions under retrospective legislation.

Cairn intends to take whatever steps are necessary to protect the Company's interests and to defend its position.

While this matter is being discussed, Cairn has been restricted by the Indian Income Tax Department from selling its shares in Cairn India (valued at US$1.0 billion as at 31 December 2013).

Cairn will continue to pursue its current exploration and development programme as planned.

Enquiries to:

Analysts / Investors

David Nisbet, Corporate Affairs                                                                              Tel: [phone]

Media

Patrick Handley, David Litterick

Brunswick Group LLP                                                                                           Tel: [phone]

NOTES TO EDITORS

"Cairn" or the "Group" or the "Company" as the context requires refers to Cairn Energy PLC and/or any of its subsidiaries.

Cairn is one of Europe's leading independent oil and gas exploration and development companies and is listed on the London Stock Exchange. Cairn has discovered and developed oil and gas reserves in a variety of locations around the world.

Cairn's business operations are now focused on frontier exploration acreage in Morocco, Senegal, Republic of Ireland, Greenland, Mauritania and the Mediterranean along with exploration and pre-development interests in the North Sea. Cairn has its headquarters in Edinburgh, Scotland supported by operational offices in London, Greenland, Norway, Spain, Morocco and Senegal. 

Cairn and Corporate Responsibility

Ø Cairn is a signatory to the UN Global Compact and our core values of respect, responsibility, relationships and our commitments towards people, the environment and society are enshrined in our Business Principles, which are available on the Cairn website at http://www.cairnenergy.com/index.asp?pageid=282

Ø Cairn became a participating company in the Extractive Industry Transparency Initiative (EITI) in September 2013. The EITI is a coalition of governments, companies and civil society, who have adopted a multi-stakeholder approach to applying the EITI global standard promoting transparency of payments in the oil, gas and mining sectors http://eiti.org/

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

 

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