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Cairn Energy PLC (CNE)

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Tuesday 21 September, 2010

Cairn Energy PLC

Proposed part sale shareholdi

RNS Number : 0044T
Cairn Energy PLC
21 September 2010
 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, OR INTO, THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN

 

 

FOR IMMEDIATE RELEASE                                                                                        21 September 2010

 

                               

CAIRN ENERGY PLC ("Cairn")

Proposed part sale of shareholding in Cairn India Limited ("Cairn India") to Vedanta Resources plc ("Vedanta")

 

A circular in connection with the proposed part sale of Cairn's shareholding in Cairn India to Vedanta (the "Circular") will be posted to Cairn's shareholders today. 

The Circular contains a notice convening a General Meeting of Cairn shareholders. The General Meeting will be held at 50 Lothian Road, Edinburgh EH3 9BY on 7th October 2010 at 2:00 pm. Shareholders may appoint a proxy by completing the form of proxy enclosed with the Circular. Alternatively, shareholders may register their proxy appointment electronically. The procedures and timings for the appointment of a proxy are set out in the notes to the notice of the General Meeting on pages 62 to 64 of the Circular.

The Circular will shortly be available for viewing on the investors section of Cairn's website at www.cairnenergy.com.  A copy of the Circular will also be submitted to the National Storage Mechanism and will shortly be available for inspection at: www.Hemscott.com/nsm

In addition Cairn is providing an operational update today on its offshore exploration drilling campaign on the Sigguk block, west Greenland where operations continue with an absolute focus on safety.

 

Enquiries

 

Cairn

Sir Bill Gammell, Chief Executive

Dr Mike Watts, Deputy Chief Executive

Jann Brown, Finance Director

David Nisbet, Corporate Affairs

 

 

 

 

 

Tel: +44 (0) 131 475 3000

 

Brunswick Group LLP
Patrick Handley

David Litterick

 

 

Tel: +44 (0) 207 404 5959

                                   

 

 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
 
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