Carin India Appoint CFO
Cairn Energy PLC
20 February 2007
20 February 2007
EMBARGOED FOR RELEASE AT 0700
CAIRN ENERGY PLC
The following release was issued today by Cairn India to the Bombay Stock
Exchange and the National Stock Exchange of India:
'Appointment of Chief Financial Officer
Cairn India is pleased to announce the appointment of Indrajit Banerjee as Chief
Financial Officer ('CFO'). Indrajit, aged 50, will assume his responsibilities
and join the board of directors of Cairn India on 1 March 2007.
Indrajit graduated from the University of Calcutta with a Bachelor's degree in
Commerce. He is also an associate of the Institute of Chartered Accountants of
India. He is married with two children.
He started his career at PriceWaterhouse Coopers in Kolkata in 1979 and has held
several senior posts throughout his career including seventeen years at the
Indian Aluminium Company which was part of the Alcan Group and two years in
Lucent Technologies (India). In his most recent role as President - Finance and
Planning at Lupin Limited, he played a key role during the growth phase of the
Company.
Indrajit will replace Jann Brown, who will step down as interim Chief Financial
Officer of Cairn India with effect from 1 March 2007.
Rahul Dhir, Chief Executive Officer of Cairn India, said:
'Cairn India is delighted to have secured the services of a CFO who has an
excellent track record of value creation. Indrajit is widely respected in the
markets for his integrity and commitment to financial discipline. At a time
when Cairn India has significant growth potential following the successful
completion of the IPO, Indrajit will bring his skills to a management team which
is very much focused on realising significant value for shareholders from a
world class asset base.'
Indrajit Banerjee, the newly appointed CFO of Cairn India, said:
'Cairn India presents an exciting opportunity for me. I see the combination of
future Rajasthan production and active exploration drilling programmes in India
providing the potential for continued growth. I look forward to joining Cairn
India as it is poised to play an integral part in meeting India's growing energy
demand.''
Enquiries to:
Analysts/Investors
Sir Bill Gammell, Chief Executive
Jann Brown, Finance Director Tel: 0131 475 3000
Media Tel: 0207 404 5959
Brunswick Group LLP:
Patrick Handley, Mark Antelme, Phoebe Buckland
Cairn India Media Enquiries
David Nisbet Tel: 00 91 99 1048 7715
Notes to Editors:
•On 9 January 2007, Cairn successfully concluded the flotation of its
Indian business with the commencement of trading of Cairn India Limited on
the Bombay Stock Exchange and the National Stock Exchange of India. Cairn
Energy PLC currently holds 69% of the issued share capital of Cairn India
Limited.
•'Cairn' where referred to in this release means Cairn Energy PLC and/or
its subsidiaries (including Cairn India), as appropriate.
•'Cairn India' where referred to in the release means Cairn India Limited
and/or its subsidiaries, as appropriate.
•Cairn focuses its activities on the geographic region of South Asia. The
Group holds material exploration and production positions in west India,
east India and Bangladesh along with new exploration rights in India and
Nepal.
•This focus on South Asia 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 over 20 discoveries in Rajasthan block RJ-ON-90/1.
•Cairn operates Block RJ-ON-90/1 under a Production Sharing Contract (PSC)
signed on 15 May 1995. The main Development Area (1,858 km2), which includes
Mangala, Aishwariya, Saraswati and Raageshwari; is shared between Cairn and
ONGC, with Cairn holding 70% and ONGC having exercised their back in right
for 30%.
•India currently imports approximately 2,000,000 barrels of oil per day
(bopd). It produces approximately 700,000 bopd itself of which 50,000 bopd
comes from the Cairn operated Ravva field on the east coast of India.
•Cairn India is headquartered in Gurgaon on the outskirts of Delhi, with
operational offices in Chennai, Gujarat, Andhra Pradesh and Rajasthan.
•Cairn Energy PLC (including Capricorn) will continue to be run from
Edinburgh with operational offices in Dhaka, Chittagong and Kathmandu.
For further information on Cairn see www.cairn-energy.plc.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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