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Cairn Energy PLC (CNE)

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Tuesday 21 July, 2020

Cairn Energy PLC

India Arbitration Update

RNS Number : 5308T
Cairn Energy PLC
21 July 2020
 

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:

 

 

 

Analysts/Investors

 

David Nisbet, Corporate Affairs

Tel: 0131 475 3000

Media

 

Linda Bain, Corporate Affairs

Tel: 0131 475 3000

 

 

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

 

 

 


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