Cairn funds own drilling campaign

August 20
5:47 PM 2013

Cairn Energy Plc (CNE) targeted a drilling campaign in Morocco, Senegal and Ireland on September.  The leading oil and gas company aims to drill five wells with a projected oil production of more than 4 billion barrels of oil in the said countries. They also considered including Greenland in the said project.  

The Edinburgh-based oil and gas company would fund its own yearlong campaign with its $1.5 billion net cash and a 10% stake in Cairn India Ltd (CAIR). Chief Executive Officer Simon Thomson said that the wells would give a great advantage to the company. According to Thomson, the company spent two years to create a winnable project and expansion plan.

Earlier, Cairn sold most of its Indian unit in 2011 and spent $1 billion in Greenland without any discoveries. Aside from this, the company has invested in North Sea which is conducting explorations on the Atlantic Margin. They have indulged in several exploration, expansion and development projects in different European countries.

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