Newspaper article The Journal (Newcastle, England)

Cairn Energy Shares Plunge by 18pc

Newspaper article The Journal (Newcastle, England)

Cairn Energy Shares Plunge by 18pc

Article excerpt

Shares in Cairn Energy plunged yesterday ( down 18pc,closing at 1115p ( after the run of positive news that has propelled the oil and gas group into the FTSE 100 Index came to an end.

The lacklustre finish to the year stemmed from a "disappointing" appraisal on a potential extension to its development site in north-west India.

Shares, which have risen almost 400pc this year, fell 19pc even though Cairn upped its production target for two of the key fields in the development.

The Edinburgh-based group said the Mangala and Aishwariya fields were poised to produce between 80,000 and 100,000 barrels of oil a day ( compared with a previous estimate of between 60,000 and 75,000 barrels.

However, Cairn added that its evaluation of a potential extension to the north of the current development area in Rajasthan had been disappointing.

Appraisal of a further field is due to start early next year, with Cairn more positive about its potential following recent geological reports. …

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