ThisIsMoney.com: Cairn Energy
Posted 21 june 04
Price: 1200p Monthly rise: 20.2%.
MAJOR oil finds in India have sent shares in Cairn soaring this year and its most recent update showed that the company expected to extract more from its field in Rajasthan than it had initially hoped.
Chief executive Bill Gammell pulled off a major coup when he picked up the field from Shell, but his company’s share price jump has also been helped by sharply higher oil prices in recent months.
The share price has tripled so far this year, and at last week’s closing price, the Scottish company was valued at £1.8bn, which means it is knocking on the door of the FTSE 100 index.
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