The Times: Big shot: “Another oil discovery in India, another 6 per cent jump in Cairn’s share price.”
August 11, 2004
WHILE Bill Gammell, Cairn Energy’s chief executive, was enjoying his summer holiday at the Fife seaside resort of Elie yesterday, his shareholders were basking in the FTSE’s sun. Another oil discovery in India, another 6 per cent jump in Cairn’s share price.
It has been a stellar year for all associated with Cairn, in particular Edinburgh-based Mr Gammell, who set up the company 24 years ago. Along with Cairn shareholders, who have watched the company’s share price almost quadruple this year, Mr Gammell, 51, can count the good fortune of some astute management. His million Cairn shares are now worth £14 million, a far cry from when he and his senior management team decided to buy Shell’s interest in the Rajasthan exploration block, western India, for £3.9 million two years ago. The move proved Cairn’s making.
Mr Gammell, a former Scotland rugby union international, is an economics and accountancy graduate from Stirling University and worked for Arthur Young McClelland Moores before setting up Cairn as an exploration vehicle.