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Posts Tagged ‘Cairn Energy’

The Guardian: Filthy lucre: Oil, oil – everywhere!

The Guardian: Filthy lucre: Oil, oil – everywhere!

“And what about Rajasthan? Shell had more or less abandoned prospecting there, but oil minnow Cairn Energy made several major finds this year and reckons Rajasthan could be the new Texas”

Stephen Moss

Thursday August 5, 2004

Oil prices are soaring, stock markets are falling, the end of the world is nigh. Purnomo Yusgiantoro, the Indonesian president of Opec, has warned that the cartel will not be able to increase production to bring down prices, the rise in which has been fuelled by uncertainty over the future of Russian oil giant Yukos and attacks on pipelines in Iraq. Better fill up now before we hit $50 a barrel.

The 11 members of Opec – Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela – supply more than 40% of the world’s oil and have more than 75% of all proven reserves. They have us over a … well, they’ve certainly got us where they want us. Yusgiantoro’s statement may even be a bargaining ploy. So the answer, surely, is to start looking beyond Opec. read more

Daily Telegraph: It’s a big bite for bureaucrats

Daily Telegraph: It’s a big bite for bureaucrats

“Shell shareholders are writing the cheques and, as the American lawyers get going, they will be writing more and bigger ones.”

City comment

Edited by Neil Collins, City Editor

(Filed: 30/07/2004)

Even given the salaries at the Financial Services Authority (pay peanuts and you get. . .) £17m should cover quite a few of them, so it was a good day for the bureaucrats yesterday. The fine, levied on Shell for breaching the catch-all rules on “market abuse” looks modest compared with the $120m hit from the Securities & Exchange Commission in America, but everything’s bigger over there.

In truth, the fines are a classic case of kicking the dog to punish the cat, since those in charge when Shell overstated its oil reserves have all gone (and we may be sure they have been well rewarded for their incompetence). Shell shareholders are writing the cheques and, as the American lawyers get going, they will be writing more and bigger ones. read more

The Guardian: Cairn raises £103m for exploration in India

The Guardian: Cairn raises £103m for exploration in India: “Cairn bought its assets in the province from Shell last year for $7.2m (£4m) and its stock price has more than tripled since”

Richard Wray

Saturday July 3, 2004

Cairn Energy, the oil exploration firm that has seen its shares more than triple in value this year, yesterday raised just under £103m to fund the continued development of its operations in Rajasthan, western India.

Cairn bought its assets in the province from Shell last year for $7.2m (£4m) and its stock price has more than tripled since it reported its first discovery there in January.

Yesterday the company raised £102.9m in a placing priced at £13.70 a share. At the start of the year Cairn’s shares were changing hands at less than £4 each. read more

Daily Telegraph: Cairn raises £102m for India field

Daily Telegraph: Cairn raises £102m for India field: “Cairn shares have more than tripled since January, and the finds on the former Shell site”

By Philip Aldrick (Filed: 03/07/2004)

Cairn Energy, the Scottish oil and gas exploration company, yesterday raised £102.9m to fund the development of its vast oil field in Rajasthan, northern India.

The cash was raised by way of a placing with institutions of 7.5m new shares at £13.70. The fundraising was twice oversubscribed and increased the share capital of the company by 5pc.

Cairn has made three major strikes in the 3,125 sq mile field and drilled 25 wells. Chief executive Bill Gammell said there was still “an awful lot of drilling to do. We’ve certainly got at least another 30 wells ahead of us.” read more

Cairn Energy share placing set to raise £100m

Financial Times: Cairn Energy share placing set to raise £100m: “fourfold jump in its share price”: “field it acquired from Shell”

By Friederike Tiesenhausen Cave

Jul 03, 2004

Cairn Energy yesterday cashed in on the fourfold jump in its share price since the start of the year by placing 7.5m shares to raise approximately £100m.

The Edinburgh-based company has become one of the outstanding successes on the London Stock Exchange this year after striking oil three times in Rajasthan, western India, in a field it acquired from Shell, the oil and gas group.

Bill Gammell, chief executive, said: “The proceeds of the placing will provide additional flexibility for ongoing operations, supporting accelerated development of existing discoveries and further exploration activities in Rajasthan.” read more

Shell to take £180m charge

The Times: Shell to take £180m charge

“The news is a further blow to the company’s embattled shareholders”

By Andrew Ellson,

July 01, 2004

Shell, the Anglo-Dutch oil company, has announced its exploration and production business will take a charge to earnings of about $330 million (£180 million) after tax in the second quarter of this year.

The charge relates to the unsuccessful drilling and seismic studies of several exploration wells in the North Sea and off the coast of Ireland. Shell acquired these exploration rights with the purchase of Enterprise Oil in 2002.

The charge would not have not have an impact on the company’s proven reserves, Shell said in a statement. read more

Cairn director buys £624,000 of company shares

The Independent: Cairn director buys £624,000 of company shares

By Saeed Shah

23 June 2004

The deputy chairman of Cairn Energy splashed out nearly £624,000 on shares in the company yesterday, following large share purchases by other company directors recently.

Analysts said the amount of personal wealth being put into Cairn shares by directors indicated that the company’s huge discoveries at a field in India could be even more promising than previously thought.

The directors have been buying even though the stock has already trebled in value since the find was made public in January. Cairn is currently in the process of drilling appraisal wells at its field in Rajasthan, which was bought from the troubled oil giant Shell for just £4m before the discoveries. Any more positive news that emerges on the field will add to Shell’s embarrassment over the sale. read more

Cairn Energy 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. read more

The Observer: Whose eyes are on Cairn Energy?

The Observer: Whose eyes are on Cairn Energy?

Sunday 6 June 2004

Is Cairn Energy about to become another British oil exploration and production company doing so well that it will attract predatory interest from one of the majors?

We have seen it happen with Lasmo and Enterprise, medium-sized exploration companies, swallowed by larger competitors. Cairn was yesterday’s minnow, but now it is growing fast thanks to promising discoveries off the Indian coast.

A year ago, Cairn’s stock traded at £3, now the price is £11; several brokers reckon £15 is not an unreasonable target in the short term. Cairn’s shares soared last week after a successful drilling report at its ‘appraisal’ well in north Rajasthan. But the firm produces just 32,000 barrels a day. Enterprise notched up 200,000 a day before it was taken over by Shell for £3.5 billion in 2002. So isn’t Cairn’s share price too high? read more

India fall eclipses Cairn’s oil boost

The find has been a source of continued embarrassment to Shell, which sold its share in the field to Cairn for $7.25m (£4m) 18 months ago.

Daily Telegraph: India fall eclipses Cairn’s oil boost

By Christopher Hope, Business Correspondent (Filed: 18/05/2004)

Investors’ concerns about the new left of centre government in India overshadowed news from Cairn Energy that its new find in Rajasthan will yield more oil than expected.

Cairn’s shares have jumped by more than 170pc since January when it unveiled the discovery of an enormous oil field in northern India, transforming the Scottish company into Britain’s biggest independent oil and gas business.
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