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Shell, ONGC Eyeing Up Cairn Energy's Assets?

0811 GMT [Dow Jones Newswires] ABN Amro reiterates buy on Cairn Energy (CNE.LN) with a 2300p price target. Notes Royal Dutch Shell (RDSB.LN) has signed an agreement with ONGC (Indian state oil and gas company), to pursue opportunities both inside and outside India to find and develop oil and gas assets.

“Inevitably there will be some speculation this could involve some interest in Cairn's huge oil discoveries in Rajasthan, especially given Cairn originally bought Shell's 50% stake in the acreage in 2001 for a mere $7M prior to making the finds.”

Royal Dutch Shell and ONGC not immediately available to comment. Cairn +0.2% at 1970p. (SMT)

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