CAIRN EN­ERGY JUMPS ON ARC­TIC DRILL HOPES

The Herald Business - - Themonthinheadlines -

Jan 5

Shares in Cairn En­ergy surged 2.8% af­ter it re­vealed it has se­cured two rigs for its con­tro­ver­sial Green­land drilling cam­paign.This added £162.4m to the mar­ket value of the com­pany, which is now worth more than £6bn. Chief ex­ec­u­tive Sir Bill Gam­mell, a for­mer Scot­tish rugby in­ter­na­tional, saw his stake rise in value by £321,000 to £11.9m. Cairn shares are trad­ing at their high­est level since Oc­to­ber. Mr Gam­mell said: “By con­tract­ing two ves­sels for the Green­land ex­plo­ration pro­gramme Cairn has in­creased op­er­a­tional ca­pa­bil­ity and flex­i­bil­ity and con­tin­ues to demon­strate its fo­cus on safety. We look for­ward to drilling up to four ex­plo­ration wells off Green­land dur­ing 2011.”

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