23 January, 2012
Cairn intends to announce its preliminary results for the year to 31 December 2011 on Tuesday 20 March 2012. In advance of these results, Cairn is providing information on recent operations and guidance in respect of the Group’s trading performance in 2011. This information is unaudited and is subject to further review.
- Completion of 40% sale of Cairn India Limited (CIL) to Vedanta
- 22% interest retained in CIL valued at $2.5 billion (bn) at 31 December 2011
- Group cash at 31 December 2011 of $4.7 billion
- Proposed return of $3.5 billion to shareholders February 2012
- Farm out of 30.625% interest in the Pitu block in Greenland to Statoil ASA
- Bhagyam, second biggest field in Rajasthan, commenced production January 2012
Simon Thomson, Chief Executive, Cairn Energy PLC said:
“With a strong balance sheet and the first Greenland farm out completed, Cairn is well positioned to access new opportunities and further growth in 2012.
The completion of the transaction with Vedanta crystallises the very significant value creation that we have delivered from the Indian business allowing us to return $4.5 billion to shareholders over the last five years.
In Greenland, Statoil’s extensive Arctic operating and development experience makes them the partner of choice for the Pitu block where we see significant potential.”
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