Richard Rose News
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Cairn Energy Plc ended this year’s $600 million drilling program off Greenland after the biggest exploration campaign attempted in the Arctic island’s waters failed to make a viable discovery.
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Cairn Energy Plc, the Scottish oil company exploring in Greenland, discovered traces of oil and gas at an offshore well.
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Falkland Oil & Gas Ltd., a U.K.- based explorer in the South Atlantic, delayed the start of drilling at its Loligo well and may sell stock late 2012 if the well is successful, Chief Executive Officer Tim Bushell said.
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Cairn Energy Plc , the explorer selling its Indian operations to Vedanta Resources Plc, will write off the $185 million cost of two wells drilled off Greenland after they failed to make commercial discovery.
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Bill Gammell will step down as chief executive officer of Cairn Energy Plc at the end of this month to become non-executive chairman.
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Vedanta Resources Plc won approval from the Indian Cabinet to take control of Cairn Energy Plc’s local unit on condition it bears part of the royalty payments now covered by state-run Oil & Natural Gas Corp.
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Investors seeking volatility should look to the South Atlantic Ocean.
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Cairn Energy Plc and Vedanta Resources Plc extended the deadline for a $9.6 billion deal to acquire the U.K. explorer’s Indian unit after the South Asian nation’s cabinet referred the proposal to a panel of ministers.
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Vedanta Resources Plc is in talks with Cairn Energy Plc on buying a stake in its India unit, the operator of the country’s largest onshore oilfield, as the copper producer seeks to expand outside metals.
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Cairn Energy Plc fell in London trading after its first well off Greenland found natural gas rather than crude oil.
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