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.
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.
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.
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.
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.