Cairn Declines in London on Plan to Explore for Morocco Oil
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Cairn Energy Plc, a U.K. oil explorer, fell in London trading after announcing plans to search for crude in frontier acreage off the coast of Morocco.
The company declined 4.3 percent, the most since May 4, to 283.7 pence. Cairn will buy 50 percent of the Foum Draa blocks in Morocco, a third purchase this year after acquiring North Sea explorers Agora Oil & Gas AS and Nautical Petroleum Plc.