Cairn Embarks on Yearlong Oil Campaign in Africa, Ireland
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Cairn Energy Plc will begin a drilling campaign next month targeting more than 4 billion barrels of oil with wells in Morocco, Senegal and Ireland.
The U.K. oil explorer, with net cash of $1.5 billion and a 10 percent stake in Cairn India Ltd. valued at $1 billion, is able to pay for the yearlong campaign from its own funds, the Edinburgh-based company said today in a statement in London. It plans at least five wells in Morocco, Senegal and Ireland, as well as the possibility of one in Greenland, the company said.