20th Feb 2007 07:00
Cairn Energy PLC20 February 2007 20 February 2007 EMBARGOED FOR RELEASE AT 0700 CAIRN ENERGY PLC The following release was issued today by Cairn India to the Bombay StockExchange and the National Stock Exchange of India: "Appointment of Chief Financial Officer Cairn India is pleased to announce the appointment of Indrajit Banerjee as ChiefFinancial Officer ("CFO"). Indrajit, aged 50, will assume his responsibilitiesand join the board of directors of Cairn India on 1 March 2007. Indrajit graduated from the University of Calcutta with a Bachelor's degree inCommerce. He is also an associate of the Institute of Chartered Accountants ofIndia. He is married with two children. He started his career at PriceWaterhouse Coopers in Kolkata in 1979 and has heldseveral senior posts throughout his career including seventeen years at theIndian Aluminium Company which was part of the Alcan Group and two years inLucent Technologies (India). In his most recent role as President - Finance andPlanning at Lupin Limited, he played a key role during the growth phase of theCompany. Indrajit will replace Jann Brown, who will step down as interim Chief FinancialOfficer of Cairn India with effect from 1 March 2007. Rahul Dhir, Chief Executive Officer of Cairn India, said: "Cairn India is delighted to have secured the services of a CFO who has anexcellent track record of value creation. Indrajit is widely respected in themarkets for his integrity and commitment to financial discipline. At a timewhen Cairn India has significant growth potential following the successfulcompletion of the IPO, Indrajit will bring his skills to a management team whichis very much focused on realising significant value for shareholders from aworld class asset base." Indrajit Banerjee, the newly appointed CFO of Cairn India, said: "Cairn India presents an exciting opportunity for me. I see the combination offuture Rajasthan production and active exploration drilling programmes in Indiaproviding the potential for continued growth. I look forward to joining CairnIndia as it is poised to play an integral part in meeting India's growing energydemand."" Enquiries to:Analysts/InvestorsSir Bill Gammell, Chief ExecutiveJann Brown, Finance Director Tel: 0131 475 3000 Media Tel: 0207 404 5959Brunswick Group LLP:Patrick Handley, Mark Antelme, Phoebe Buckland Cairn India Media EnquiriesDavid Nisbet Tel: 00 91 99 1048 7715 Notes to Editors: •On 9 January 2007, Cairn successfully concluded the flotation of its Indian business with the commencement of trading of Cairn India Limited on the Bombay Stock Exchange and the National Stock Exchange of India. Cairn Energy PLC currently holds 69% of the issued share capital of Cairn India Limited. •"Cairn" where referred to in this release means Cairn Energy PLC and/or its subsidiaries (including Cairn India), as appropriate. •"Cairn India" where referred to in the release means Cairn India Limited and/or its subsidiaries, as appropriate. •Cairn focuses its activities on the geographic region of South Asia. The Group holds material exploration and production positions in west India, east India and Bangladesh along with new exploration rights in India and Nepal. •This focus on South Asia has already resulted in a significant number of oil and gas discoveries. In particular, Cairn made a major oil discovery (Mangala) in Rajasthan in the north west of India at the beginning of 2004. Cairn has now made over 20 discoveries in Rajasthan block RJ-ON-90/1. •Cairn operates Block RJ-ON-90/1 under a Production Sharing Contract (PSC) signed on 15 May 1995. The main Development Area (1,858 km2), which includes Mangala, Aishwariya, Saraswati and Raageshwari; is shared between Cairn and ONGC, with Cairn holding 70% and ONGC having exercised their back in right for 30%. •India currently imports approximately 2,000,000 barrels of oil per day (bopd). It produces approximately 700,000 bopd itself of which 50,000 bopd comes from the Cairn operated Ravva field on the east coast of India. •Cairn India is headquartered in Gurgaon on the outskirts of Delhi, with operational offices in Chennai, Gujarat, Andhra Pradesh and Rajasthan. •Cairn Energy PLC (including Capricorn) will continue to be run from Edinburgh with operational offices in Dhaka, Chittagong and Kathmandu. For further information on Cairn see www.cairn-energy.plc.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Capricorn Energy PLC