20th Jun 2006 07:00
Cairn Energy PLC20 June 2006 EMBARGOED FOR RELEASE AT 0700 20 June 2006 Cairn Energy PLC ("Cairn" or "the Company") Finance Director Kevin Hart has today given notice of his resignation as Finance Director ofCairn. It is currently envisaged that the effective date of the resignation willbe at the year end or shortly following an Extraordinary General Meeting of theCompany which will be required to approve the planned Initial Public Offering(IPO) of its Indian exploration and production business on the Bombay StockExchange, whichever is earlier. Kevin, aged 37, joined Cairn as Finance Director in 1998 and following hisresignation will assume the position of Chief Executive of Bowleven PLC. Jann Brown, aged 51 and currently Group Financial Controller at Cairn, willreplace Kevin as Finance Director. Jann has served on the Group Management Boardfor seven years, and in addition to her duties as Group Financial Controller shehas the key responsibility of project managing the planned IPO. She holds an MAfrom the University of Edinburgh and joined Cairn in 1998 after a career in theaccountancy profession, mainly with KPMG. She is a member of The Institute ofChartered Accountants of Scotland and The Chartered Institute of Taxation. - There are no additional matters which require to be disclosed for the purposes of Listing Rule 9.6.13 of the Listing Rules. - A further announcement will be made pursuant to Listing Rule 9.6.12 when the effective date of these board changes is confirmed. Sir Bill Gammell, Chief Executive said: "Cairn is very fortunate to be able to promote a high quality individual fromwithin its team as its future Finance Director. Jann Brown has been a key memberof the senior management team for many years and is a well known and respectedfigure, both in the city and the oil industry at large. Kevin has been an integral member of the Cairn team and we are pleased he willremain with us until shareholder approval of the planned Indian IPO. I wish himall success in his future new role." Kevin Hart said: "Working for Cairn during the last eight years has been a fantastic experienceand I look forward to finalising the preparation for the planned Indian IPO. I'malso delighted that Jann Brown will succeed me." Enquiries:- Cairn Energy PLC: Analysts/InvestorsBill Gammell, Chief Executive Tel: 0131 475 3000 MediaDavid Nisbet, Head of Group Communications Tel: 0131 475 3000 Brunswick Group Limited:Patrick Handley, Mark Antelme Tel: 0207 404 5959 Notes to Editors •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, the Company made a major oil discovery (Mangala) in Rajasthan in the north west of India at the beginning of 2004. Cairn has now made 18 discoveries in Rajasthan. •In Block RJ-ON-90/1, Cairn operates under a Production Sharing Contract (PSC) signed on 15 May 1995. The Development Area (1,858 km2), which includes Mangala, Aishawariya, Saraswati and Raageshwari is 70% Cairn with 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 650,000 bopd itself of which 50,000 bopd comes from the Cairn operated Ravva field on the east coast of India. •Cairn has recently opened a new Indian headquarters at Gurgaon on the outskirts of Delhi to provide improved support for the Rajasthan project team and to manage the Company's business interests in India. •"Cairn" where referred to in this release means Cairn Energy PLC and/or its subsidiaries, as appropriate. For further information on Cairn see www.cairn-energy.plc.uk Note: There are matters discussed in this Statement that are forward looking.All such forward-looking statements are based on our management's assumptionsand beliefs in light of information available to them at this time. Theseforward-looking statements are, by their nature, subject to significant risksand uncertainties and actual results, performance or achievements may bematerially different from those expressed in such statements. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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