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Cairn energy plan acquisition campaign

posted 21 Mar 2012, 08:12 by David Rintoul   [ updated 21 Mar 2012, 08:16 ]

Cairn Energy chairman Sir Bill Gammell vowed to continue with the Edinburgh-based oil explorer’s drilling campaign off the coast of Greenland despite unsuccessful wells pushing it down to a $1.1 billion (£694 million) operating loss.

Chairman and founder Sir Bill Gammell vowed to continue with the firm’s drilling plans off the coast of Greenland despite booking $942m-worth of costs relating to failed exploration wells.

Those costs pushed the Edinburgh-based group to the hefty operating loss, based on its continuing operations, according to full-year results.

Continued...