Cairn Energy To Change Name To “Capricorn Energy”

Britain oil and gasoline explorer Cairn will change its firm’s identify from ‘Cairn Vitality PLC’ to ‘Capricorn Vitality PLC’, with impact from December 13, 2021, in response to a regulatory submitting to the London Inventory Trade (LSE). 

The LSE inventory ticker will stay as ”CNE”, after the change of firm identify. The change will probably be across the time its over $1 billion retrospective tax dispute will probably be nearing closure and in addition follows an settlement on the time of the Cairn India IPO that the identify would in the end be modified.

Cairn Vitality – which gave the nation its greatest on-land oil discovery, had bought the India unit, Cairn India to mining baron Anil Agarwal’s Vedanta Group in 2011. The sale included the switch of the Cairn model identify to Vedanta. 

Given the current legislative change and Cairn’s participation within the associated tax refund course of, the corporate is now setting up its deliberate identify change. The UK-based agency mentioned that no motion from shareholders is required in relation to the identify change. The brand new identify displays the corporate’s continuity and evolution, mentioned Cairn. Additionally, majority of Cairn’s subsidiaries have been generally known as Capricorn for a while, as per the assertion.

Cairn is one among Europe’s main unbiased power corporations. The corporate has found, explored, developed, and produced oil and gasoline in quite a lot of places all through the world as an operator and associate throughout all levels of the oil and gasoline lifecycle. 

The corporate’s exploration actions have a geographical focus within the North Sea, West Africa, and Latin America, supported by pursuits within the manufacturing and improvement property, in response to the LSE submitting.

Cairn is headquartered in Edinburgh, Scotland and has operational workplaces in London, Mexico, Egypt, and Mauritania.