Cairn Energy plc, the former parent company of Cairn India, has bought stakes in two Irish oil and gas blocks in a cost-and-carry deal. Under the terms of the deal, Capricorn Ireland, a subsidiary of Cairn Energy, acquired the rights to obtain a 38% in Porcupine Basin pair Frontier Exploration Licence and also six adjacent licencing option blocks. Meanwhile, Chrysaor will retain up to a 36% interest in partnership, though the farm-out agreement has yet to be approved by government.
The two licences - FEL 2/04, which includes the Spanish Point and Burren discoveries, and FEL 4/08 - together cover an area of 1,242 square kilometres and are currently operated by Chrysaor and SOSINA Exploration. In return, Cairn Energy will pay $4.1 million in pro-rated back costs and carry 63.33% of future exploration and appraisal costs for up to two wells, subject to a cap.
| Company Name | CMP |
|---|---|
| ONGC | 279.25 |
| Oil India | 454.40 |
| Jindal Drilling&Inds | 535.85 |
| Deep Industries | 457.70 |
| Asian Energy Service | 297.85 |
| View more.. | |
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: