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CAIRN ENERGY PLC IN LONDON HITS LUCK AFTER WINNING LICENSE TO EXPLORE OIL UNDER THE WATERS IN MANNAR BASIN

By Walter Jayawardhana

Since winning a license to explore oil in Sri Lanka’s off shore Mannar basin by its Indian subsidiary , the Company’s London mother company , Cairn Energy PLC in the United Kingdom has had its biggest gain in the stock market in months, the Bloomberg Financial Information Services reported.
The financial information service said, “the U.K. explorer operating in India, Tunisia and Albania, had its biggest gain in a month in London trading after being awarded a license to explore for oil off the coast of Sri Lanka.”

The information service added, “Cairn jumped as much as 4.8 percent, the biggest advance since May 6, to 3,341 pence. It also paced gains on the FTSE 100 index of leading U.K. stocks. The stock was up 4 percent at 3,315 pence as of 8:47 a.m. local time.”
Bloomberg said the UK company’s Indian subsidiary was picked over ONGS videsh Ltd, and a unit of Niko Resources Ltd to explore hydrocarbons in deposits believed to be contained under water in the North Western Mannar basin

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