CAIRN Energy, Britains biggest independently listed oil explorer, has made one of the biggest ever oil discoveries on the Indian sub-continent


Just look at that share price GO

http://scotlandonsunday.scotsman.com/business.cfm?id=61842004

SWW,

There was an auction for option expiry today at around 10.10, that is why you see this spike.

Ian

Obliged Ian

Rajasthan disappointment hits Cairn
By Tom Bergin

LONDON (Reuters) - Shares in Cairn Energy (LSE: CNE.L - news) have fallen more than 20 percent after the oil explorer said it had not found any new oil at a new exploration area for which many in the market had high hopes.

At 8:50 a.m. on Friday, Cairn shares, which have more than tripled in value this year on the back of big oil discoveries in Rajasthan in northwest India, were down 20.5 percent at 1,083 pence, the biggest fall on the FTSE (news) -100 index < .FTSE>.

In a drilling update, Cairn said the evaluation of its N-C extension area in Rajasthan had been "disappointing", eclipsing higher production and recoverable reserve targets at its two key oil fields.

Cairn also said the Indian government believed it was liable to pay CESS, a tax on the production of crude oil, of around 900 rupees (16.5 pounds) per tonne on production from Rajasthan. Cairn refutes the government's position.

Finance Director Kevin Hart told reporters the royalty payment could hit the value of its Rajasthan interests by about 5 percent.

nice day got in at 1037 (12:23) and hopped out at 1116 (16:23) a nice easy 7% gain

babykitcat brinks amn trading.

Seen a bit of this tgis week in the O & G sector.

Well done on your 7%.

thanks SW