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Oil & Gas

Cairn Energy to change its name to Capricorn Energy

Posted: November 16, 2021 at 3:42 pm   /   by   /   comments (0)

Cairn is planning to change its company name from Cairn Energy plc to Capricorn Energy plc from December 13, the business has announced in a statement posted on its website.

The development follows an agreement at the time of the Cairn India IPO that the name would ultimately be changed, Cairn noted. No action from shareholders is required in relation to the change, Cairn said, adding that the London Stock Exchange (LSE) stock ticker will remain as CNE.

“Given the recent legislative change in India and our participation in the related tax refund process, we are now putting in place the planned name change,” Cairn said in the statement published on its site.

“The new name reflects continuity and evolution. The majority of Cairn’s subsidiaries have been known as Capricorn for some time. It is an established and respected name across our global operations, maintaining stakeholder confidence in our long-standing reputation for responsibility, relationships and respect,” Cairn added in the statement.

On November 3, Cairn announced that it had entered into undertakings with the Government of India in order to participate in a scheme introduced by recent Indian legislation, the Taxation Laws (Amendment) Bill 2021, allowing the refund of taxes previously collected from Cairn in India. Back in August, Cairn noted the introduction to the Indian parliament of the Taxation Laws (Amendment) Bill 2021, which it highlighted proposed certain amendments to the retrospective taxation measures that were introduced by the Finance Act 2012.

Cairn is an independent, UK-based energy company focused on oil and gas exploration, development and production, the company’s website states. Cairn is said to be one of Europe’s leading independent oil and gas exploration and development companies and has been listed on the LSE for more than 30 years.

The business was founded in 1980, with Cairn Energy plc formed and listed on the LSE in 1988. Cairn India Limited was created in 2006 and an initial public offering of the company took place in 2007, raising $2 billion and returning $1 billion to shareholders, Cairn’s website shows.

(Source: Rigzone)