Cairn Energy to change its name to Capricorn EnergyBritain oil and gas explorer Cairn will alter its business's name from 'Cairn Energy PLC' to 'Capricorn Energy PLC', with result from December 13, 2021, according to a regulatory filing to the London Stock Exchange (LSE).
The LSE stock ticker will stay as CNE , after the modification of company name.
The change will be around the time its over $1 billion retrospective tax dispute will be nearing closure and also follows an agreement at the time of the Cairn India IPO that the name would ultimately be changed.Cairn Energy - which offered the country its greatest on-land oil discovery, had sold the India system, Cairn India to mining baron Anil Agarwal's Vedanta Group in 2011.
The sale included the transfer of the Cairn trademark name to Vedanta.Given the current legislative change and Cairn's participation in the related tax refund process, the business is now putting in place its planned name modification.
The UK-based firm stated that no action from shareholders is needed in relation to the name change.
The new name reflects the business's continuity and evolution, stated Cairn.
Likewise, majority of Cairn's subsidiaries have been known as Capricorn for a long time, according to the statement.Cairn is one of Europe's leading independent energy companies.
The business has found, explored, developed, and produced oil and gas in a variety of areas throughout the world as an operator and partner across all phases of the oil and gas lifecycle.The company's expedition activities have a geographical focus in the North Sea, West Africa, and Latin America, supported by interests in the production and advancement possessions, according to the LSE filing.Cairn is headquartered in Edinburgh, Scotland and has operational workplaces in London, Mexico, Egypt, and Mauritania.