India oil-find CEO wins E&Y award

Monday, 28 June 2004, 07:00 Hrs
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LONDON: Bill Gammell, chief executive of Cairn Energy, has won the Ernst & Young entrepreneur of 2004 in recognition of the Edinburgh-based company's success as a pioneer of oil and gas exploration in India.

The former Scotland rugby internationalist received the prize at a ceremony in Glasgow Thursday, capping a period in which Cairn's fortunes have been transformed by three big finds in Rajasthan.

The company's market capitalisation soared to around two billion pounds from 560 million pounds in January, when it made the first of the discoveries, on acreage on which it acquired Shell's half-share for just $7.25 million (four million pounds).

Cairn is still to complete appraisal work on the three finds before it can put a value on the discoveries, but analysts believe a number of potential bidders are already eyeing the fields.

Having struck it rich in an area of Rajasthan that had attracted little interest from Western rivals, Cairn's experts believe the company could make further big finds elsewhere in India.

Besides earning plaudits for Cairn management across the globe, the company's success with the drill-bit has helped directors, including Gammell, make big gains on their shareholdings and options in the company.

Source: IANS
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