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Cairn takes control of Capricorn
Cairn Energy is taking full control if its exploration subsidiary Capricorn, which owns large oil blocks in Greenland, as it boosts its focus on the North Atlantic.
The company said it would buy a 10 per cent stake in Capricorn from Dyas, part of Dutch group SHV, for $95m to be paid in shares along with 15 per cent of Cairn’s interests in Tunisia and Albania.
Colin Smith, oil analyst at ICAP, said: “This highlights Cairn’s commitment to its exploration programme in Greenland. The first well is to be drilled in 2011.”