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Cairn focuses on Greenland after Indian sell-off
INVESTORS will seek signs that Cairn Energy can repeat its Indian success in Greenland when the oil explorer unveils half-year results tomorrow.
Cairn, which is selling most of its stake in Indian business Cairn India to miner Vedanta Resources for up to $9.6bn (£6.16bn), is tipped to update the market on drilling two offshore wells in Greenland.
Cairn, which will keep up to a fifth of Cairn India, is focusing on new areas after its success in Rajasthan, which transformed the firm.
Broker UBS said: “We believe Cairn will update on the progress of both wells, whether they have reached target depth or not.”