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Media Releases
2009

16 March
2009

Shepherd and Wedderburn Advises Cairn Energy on £116 million Placing

Leading UK law firm Shepherd and Wedderburn has advised Cairn Energy on its placing of new shares to raise approximately £116.1 million.

Partners Paul Hally and Stephen Trombala led the Shepherd and Wedderburn team. Paul said: “The placing shows that despite difficult stock market conditions there are still fundraisings to be done on the public markets.”

Sir Bill Gammell said: "Cairn is well positioned to deliver value from its world class fields in Rajasthan where first production will commence in 2009. At the same time exploration efforts continue across our exciting acreage in Greenland, where we are looking at options to accelerate drilling, possibly into 2010. The funds raised from the placing announced today, along with our current debt facilities, cash resources and cash flow from operations, enable us to retain the financial and operational flexibility necessary for our next phase of growth and the continued delivery of shareholder value."

This deal follows recent work by Shepherd and Wedderburn’s equity capital markets team on the £12.5 billion British Energy bid.


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