Gammell Boosts Cairn India Float ; Market Report

Daily Mail (January 09, 2007)

Author: Geoff Foster

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Summary

IF in doubt, wheel the big boss man out. Amid continuing gossip that today's Pounds 1bn flotation of its Cairn India business will flop, oil tycoon and founder Sir Bill Gammell waxed lyrical about Cairn Energy's prospects.

He said that he is confident it can discover more oil reserves at its vast Rajasthan fields in India. Those comments, together with a firmer oil price and the closing of several sizeable short positions, helped shares of the oil explorer rally 55p from a year's low to 1725p.

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Gammell Boosts Cairn India Float ; Market Report

Cairn Energy will own 69.5pc of Cairn India after the sale of shares at a bottom-oftherange 160 rupees, or 185p a share. Cairn peaked at more than Pounds 21 in early December on optimism about the flotation, bu...

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