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Cairn falls to loss on India field fear

Fri. August 28, 2009; Posted: 11:04 AM
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Aug 26, 2009 (Daily Mail - McClatchy-Tribune Information Services via COMTEX) -- CRNCF | Quote | Chart | News | PowerRating -- Cairn Energy swung to a half-year loss and raised fears of delays at its Mangala oil field in Rajasthan, India.

It warned that meeting a target to complete an export pipeline from the field by the end of the year was becoming "increasingly challenging," although chief executive Bill Gammell said any delay would be a matter of weeks rather than months.

Cairn reported a first-half loss of GBP115.6m, compared with a profit of GBP407m in the same period last year.

The plunge into the red came after underlying revenues fell 55pc on the back of lower oil prices and a decline in production from aging fields.

No dividend payment was made. Shares in the group fell 37p to 2586p.

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