Scotland-based oil and gas company Cairn Energy has announced plans to change its company name from Cairn Energy to Capricorn Energy. The change is expected to take effect from December 13, 2021. The LSE stock ticker will remain as CNE.
"This follows an agreement at the time of the Cairn India IPO that the name would ultimately be changed. Given the recent legislative change in India and our participation in the related tax refund process, we are now putting in place the planned name change," Cairn Energy said.
"The new name reflects continuity and evolution: the majority of Cairn’s subsidiaries have been known as Capricorn for some time. It is an established and respected name across our global operations, maintaining stakeholder confidence in our long-standing reputation for responsibility, relationships, and respect," Cairn added.
Cairn holds a portfolio of exploration, development, and production assets in UK, Egypt, Israel, Mauritania, Mexico, and Suriname.
Earlier this week, Cairn said it had sold its interest in the Catcher and Kraken oil fields in the UK North Sea to Waldorf Production.
The proposed sale and purchase deal was first announced in March, and following the general meeting held on October 28, 2021, Cairn on Wednesday announced the completion of the transaction.
Under the deal, Cairn sold its entire non-operated 20 percent interest in the Catcher field and 29.5 percent interest in the Kraken field. The company's remaining assets in the UKCS include interest in Diadem and Jaws wells in the North Sea.