Monday May 5, 08:25 AM
Cairn India names Rick Bott COO, executive director UPDATE
(Updating with CEO quotes, further details. Also clarifying reference to new COO in second para)
MUMBAI (Thomson Financial) - Cairn India Ltd., a unit of Cairn Energy PLC (LSE: CNE.L - news) ., said it appointed Rick Bott as chief operating officer and executive director, effective June 15.
Bott joins Cairn India from Devon Energy Corp (NYSE: DVN - news) ., where he was vice president, international division, responsible for developing and implementing business growth and exploration strategy in 12 countries outside of North America, Cairn India said in a release.
'Rick is joining our senior leadership team as the company gears up for the first production from Rajasthan and looks to future growth opportunities both in India and beyond,' said Rahul Dhir, managing director and chief executive officer, Cairn India.
Cairn, which struck oil at the Mangala field in Rajasthan in 2004, last week secured an approval from the government of India to shift its crude delivery point for contract area RJ-ON-90/1 to Salaya in the Gujarat state from Barmer in neighbouring Rajasthan. The approval of the scheme allows Cairn India to recover the cost of laying a pipeline through the sale of crude oil before the company shares oil profits with the government, sources said.
In a trading update in March, Edinburgh-based Cairn Energy Plc. had said that production at Mangala was on track to begin in the second half of 2009.
At 12.21 pm local time, shares in Cairn India rose 1.25 percent to 254.65 rupees, while the Bombay Stock Exchange's benchmark Sensex rose 0.77 percent at 17,735.70.
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