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Licences to drill for oil issued for Valencian coast

Tue 24th May 2011

Cairn Energy PLC, an Edinburgh based oil and gas exploration company headed by former Scotland rugby international, Sir Bill Gamell, is to expand it's operations and interests in Spain.

The company, who already has interests in Greenland, India, Bangladesh, Nepal and Albania has been awarded two hydrocarbon exploration licences comprising five blocks in the Gulf of Valencia area.

The total combined area covered by these licences is approximately 4'000 km2 and the water depths range from 50 metres to more than1,000 metres, with Cairn holding a 100% interest.

The company is in the early stages of exploration and during the initial two year period will be evaluating and consolidating existing data, following which they may consider implementing offshore research in the second discretionary phase.

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