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Cairn Energy PLC Preliminary Results: correction to earnings per share ('EPS') disclosures

23 March, 2012

Cairn announced its preliminary results for the year ended 31 December 2011 on 20 March 2012. EPS calculations for 2011 and 2010 were performed after retrospectively adjusting the weighted average number of shares in issue for the full share consolidation in February 2012.

It has subsequently been identified that the extent of the retrospective adjustment should be limited to the change in the number of ordinary shares outstanding without a corresponding change in resources of the business. Where a share consolidation takes place in conjunction with a return of cash to shareholders, there is a reduction in resources and this should be excluded from any adjustment made.

The impact of this correction on the EPS figures included in the preliminary results statement is set out below.

Income statement

 
  Announced   Corrected
  2011 2010
(restated)
  2011 2010
(restated)
Earnings per ordinary share – basic (cents) 742.64 144.72   330.93 64.41
Earnings per ordinary share – diluted (cents) 740.86 143.72   330.58 64.10
Loss per ordinary share – basic from continuing operations (cents) (215.39) (55.26)   (95.98) (24.59)
Loss per ordinary share – diluted from continuing operations (cents) (215.39) (55.26)   (95.98) (24.59)

Discontinued operations note

 
  Announced   Corrected
  2011 2010
(restated)
  2011 2010
(restated)
Earnings per share – basic (cents) 958.03 199.98   426.91 89.00
Earnings per share – diluted (cents) 955.73 198.76   426.45 88.65

Discontinued operations note

 
  Announced   Corrected
  2011 2010
(restated)
  2011 2010
(restated)
Weighted average number of shares 553,061 551,027   1,240,092 1,235,533
Less weighted average shares held by ESOP and SIP Trusts (829) (2,127)   (829) (2,127)
Basic weighted average number of shares 552,232 548,900   1,239,263 1,233,406
Dilutive potential ordinary shares:          
Employee share options 1,329 2,151   1,329 2,151
Diluted weighted average number of shares 553,561 551,051   1,240,592 1,235,557

Enquiries:

Analysts/Investors    
Douglas Taylor Deputy Finance Director 0131 475 3000
David Nisbet Corporate Affairs 0131 475 3000
Media    
Patrick Handley Brunswick Group LLP 0207 404 5959
David Litterick Brunswick Group LLP 0207 404 5959

Notes to editors

All references to the share capital of Cairn India in this announcement are calculated on a fully diluted basis.

Cairn Energy PLC

Cairn in Greenland

  • Cairn through its subsidiary, Capricorn, operates 11 blocks offshore Greenland.
  • Cairn carried out extensive Environmental and Social Impact Assessments to identify how potential environmental and social impacts of its drilling programme can be avoided or mitigated.
  • A total of 14 exploration wells have been drilled offshore Greenland to date, five of which were drilled in the 1970s, one in 2000, three in 2010 by Cairn Energy and five by Cairn Energy in 2011.
Related information
Preliminary Results Announcement (amended as of 23 March) Download PDF 0.56MB