Cairn Energy Secures New Licenses in Mexico Bid Round

Cairn Energy PLC (CNE.LN) has secured interests in two licenses in the Mexico offshore bid round.

The oil and gas exploration and development company said Tuesday the licenses were secured by its subsidiary Capricorn Energy Ltd., with the Production Sharing Contracts scheduled to be signed later this year with the Government of Mexico. The contract awards are subject to the final approval of the authorities.

Cairn said it anticipates exploration drilling to commence in the 2019-2020 period on both blocks.

-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter: @Raztweet

(END) Dow Jones Newswires

June 20, 2017 02:29 ET (06:29 GMT)