UK Giant Gets Another Boost

The UK's largest independent oil explorer Cairn Energy saw its shares jump 21 per cent yesterday after the oil exploration and production company unveiled its second big discovery in less than three months alongside strong full-year figures.

The company stated it had found more oil at its field in Rajasthan, India. The news followed a find announced in January that added 50 per cent to the company's market value.

Analysts said that Cairn's share price implied a potential value for Rajasthan of just under $1.8 billion.