Daily Telegraph: Modest Scot who has hit the jackpot: “Seven years ago he invested in an overlooked Rajasthan field, buying the last 50pc from Shell for $7.5m in 2002. By last December, Cairn had spent $100m on drilling. Then in January, it struck black gold.” (ShellNews.net)

(Filed: 08/09/2004)

It's been a year to remember for Bill Gammell, chief executive of Cairn Energy, who has seen the company he founded 24 years ago in Edinburgh quadruple in value in the 12 months to £2.3 billion.

The 51-year-old started Cairn Energy Management with a friend in 1980 and floated the renamed firm in 1989. Seven years ago he invested in an overlooked Rajasthan field, buying the last 50pc from Shell for $7.5m in 2002. By last December, Cairn had spent $100m on drilling. Then in January, it struck black gold.

The modest Scot said yesterday: "I am proud on behalf of the team. But it won't make a big difference. We have to deliver."

Bruce Evers of Investec said: "He has gone to areas no one would have thought of. He hit the jackpot. Frankly, good luck to him."

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2004/09/08/cncairn108.xml