UPDATE 1-Cairn to exit Bangladesh, focus on Greenland

* To sell its interests in Sangu gas field to partner Santos

* Shares up 1 pct
(Adds detail, share price)

LONDON, Nov 4 (BestGrowthStock) – Oil and gas firm Cairn Energy
(CNE.L: ) said it was selling off its interests in Bangladesh as
it looks to tighten its focus on exploration in Greenland, where
it hopes to open up a major new producing centre.

Cairn, which is currently in the process of selling a stake
in its Indian unit for $9.6 billion, said on Thursday it would
also divest its minority interest in the Sangu gas field off the
coast of Bangladesh to its Australian partner Santos
International (STO.AX: ).

Cairn said in August that it would use part of the proceeds
from selling between 40 and 51 percent of its stake in Cairn
India (CAIL.BO: ) to London-listed miner Vedanta Resources (VED.L: )
to pay for exploration in Greenland. [ID:nLDE67F074]

The company has said it could spend $1.2 billion on drilling
in the Arctic country in the coming years, where its first
exploration programme in Baffin Bay found shows of gas but did
result in a commercial discovery. [ID:nLDE69P09B]

The deal with Santos, which is subject to certain conditions
said Cairn, also includes a 50 percent stake in exploration
acreage on the block where the Sangu field is located.

Shares in Cairn, which have fallen 17 percent in the last
month on uncertainty over completion of the Vedanta deal and on
disappointment in the Greenland drilling programme, gained 1
percent to 384.7 pence at 1041 GMT. [ID:nSGE69K0BA]

(Reporting by Sarah Young; Editing by Matt Scuffham)

UPDATE 1-Cairn to exit Bangladesh, focus on Greenland