Cairn Energy PLC (LSE:CNE) commences share repurchases on November 15, 2021, under the program mandated by the shareholders in the Annual General Meeting held on May 11, 2021. As per the mandate, the company is authorized to repurchase up to 49,926,765 shares, representing 10% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is the nominal value being ?0.02 per share and the maximum price which may be paid for each ordinary share is the higher an amount equal to 105% of the average of the middle market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List of the UK Listing Authority for the five business days immediately preceding the day on which the ordinary share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System. The shares purchased may either be cancelled or held as treasury shares, which may then be cancelled, sold for cash. The authority shall expire on June 30, 2022 or at the conclusion of the next Annual General Meeting of the company, whichever is earlier. As of March 26, 2021, the company had 499,267,656 ordinary shares in issue.