Explorer excited by Senegal
Cairn to deliver North Sea oil next year
Together with its “world class” Senegal discoveries the company said it is in a “strong financial position, able to withstand and deliver returns from a lower oil price environment”, despite reporting another loss.
The Catcher and Kraken developments in the UK North Sea on track for first oil from 2017 and international arbitration proceedings are under way to settle the long-running Indian tax dispute, with Cairn claiming full compensation for the $1 billion value which it says its shareholders are entitled to receive.
Delivering annual results, chief executive Simon Thomson (pictured), said Cairn “is in a strong position, with a robust financial base and our North Sea development projects are on track. But perhaps most importantly, we are in the midst of an extremely promising appraisal and further exploration programme in Senegal, which we believe can create significant value for all our stakeholders by proving additional resource on the acreage.
“Following the two world class discoveries in Senegal in 2014, our focus in 2015 was on evaluating the discoveries and drawing up work plans to take advantage of this exceptionally attractive opportunity. We are proud to have opened up a new oil province in Senegal and to have done so with two consecutive exploration well successes within such a large acreage position.”
The loss before tax from continuing operations for the year fell from $559.1 million to $497.8m.