Saturday 21 October 2017

Cairn to begin further exploration and restart drilling offshore Senegal

Rig Athena
Rig Athena
Louise Kelly

Louise Kelly

Cairn Energy has announced that it will continue further exploration off the shore of Senegal.

The third phase of drilling on the large SNE field is expected to commence at the end of January.

The leading independent oil and gas exploration firm has has been active in Senegal since 2013 - and made two significant discoveries in 2014.

Meanwhile, Cairn reported that it finished 2016 with net cash of $335m, compared with cash of $450m and no debt at end-June.

Cairn stated that both its Catcher and Kraken developments in the UK North Sea are on track for first oil in 2017; with peak net targeted production to Cairn of approximately 25,000 boepd.

"Cairn is fully-funded in respect of all of our capital commitments and we continue to actively assess and pursue new ventures within the context of a balanced portfolio," Chief Executive Simon Thompson said.

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