Cairn Energy PLC Announce Preliminary Results

Posted On March 13th, 2018 - 6:45 pm | by Oil and gas press

With first oil production from its North Sea developments, Cairn continues to deliver a strong and balanced business with a growing production base supporting further development and a multi-well exploration programme offering significant growth potential.

The SNE field in Senegal is now fully-appraised and the Joint Venture is targeting Government approval of the Exploitation Plan by the end of this year.

The company continues to maintain balance sheet strength and financial flexibility as we focus on creating, adding and realising value for shareholders from a portfolio of attractive exploration, development and production assets.
– Simon Thomson, Chief Executive, Cairn Energy PLC commented:


Senegal Development
SNE field development concept select achieved with planned key milestones leading up to first oil expected in 2021-2023;

Invitations to Tender (ITT) commenced in Q1 2018 with major Floating Production Storage and Offloading Vessel (FPSO) and subsea infrastructure contractors; a redeployed FPSO is the preferred development option
Evaluation Report in preparation and expected to be submitted to the Government of Senegal in H1 2018

Front end engineering and design (FEED) to commence in H2 2018

Formal transfer of Operatorship (TOO) to Woodside expected to take place in H2 2018, subject to Government approval
Exploitation Plan targeted for submission and approval in H2 2018 with the Final Investment Decision (FID) to follow: Cairn targeting initial production rate of ~100,000 barrels of oil per day (bopd) and estimates up to 25 wells in initial development phase, targeting ~240 mmbbls principally in S500 lower reservoir: subsequent phases targeting >250 mmbbls in the S400 upper reservoir

Senegal Exploration & Appraisal

Five successful wells drilled in 2017 (Cairn 40% WI, Operator) in third phase of exploration and appraisal activity with operations delivered safely and successfully completed ahead of schedule and under budget
Ongoing evaluation of further Cairn operated exploration opportunities

UK & Norway Production
Catcher (Cairn 20% working interest (WI)) and Kraken (Cairn 29.5% WI) developments in the UK North Sea achieved first oil production in 2017, with total project capex expenditure estimated by the Operators to be ~30% and ~25% below original project sanction

2018 full year production, net to Cairn, estimated to be 17,000-20,000 bopd*, with ongoing project commissioning on both fields expected to be completed in H1 2018

Full capacity production expected to be achieved by mid-year, with peak net production to Cairn of 25,000 bopd, delivering significant cash flow for reinvestment

Nova development (formerly Skarfjell) (Cairn 20% WI) in Norway: JV completed FEED in 2017 and the Plan for Development and Operation (PDO) is anticipated in H1 2018

Nova first oil is targeted in H2 2021 and expected to deliver plateau production of 50,000 bopd, ~10,000 bopd net to Cairn
*excludes 4.5% FlowStream interest in Kraken production

Exploration – UK & Norway.

Source / Further information : Cairn Energy PLC

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