Oil & gas giant Cairn Energy Plc (CNE.L, CRNCY.PK, CRNZF.PK) Tuesday reported a narrower loss for full-year 2012, reflecting mainly lower exploration costs and impairment charges. Looking ahead, the firm believes it is well positioned to create significant value through its exploration-led growth strategy in 2013 and 2014.
Simon Thomson, chief executive of the company stated, "With a strong cash position and a disciplined approach to capital expenditure, we look forward to the start of our multi-well, multi-year operated exploration programme commencing in Q4 2013 targeting more than 3.5 billion boe of resource."
Announcing its preliminary results, the company said its loss before tax for the year from continuing operations narrowed to $194.2 million from $1.19 billion in the previous year.
Profit attributable to equity holders of the parent dropped to $72.6 million or 11.12 cents per share from $4.10 billion or 330.58 cents per share reported last year.
The Edinburgh-based oil and gas exploration and production company noted that profit after tax for the recent year reflected foreign exchange gains and other finance income and profit on disposal of financial assets. This was offset by costs of unsuccessful exploration activities and administration costs.
The year 2012 recorded a tax credit totaling $266.8 million, while the prior year had a profit from discontinued operations of $5.75 billion.
Cairn Energy anticipates that development of the Catcher and Kraken fields will lead to first oil and cash flow in 2016/17.
Separately, Cairn Energy announced a farm-in as operator of three blocks offshore Senegal in West Africa, with 65 percent interest. The form noted that the transaction will add a number of drillable prospects to the frontier exploration inventory and drilling programme in the next 18 months.
In London, Cairn Energy shares are currently trading at 286 pence, down 1.11 percent, on a volume of 845,554 shares.
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