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Cairn Energy Issues AGM Statement - Quick Facts

Cairn Energy Plc (CNE.L) stated that the company currently has $254 million cash on its balance sheet, while Reserve Based Lending facility is undrawn. The company will announce its half-year results on August 22, 2017.

Simon Thomson, Chief Executive of Cairn Energy, stated: "In 2017, we will commence production in the North Sea, progress the SNE field towards development, drill material exploration wells in Senegal and Ireland, and continue to work on new exploration and development opportunities both from the existing asset base and from new ventures."

On Senegal, the company said its near-term focus in is defining the scale and phasing of the overall SNE field development including the balance between the number of drilling centres, type and number of wells and the subsea infrastructure. The company aims to submit an Exploitation Plan to the Government of Senegal in 2018 with a Final Investment Decision within twelve months thereafter and first oil in the period 2021 to 2023.

The company said, in the UK North Sea, both the Catcher and Kraken developments remain significantly below their original budgets and both are on schedule to target first oil in the current year.

by RTT Staff Writer

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