logo
Share SHARE
FONT-SIZE Plus   Neg

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

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Embark Veterinary Inc., a startup that makes dog DNA-testing kits for pet owners, vets and breeders, said it has raised $4.5 million in funding from investors and relocated its headquarters to Boston. The company intends to use the new funding to expand its canine genetic testing suite for pet owners, breeders, and veterinarians. Intel Corp. has completely shut down its wearables division about two weeks ago, CNBC reported, citing a person familiar with the matter. The company reportedly intends to focus on augmented reality. According to the CNBC report, Intel laid off about 80 percent of the team that made the Basis fitness watch in November 2016 and has now eliminated the division entirely. The Federal Trade Commission is investigating allegations that Amazon.com Inc. misled consumers about its pricing discounts, Reuters reported, citing a source close to the probe. The FTC probe is reportedly part of the agency's review of Amazon's proposed $13.4 billion deal to buy grocery chain Whole Foods Market Inc.
comments powered by Disqus
Follow RTT