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Cairn Energy H1 Oil And Gas Sales Revenue Of $257 Mln; Lifts FY Production View

Cairn Energy plc. (CNE.L) reported Tuesday that its first-half oil and gas sales revenue was $257 million. Average oil prices were $67.84 per barrels of oil equivalent or boe, and average production cost was $17/boe.

The combined net oil and gas production was at about 23,700 boepd, up 15% from previous six months.

Further, the company upgraded full-year oil production guidance to 21,000-23,000 bopd from previous outlook of 19,000-22,000 bopd. The company said the outlook revision reflects exceptional uptime on Catcher and significantly improved facilities performance at Kraken.

The company noted that both fields have further investments planned with additional drilling opportunities in 2020 to help maximise recovery.

Simon Thomson, Chief Executive, said, "Production performance from our North Sea assets is ahead of expectations, delivering significant cash flow to reinvest in the portfolio. The SNE development in Senegal, where FID is expected in H2, remains on schedule for first oil in 2022."

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