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Cairn Energy Reports FY Oil And Gas Sales Revenue Of $504 Mln

Cairn Energy Plc. (CNE.L) reported that its Oil and gas sales revenue for the year to 31 December 2019 was US$504 million at an average realised price of US64.52 per barrels of oil equivalent or boe, and average production cost was US$17.5 per boe.

Combined oil production net to Cairn from the Catcher and Kraken fields in 2019 averaged about 23,000 bopd, at upper end of guidance of ~21,000 to 23,000 bopd.

The company expects oil production to be 19,000 to 23,000 bopd for 2020.

The Arbitral Tribunal in India has indicated that it expects to be in a position to issue the Award in the summer of 2020. Cairn continues to have a high level of confidence in the merits of its claims in the arbitration and is seeking full restitution for losses of more than US$1.4 billion.

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