Plus   Neg

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Panera Bread Co. is launching a new subscription program that will allow customers to drink unlimited coffee and tea. The new program of $8.99 per month launches Thursday and covers hot coffee, iced coffee and hot tea. With the introduction of the subscription, Panera becomes the first national restaurant company to offer unlimited hot drip coffee, iced coffee and hot tea for $8.99 per month. Best Buy Co. Inc. (BBY) Thursday reported a fourth-quarter profit that increased 1.4 percent from last year, while, J. C. Penney Co.'s (JCP) quarterly profit dropped 64 percent. However, the results of the companies topped analysts' estimates. Safavieh LLC recalled about 760 units of Aura and Silas 3-Drawer Chests for possible serious tip-over and entrapment hazards that can result in death or injuries to children, the U.S. Consumer Product Safety Commission said in a statement. The company said the chests are unstable if they are not anchored to the wall.
Follow RTT