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Cairn Energy Says 2020 Net Production In Line With Guidance

Cairn Energy Plc. (CNE.L) said that its full year 2020 net production was just over 21,000 bopd, in line with guidance. Crude sales from both fields averaged close to the dated Brent benchmark pricing or better during the period.

The company noted that it has entered 2021 with balance sheet strength and financial flexibility. The sale of the company's interests in Senegal and return of capital to shareholders demonstrates continued strategic delivery and differentiation.

The company is well-positioned to be opportunistic in the current market as it seeks to diversify and grow its production base.

The company's current 2021 net production guidance range is 16,000 - 19,000 bopd, subject to ongoing discussions with the respective Operators regarding the timing and duration of planned shutdowns and understanding the impact of the ongoing gas injection trials on Catcher.

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