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Cairn Energy PLC (CNE.L)

CNE.L on London Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Cairn Energy Sees FY 2018 Production To Be 17,000 Bopd To 20,000 Bopd​
Tuesday, 23 Jan 2018 02:00am EST 

Jan 23 (Reuters) - Cairn Energy Plc ::FY PRODUCTION, NET TO CAIRN, FOR 2018 ESTIMATED TO BE 17,000 TO 20,000 BOPD WITH PLATEAU PRODUCTION FROM CATCHER AND KRAKEN ACHIEVED BY MID-YEAR​.GROUP NET CASH AT 31 DECEMBER 2017 WAS $56 MILLION.KRAKEN PRODUCTION TO REACH 50,000 BOPD GROSS DURING H1 2018; GROSS PROJECT CAPEX EXPECTED BE 25% LESS THAN ORIGINAL SANCTIONED PROJECT COST​.RESERVES BASED LENDING BANK FACILITY WAS UNDRAWN AT YEAR END WITH EXPECTED PEAK AVAILABILITY OF $350-400 MILLION.ANTICIPATE START OF EXPLORATION DRILLING IN 2019​ IN ‍BLOCKS OFFSHORE MEXICO.FORECAST KRAKEN AND CATCHER DEVELOPMENT EXPENDITURE FOR 2018 IS $125 MILLION.  Full Article

BW Offshore ‍says oil production started at Premier's Catcher field
Saturday, 23 Dec 2017 12:00pm EST 

Dec 23 (Reuters) - Bw Offshore Ltd ::‍FIRST OIL FROM CATCHER FPSO WAS SAFELY ACHIEVED ON 23 DECEMBER​.‍CATCHER DEVELOPMENT PROJECT IS NEARING COMPLETION ON TIME AND WELL WITHIN BUDGET​.‍BW CATCHER IS OWNED AND OPERATED BY BW OFFSHORE AND WILL COMMENCE A SEVEN-YEAR FIXED TERM CONTRACT, WITH EXTENSION OPTIONS OF UP TO 18 YEARS​.‍CATCHER FIELD PARTNERSHIP IS MADE UP OF PREMIER OIL (50%), CAIRN ENERGY (20%), MOL GROUP (20%) AND DYAS (10%)​.‍UNIT HAS AN OIL STORAGE CAPACITY OF 650,000 BARRELS AND A PROCESSING CAPACITY OF UP TO 60,000 BARRELS PER DAY. FPSO HAS A DESIGN LIFE OF 20 YEARS OF UNINTERRUPTED OPERATIONS​.  Full Article

Cairn Energy provides update on India tax dispute
Wednesday, 20 Sep 2017 02:00am EDT 

Sept 20 (Reuters) - CAIRN ENERGY PLC ::PROVIDES PROCEDURAL UPDATE ON ITS DISPUTE WITH GOVERNMENT OF INDIA UNDER UK INDIA BILATERAL INVESTMENT TREATY.ARBITRATION PROCEEDINGS ARE WELL ADVANCED, TRIBUNAL AND PARTIES HAVE AGREED PROCESS AND TIMETABLE FOR FINALISING DOCUMENT PRODUCTION, SUBMISSIONS AND HEARINGS.TRIBUNAL STATED THAT IT EXPECTS PARTIES TO STRICTLY ADHERE TO DEADLINES SET OUT IN AMENDED PROCEDURAL CALENDAR.TRIBUNAL EXPECTS THAT IT WILL MAKE APPROPRIATE ARRANGEMENTS TO PROGRESS WITH DRAFTING OF AWARD AS EXPEDITIOUSLY AS POSSIBLE..  Full Article

Cairn Energy says HY profit before taxation from cont ops of $312.8 mln
Tuesday, 22 Aug 2017 02:00am EDT 

Aug 22 (Reuters) - CAIRN ENERGY PLC ::GROUP NET CASH AT 30 JUNE 2017 $254 MILLION.REMAINING 2017 CAPEX FOR CATCHER AND KRAKEN DEVELOPMENT PROJECTS OF US$35 MILLION AND US$75 MILLION.HY PROFIT BEFORE TAXATION FROM CONTINUING OPERATIONS OF $312.8 MILLION VERSUS LOSS OF $57 MILLION YEAR AGO.TARGETING EVALUATION REPORT AND EXPLOITATION PLAN SUBMISSION TO GOVERNMENT OF SENEGAL IN 2018 FOR FINAL INVESTMENT DECISION (FID) BEFORE END OF 2018.  Full Article

Cairn says encountered oil in South Fan prospect offshore Senegal
Tuesday, 11 Jul 2017 02:29am EDT 

July 11 (Reuters) - Cairn Energy Plc ::Results of Fan South-1 well in South Fan prospect offshore Senegal.Well encountered hydrocarbon bearing reservoir and oil samples obtained.Preliminary analysis indicates 31° API oil quality."Will shortly commence operations on SNE North prospect which has potential to enhance our total resources in Senegal".  Full Article

Cairn energy secures new licences in Mexico bid round
Tuesday, 20 Jun 2017 02:00am EDT 

June 20 (Reuters) - Cairn Energy Plc :Secures new licences in mexico bid round.The licences are located in the Gulf of Mexico in the shallow water Sureste basin in water depths of 100-500 metres and ~50km offshore: Ø Block 7: ENI (45% operator), Cairn (30%), Citla (25%) Ø Block 9: Cairn (65% operator), Citla (35%).  Full Article

Cairn Energy issues update on India tax dispute
Monday, 19 Jun 2017 02:00am EDT 

June 19 (Reuters) - Cairn Energy Plc ::Issuing an update on india tax dispute.On June 16, 2017 Indian Income Tax Department (IITD) issued an order to VIL directing it to pay over any sums due to Cairn.Sums due to Cairn from VIL now total $104 mln, including historical dividends of $53 mln and a further dividend of $51 mln after merger of CIL and VIL.Notwithstanding this action by GOI, international arbitration proceedings are progressing in respect of co's claim under UK-India bilateral investment treaty.Is seeking full restitution for treaty breaches resulting from expropriation of its investments in India in 2014.Has a high level of confidence in its case under treaty and its claim seeks damages equal to value of group's residual shareholding in CIL.Final hearings for tribunal are scheduled for January 2018.  Full Article

Cairn Energy says in UK north sea Catcher, Kraken developments on schedule to target first oil this year
Friday, 19 May 2017 02:54am EDT 

May 19 (Reuters) - Cairn Energy Plc :In UK north sea, both Catcher and Kraken Developments remain significantly below original budgets and are on schedule to target first oil this year.Together they will deliver around 25,000 barrels of oil a day on plateau net to cairn, generating significant cash flows for reinvestment.  Full Article

Cairn says finds oil in appraisal well offshore Senegal
Thursday, 6 Apr 2017 02:07am EDT 

Cairn Energy Plc : Pleased to announce results of vr-1 well offshore Senegal . Well encountered targeted lower (500 series) reservoirs within oil column as anticipated, confirming reservoir presence .Appraisal results from vr-1 are very encouraging.  Full Article

Cairn Energy posts FY pre-tax loss $151.5 mln
Wednesday, 8 Mar 2017 02:20am EST 

Cairn Energy Plc : FY operating loss $148.2 million versus loss of $178.7 million year ago . FY pretax loss of $151.5 million versus loss of $497.8 million year ago . Says group's financial statements are prepared on a going concern basis .$335 million group net cash at 31 December 2016.  Full Article

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Woodside sees new momentum on long-delayed Browse gas project

The long-delayed Browse gas project off Western Australia has gained key support, with partners in the North West Shelf liquefied natural gas (LNG) plant aiming to agree on a tariff by end-June to handle Browse gas, Woodside Petroleum's chief executive said on Wednesday.