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Cairn Energy PLC (CNE.L)

CNE.L on London Stock Exchange

240.80GBp
12 Jul 2018
Change (% chg)

-1.60 (-0.66%)
Prev Close
242.40
Open
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Volume
852,413
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Latest Key Developments (Source: Significant Developments)

Cairn Energy Updates On Ongoing Arbitration With Govt Of India Under UK-India Bilateral Investment Treaty
Monday, 9 Jul 2018 02:00am EDT 

July 9 (Reuters) - Cairn Energy PLC ::PROVIDING AN UPDATE ON ITS ONGOING ARBITRATION WITH GOVERNMENT OF INDIA UNDER UK-INDIA BILATERAL INVESTMENT TREATY.ALL OF WRITTEN SUBMISSIONS BY CAIRN AND GOVERNMENT OF INDIA HAVE NOW BEEN MADE.FINAL ARBITRATION HEARINGS FOR INDIA-UK BILATERAL INVESTMENT TREATY ARE SCHEDULED FOR TWO WEEKS COMMENCING ON 20 AUG 2018 IN HAGUE.IITD THAT IT HAS SOLD PART OF CAIRN'S SHAREHOLDING IN VL, REALISING AND SEIZING PROCEEDS OF US$216M.CAIRN'S RETAINED HOLDING IN VL IS NOW APPROXIMATELY 3%. IT IS POSSIBLE THAT IITD MAY MAKE FURTHER SALES.WILL WRITE DOWN CARRYING VALUE OF ITS INVESTMENT IN VL WHICH WILL RESULT IN AN IMPAIRMENT CHARGE AT HALF YEAR.SEEKING FULL RESTITUTION FOR LOSSES TOTALLING C.US$1.3 BILLION RESULTING FROM INDIA'S EXPROPRIATION OF ITS INVESTMENTS IN INDIA IN 2014.  Full Article

Cairn Energy Updates On 30 Pct-Owned Tethys Prospect
Monday, 26 Mar 2018 12:15pm EDT 

March 26 (Reuters) - Cairn Energy Plc ::UPDATES ON PL 682, CONTAINING THE TETHYS PROSPECT, IN WHICH CAIRN HAS A 30% WORKING INTEREST‍​.MINOR OIL DISCOVERY NORTH-WEST OF THE GJØA FIELD IN THE NORTH SEA AT TETHYS PROSPECT.WELL 35/9-13 WAS TEMPORARILY PLUGGED AND ABANDONED DUE TO TECHNICAL PROBLEMS AT TETHYS PROSPECTS.PRELIMINARY ESTIMATES PLACE SIZE OF DISCOVERY BETWEEN 0.3 – 1 MILLION STANDARD CUBIC METRES (SM3) OF RECOVERABLE OIL AT TETHYS PROSPECT.  Full Article

Cairn Energy Posts FY Operating Loss From Continuing Operations Of $‍105.2​ Mln
Tuesday, 13 Mar 2018 03:01am EDT 

March 13 (Reuters) - Cairn Energy Plc ::FY OPERATING LOSS FROM CONTINUING OPERATIONS OF $‍105.2​ MILLION VERSUS LOSS OF $148.2 MILLION YEAR AGO.CAIRN ACHIEVED FIRST PRODUCTION FROM BOTH KRAKEN AND CATCHER DURING YEAR WITH BOTH FIELDS EXPECTED TO REACH PLATEAU BY H2 2018​.FY PROFIT BEFORE TAX FROM CONTINUING OPERATIONS OF $‍256.4​ MILLION VERSUS LOSS OF $151.5 MILLION YEAR AGO.‍EXPECTS JV TO SHORTLY SANCTION NOVA DEVELOPMENT IN NORWEGIAN NORTH SEA, WHERE FIRST OIL IS EXPECTED IN 2021​.‍GROUP CASH AT 31 DECEMBER 2017 US$86 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

HSBC executive Mark Johnson pleads not guilty over alleged role in currency scheme<0005.HK>
Monday, 29 Aug 2016 11:18am EDT 

HSBC Holdings PLC : Executive mark johnson pleads not guilty over alleged role in currency scheme -- court hearing . Johnson's lawyer enters plea on behalf of his client in Brooklyn, New York federal court . Johnson was accused of conspiracy, wire fraud over alleged scheme to front-run a client's $3.5 billion currency transaction.  Full Article

Cairn Energy increases Senegal oilfield resource estimate
Tuesday, 16 Aug 2016 02:00am EDT 

Cairn Energy Plc : Half-Yearly report announcement . Says successful appraisal of world-class SNE discovery in Senegal has significantly increased 2C oil resources to 473 mln barrels . Says estimates further Senegal exploration potential of c.500 mmbbls gross mean risked resource . Says Cairn is seeking restitution for losses resulting from attachment of its shares in CIL . Says currently unable to access value of its c.10 pct residual shareholding in Cairn India Limited valued at $383 mln . Says international arbitration proceedings have commenced in respect of Cairn's claim under UK-India bilateral investment treaty . Says at June 30 2016, Cairn had cash balances of $414 mln . Says H1 total loss after tax $38 mln versus $230 mln last year . Says associated 2C oil in place in excess of 2.7 bln barrels .Says first oil targeted from both Kraken and Catcher during 2017 estimated gross recoverable oil resource 2C 473 mmbbls.  Full Article

UPDATE 1-Cairn says Indian tax office sold $216m of Vedanta shares

July 9 Cairn Energy said on Monday it would write down the value of its investment in Vedanta Ltd after Indian tax authorities sold $216 million worth of its shares in the Indian mining company in a dispute over retrospective tax dues.