Cairn Energy PLC released H1-2013 report

23-8-2013 — /EuropaWire/ — “Exploration programme offering material growth potential”

Simon Thomson, Chief Executive, Cairn Energy PLC said:

“Cairn commences a 12 month multi-well high impact frontier exploration programme in September that will offer shareholders sustained exposure to material growth potential. The drilling programme targets a combined gross un-risked resource of >4 billion boe, across a variety of plays and countries with follow on potential.

The programme will be delivered against a backdrop of balance sheet strength and an established North Sea exploration, appraisal and development position.”

Frontier exploration

  • Frontier exploration drilling programme, commencing September 2013 with two rigs contracted
  • Exploration programme target, subject to necessary approvals, increased to >4.0 billion (bn) barrels of oil equivalent (boe) of mean un-risked gross prospective resource and comprises:
    • Two operated exploration wells offshore Morocco (Q3 2013/H1 2014)
    • Two proposed operated exploration wells offshore Senegal (H1 2014)
    • One operated appraisal well offshore west of Ireland (H1 2014)
    • Joint Venture decision in H2 2013 on an operated exploration well offshore Greenland (H2 2014)
  • Senegal farm out of 25% interest in three offshore blocks to ConocoPhillips, subject to necessary regulatory approvals (Cairn Operator: 40% Working Interest (WI))
  • Mauritania farm in to offshore block C19, subject to Government approval (Cairn: 35% WI)

Mature basin exploration and development

  • UK and Norway acreage swaps and portfolio rationalisation
    • Divestment of Cairn’s 6% WI in the Mariner Field and surrounding acreage in UK North Sea
    • Acquisition of 20% interest in two licences, PL378/378B, close to the Skarfjell discovery
  • Second Skarfjell appraisal well Q3 2013
  • Kraken and Catcher field development plans (FDPs) on track

Funding

  • Group net cash at 30 June 2013 of US$1.5bn
  • ~10% residual shareholding in Cairn India Limited (CIL) valued at US$1bn 30 June 2013

Enquiries:

Analysts/Investors
David Nisbet Corporate Affairs 0131 475 3000
Media
Patrick Handley Brunswick Group LLP 0207 404 5959
David Litterick Brunswick Group LLP 0207 404 5959

Webcast

There will be a live audio webcast of the results presentation available to view on the website (www.cairnenergy.com) at 9am. This can be viewed on PC, Mac, iPad, iPhone and Android mobile devices.

An ‘on demand’ version of the webcast will be available on the website as soon as possible after the event. This can be viewed on PC, Mac, iPad, iPhone and Android mobile devices.

Presentation

The results presentation slides will be available on the website from 8:45am.

Conference call

You can listen to the results presentation by dialling in to a listen only conference call at 9am using the below dial-in details.

Dial-in details:

UK: 0203 059 8125
All other locations: +44 203 059 8125

A recording of the conference call will be available from 20 August 2013 until 27 August 2013.

Recording dial-in details:

UK: 0121 260 4861
All other locations: +44 121 260 4861
Passcode: 3580795#

Transcript

A transcript of the results presentation will be available on the website as soon as possible after the event.

Related information

Half-yearly Report Announcement

Half-yearly Results Presentation

Half-yearly Results Presentation Transcript

Half-yearly Results Webcast

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