Cairn Energy was awarded license option (LO) 16/18 in the Atlantic Ireland Licensing Round in 1H 2016, in addition to a farm-in to a 70% working interest and operatorship in the adjacent LO 16/19 with Europa Oil & Gas with plans for 3D seismic in 2017.
Cairn farm-in to a 30% stake in frontier exploration license (FEL) 2/14 in Southern Porcupine Basin with Providence Resources and Sosina with one firm well planned this year.
Offshore Senegal, Cairn Energy said that from 2018 onwards, Cairn and JV partners plan to submit the exploitation plan and proceed to a final investment decision with first oil expected in the period 2021-2023.
Yesterday (7 March) Cairn announced the company had completed drilling on its latest Shelf North Edge well (SNE-5), with plans in motion for its next target, offshore Senegal.
At Catcher (Cairn 20% stake) and Kraken (Cairn 29.5% stake) developments in the UK North Sea, the two projects are on track for first oil from 2017, with peak net production to Cairn estimated to be about 25,000 boe/d.
“2017 will see first oil from our North Sea developments and progression of an exciting ongoing exploration and appraisal drilling program in Senegal, all against a backdrop of increased financial flexibility,” Simon Thomson, Cairn Energy chief executive said. “The company remains well-positioned to deliver further value for shareholders from multiple catalysts within the portfolio.”
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