Cairn Energy sees production within guidance

Cairn Energy said group production for 2019 remained within guidance of 19,000-22,000 bopd for the first four months of the year.

“We have a very busy exploration drilling programme in the second half of 2019 targeting more than 800m barrels of gross resource and includes six wells - three in the UK and Norway, and three in Mexico,” said chief executive Simon Thomson said in a statement ahead of the company's AGM on Friday.

“Importantly, Cairn will operate five of these wells.”

Thomson said Cairn continued to progress its two home grown development projects: SNE in Senegal and Nova in Norway.

“Both projects are firmly on schedule with first oil from Nova targeted in 2021 and from SNE in 2022.These two development projects are an important part of our strategy in sustaining and adding to our current cash flows over the medium and long term,” he said.

“We also continue to replenish our exploration portfolio with assets that meet our stringent investment criteria. In 2018 this included adding a number of value-enhancing opportunities in new geographies including Suriname, Mauritania, Mexico and Côte d'Ivoire and working towards a material, exploration drilling programme in 2019 and 2020.”

Source: sharecast