Company
LON:CNE
Capricorn Energy PLC is one of Europe’s leading independent upstream energy companies, headquartered in Edinburgh, UK. Historically it has discovered, developed and produced oil and gas in multiple settings throughout the world.
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Cairn Energy (LON:CNE): Half-year Report Gulf Keystone Petroleum (LON:GKP): Half Year Results Trinity Exploration & Production (LON:TRIN): Half Year Results Lansdowne Oil & Gas* (LON:LOGP): Barryroe Farm-Out Transaction Update
The well encountered a 'very good' quality reservoir but no traces of hydrocarbon were found.
A flurry of asset acquisitions, investments and new field start-ups are all signs that the North Sea "continues to be revitalised”.
In the wake of a prior downgrade to the Kraken field, Cairn told investors that production volumes have risen in 2019 to date and volumes are on-target.
EnQuest told investors that it continues to expect Kraken will achieve gross production of 30,000 to 35,000 barrels of oil per day this year
Without the possibility of a big payout in the immediate future, RBC reckons Cairn lacks compelling catalysts
In barrel terms, Cairn cut off around 6.8mln from the field’s crude endowment
EnQuest shares dropped almost 10% after Kraken field partner Cairn downgraded reserves and made a US$166mln impairment on the heavy oil field's book value - but, EnQuest sees things differently.
Cairn will have interests in as many as seven new exploration wells being drilled during 2019, to complement its field development projects and producing fields
"It’s over. The deal and perhaps May’s premiership. The DUP & the ERG & Cox have seen to that. What’s extraordinary is that no-one knows what happens next," tweeted the BBC's Nick Robinson
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Tuesday will also bring the latest UK GDP growth data, a day ahead of the Chancellor's Spring Statement, as well as results from Domino's Pizza, G4S, and Cairn Energy
"Cairn expects that the timetable for issuing the award will be more protracted than originally anticipated and is unlikely to be before late 2019”
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Aside from Morrison's, the Week Ahead will also bring updates from housebuilder Berkeley Group, insurer Prudential and fund manager Standard Life Aberdeen
"Cairn enters 2019 with balance sheet strength and cash flow from North Sea production to fund significant growth opportunities,” said Simon Thomson, Cairn chief executive
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Top laggard on Footsie was oil services giant Wood Group, which shed 4.09% to 524.80p
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Dixons Carphone and Cairn Energy will be among Tuesday's highlights.
Investments and investor services
The Week Ahead will also bring trading updates from the likes of Vodafone, Anglo American, William Hill, Dixons Carphone, and WH Smith, plus the latest UK jobs and wages data
It made a new discovery at Agar-Plantain, has agreed to farm-out for the Chimera prospect and is about to see the spud of the Presto well
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It was another busy week in the small cap oil and gas sector
