logo-loader
viewCairn Energy PLC

Cairn Energy boasts “balance sheet strength” as it eyes growth opportunities

"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

oil and gas operations
Cairn pitched its production guidance for 2019 at 19,000 to 22,000 boepd.

Cairn Energy PLC (LON:CNE) boasted “balance sheet strength” as it delivered a trading update which confirmed that production averaged 17,500 barrels oil equivalent per day net from the Catcher and Kraken fields in the North Sea.

The company, in a statement ahead of releasing 2018’s full-year results in March, said that revenue for the twelve months amounted to US$395mln with the average sales price over the year equating to US$68 per barrel.

Cairn ended December with US$66mln of cash.

READ: Tullow Oil eyes growth this year

It also had US$39mln of receivables due from oil sales and US$32mln of Norwegian exploration tax receivables. At year-end, Cairn had drawn US$85mln of a US$575mln Reserves Based Lending facility which has a 2025 maturity.

The oil firm reported capital expenditure of US$335mln in 2018 and said it expects to spend another US$305mln this year.

Cairn pitched its production guidance for 2019 at 19,000 to 22,000 boepd.

"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.

“The SNE and Nova development projects are progressing on track, evaluation of the recent Agar discovery is ongoing and we look forward to commencing a material exploration drilling programme in 2019 with up to seven wells offshore Mexico, the UK and Norway targeting a total gross volume in excess of one billion barrels.”

In regards to the long-running Cairn India issue, Thomson added: “We expect a final international arbitration decision on our India claim in the near term and we remain confident of our position."

Quick facts: Cairn Energy PLC

Price: - -

LSE:CNE
Market: LSE
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Belvoir Group's Dorian Gonsalves discusses acquisition of Lovelles

Belvoir Group PLC's (LON:BLV) Dorian Gonsalves speaks to Proactive London's Andrew Scott following the news they're to acquire Lovelles, a privately-owned franchised estate agency network with 19 branches in the Lincolnshire and Humber region. Separately he says trading in the second half of...

11 hours ago

RNS

Total Voting Rights

2 weeks ago

Disposal of Capricorn Norge AS

2 weeks, 2 days ago

Holding(s) in Company

3 weeks, 1 day ago

Total Voting Rights

on 31/10/19

Holding(s) in Company

on 22/10/19

2 min read