The Courier & Advertiser (Fife Edition)
Cairn on target with North Sea and Senegal
Cairn Energy is fully funded and targeting first production from its flagship Kraken and Catcher developments in the North Sea.
Kraken is expected to produce in the second quarter, with Catcher scheduled for the second half of the year.
All Kraken’s producer and injector wells met or exceeded pre-drill predictions, according to Cairn in its trading update. The Kraken’s subsea installation programme is complete, with all three drill centres fully connected.
Catcher’s capital expenditure is now forecast at $1.6 billion – $600 million lower than the estimate.
Chief executive Simon Thomson said the next 12 months will be eventful for Cairn.
“We will shortly embark on further exploration and appraisal drilling in Senegal and we continue to work towards first oil and cash flow from our North Sea assets,” he said.
Cairn had established a significant and growing resource base in Senegal, with six successful wells drilled to date.
This year’s drilling programme aimed to further define the SNE field for development and target additional exploration.
He added: “Cairn is fully-funded in respect of all of our capital commitments and we continue to actively assess and pursue new ventures within the context of a balanced portfolio.”