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Interim Results

Cairn in the black after strong H1 progress

22 August 2017 07:53

Cairn Energy swung into profit after strong progress across its business in the six months to the end of June.

Cairn posted a profit of $314m for the period compared with a loss of $38m last time.

The group said that first oil production commenced from the Kraken field in late June and Catcher production was scheduled to be on stream by the end of 2017.

It said its funding position was enhanced during the first half of 2017 with the completion of a NOK500 million exploration finance facility which allowed the company to borrow against Norwegian tax refunds on exploration expenditure, and US$75m proceeds from a stream agreement with FlowStream Commodities in exchange for an initial 4.5% share of production from Kraken (stepping down to a 1.35% share once FlowStream achieved a 10% return).

Chief executive Simon Thomson said: "Cairn continues to deliver strong progress across the business.

"In the North Sea, Kraken has commenced production and Catcher is scheduled for first oil later this year.

"In Senegal, planning work has commenced on the phased development of the world class SNE field.

"Cairn has also added to its exploration portfolio with exciting new opportunities in Norway, Ireland and Mexico creating additional drilling prospects in the near term.

"With a strong balance sheet and imminent cashflows, Cairn remains well funded to create and capture value for our shareholders."

Story provided by StockMarketWire.com

Related Company: CNE

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