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Cairn Pre-Close Update 19 January, page-16

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Davy Boy

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19/01/16

19:05

Post #: 16827163
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Originally posted by hardmano ↑

Here's the relevant quote:

Simon Thomson, Chief Executive, Cairn Energy PLC said:
“Cairn is delighted with the positive flow tests on the SNE-2 appraisal well confirming the commercial deliverability of the SNE discovery. Further appraisal activity this year will test the overall scale and extent of the resource base in Senegal, and is expected to lead to revision of the resource estimates. Drilling operations on the next appraisal well, SNE-3, are now underway.

And comments of exploration:

Exploration - Atlantic Margin
Senegal
Presidential Decree received in Q4 2015, extending current Petroleum Sharing Contract by requested three years from Q1 2016
Working closely with the Government of Senegal and JV partners, Cairn is operating a multi- well evaluation programme consisting of appraisal and exploration drilling in 2016 (Cairn Operator 40% WI , ConocoPhillips 35%, FAR Limited 15%, PETROSEN 10%)
Successful testing of SNE-2 appraisal well with positive results announced in early January
SNE-3 has commenced operations to test the southern extent of the field
The third committed well, exploration well BEL-1, will test the Bellatrix prospect and then be deepened as an appraisal well to evaluate the northern extent of the SNE field, commencing operations in Q1/Q2 2016
Resource estimates for the SNE field to be fully revised and announced after results of further appraisal activity
3D seismic acquisition programme of ~2,400km2 over Sangomar Offshore block and south west part of Rufisque block completed in December 2015

Nothing new but good to see CNE are "delighted" with SNE-2 results.

Maybe a presentation to follow but doesn't loook like it.

H

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Well I'm not sure how you can take anything away from that statement other than the find at SNE is commercial. " confirming the commercial deliverability of the SNE discovery " where is the hidden meaning here? please anyone? DB

FAR Price at posting: 7.2¢ Sentiment: Hold Disclosure: Held
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Cairn Pre-Close Update 19 January, page-16

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