Cairn Half Yearly, page-4

Some key takeaway from the conf call.

Q&A were mainly focussed on funding, FID, equity sale by Cairn (if & when at the right time). Transcript should have all this.
- Not much to spend this year, their net book value is now USD484.5mil (as this carried the costs for the govt so far)
- SNE FID should be by end of this year. regardless of the arbitration Govt & JV keen to progress this project. JV meeting was last week with WPL.
- Exploitation program submitted, as govt asked for additions from the FEED study findings. ESIA already approved.
- 3D High res seismic underway to understand connectivity of the upper 400 sands & help with well orientation. Data will serve as baseline for 4Dseis.
- Funding terms almost done. Govt was free-carried till appraisal so wont b free-carried for Development activity.
- Cairn also picked up 8 permits offshore Israel. Will b drilling soon in Mexico. Sold down equity in Nova. Kraken-Catcher going well for them.

I guess that's pretty much it with key contract awards for SNE almost complete,
- Halliburton & Baker awarded contracts for drilling services
- Ocean Drilling got the 2 drillships, (BlackRhino & BlackHawk currently in the GoM with HESS & Anadarko)
- Modec working on the FPSO
- SIA will provide the subsea production system, risers, umblicals, flowlines etc