Neddy
Sorry but that's incorrect. Read what CNE said in their release ... the US$492m is development spending mostly to get Kraken to production (they do not have funds earmarked for development work in Senegal), then the commentary goes on to say that .... remaining expenditure on drilling and seismic is US$122m, mostly on Senegal. Here's the extract:
"Forecast development expenditure for 2016 and 2017, taking the UK development projects through to cashflow generation, is US$492m; and remaining currently committed drilling and seismic E&A expenditure 2016 is estimated at US$122m, predominantly in Senegal. Outstanding Norwegian tax rebate receivables are US$32m"
H
Cairn Pre-Close Update 19 January, page-36
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