Hi LTA
Here is what they said:
"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"
So the US$122m refers only to currently committed expenditure ie the current three wells. It is, I think, not a budget for 2016/2017 as you have it - that time frame refers to an estimate for the North Sea development budget.
However, as you say I've seen no reference yet to any budget estimates for the the three well contingent program. They have said though that the content of this program would be determined very much "on the run" depending the first 3 well results, so maybe the budget estimates will be too.
see also:
http://hotcopper.com.au/threads/cairn-pre-close-update-19-january.2682403/page-68?post_id=16830946
pj
Cairn Pre-Close Update 19 January, page-99
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