http://www.morningstar.co.uk/uk/videocenter/videoCenter.aspx?id=748830
1.29 : CNE gets a mention..
Transcript:
...
The second pick is a company called, Cairn, Cairn Energy (CNE). Many of your U.K. viewers will be familiar with that company having discovered many years ago now a lot of oil in India which they successfully exploited and sold down. They were less successful drilling in Greenland. They spent $400 million of their Indian windfall in Greenland to not much avail sadly.
But now they are at it again and they have struck oil in Senegal and they have got a meaningful stake in the Senegal discovery. We think it's pretty big. We think although the company is playing it down, we think they might have just found 1 billion barrel oil field and the reason for that is the footprint of the oilfield, if you look from an airborne view, you are looking at over 100 square kilometers of oilfield and with pretty deep oil column.
So, the tank of oil that that field is holding is potentially pretty large and the good thing is, it's not one of these complex fields that are made of carbonates. It's a sandstone field. That means the oil is pretty easy to get out of the ground.
Wall: Because they do say that if we discover the oil in the North Sea now we never would dig it up if we've known the complications. There's different types of oil in the ground, aren't there? There's the very easy to get at and there's an extremely difficult to get at and it can be the difference between a company going under and succeeding?
Hulme: Absolutely. Now, the costs of getting this oil out in Senegal actually aren't that high. It's not too deep offshore. The wells will be expensive but not as expensive as, say, offshore Brazil that we've seen recently. It's really about numbers, Emma. If there is enough oil there that's running through these wells, you can make the numbers add up. And 1 billion barrels, if they do appraise that, that's a pretty big number. So, we like that one. We think it's not well understood by the market.
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