Cairn Half Yearly highlights

Its on their website now:

"Simon Thomson, Chief Executive, Cairn Energy PLC said:
"Successful appraisal of the world-class SNE discovery in Senegal has significantly increased 2C oil resources to 473 million barrels with associated 2C oil in place in excess of 2.7 billion barrels.
Drilling is scheduled to re-commence in Senegal shortly, benefiting from lower costs across the sector. The programme contains options for multiple wells and in addition to ongoing appraisal of the SNE field, the Joint Venture continues to assess optimal locations for further exploration drilling on the acreage.
Cairn's exploration and appraisal focus in Senegal is balanced with development assets in the UK, with first oil targeted from both Kraken and Catcher during 2017 and in the meantime Cairn remains fully-funded in respect of all of its capital commitments."
Senegal Exploration & Appraisal
Drilled six wells in two years; two basin-opening discoveries and four successful appraisal wells
SNE contingent resource upgrade: independently verified current best estimates for gross oil in place on the SNE field of more than 2.7 billion bbls*
Estimated gross recoverable oil resource of 1C 274 mmbbls, 2C 473 mmbbls, 3C 906 mmbbls*
Cairn estimates further Senegal exploration potential of ~500 mmbbls gross mean risked resource
Joint Venture (JV) planning third phase drilling programme commencing in Q4 2016/Q1 2017 with further evaluation of SNE discovery
Rig tender for next phase of appraisal and exploration benefiting from lower cost environment
Conceptual development planning underway to include range of potential options including phased development to capture a potentially large resource base
*ERC Equipoise Limited (ERCE) estimate"

Comments: 2C oil in place 2.7 billion barrells ... has to be 40-50% recoverable these days surely!

Their numbers are still VERY conmservative .. I wonder if thgat's a strategy? Be interesting to see what FAR and RISC come up with!

Cheaper drilling to come and resuming "soon" with appraisal AND exploration! Hopefully Rufisque!

H