Cairn Pre-Close Update 19 January, page-68

Also @Space Cadet @jctl @coopytroop

Re my: "$130m for the same so it sounds like not much has actually fallen due yet"

OK, I don't think I've got the above fully correct, here is another go:

From CNE Half yearly presentation:
Total forecast E&A H2 2015 & H1 2016: US$170 (West Africa 130,UK/Norway 30, Other 10)
Senegal budget of US$130 was for seismic and "committed" 3 well drill program only.

From yesterdays update:
Reported E&A Senegal was US50m for H2. This would leave 130 - 50 = US$80m of the original forecast yet to be spent.
Reported remaining total committed drilling and seismic E&A for 2016 year is $122m (predominantly Senegal).

ie. US$122m in total committed to end of 2016 of which US$80m is for Senegal - current committed 3 well program only. FAR already have their share of that covered, no need to do US$ conversions at current rates it will already be held in US$, converted previously at various rates. Any as yet "uncommitted" contingent well budget will be in addition to that.

Is US$80m a "predominant" proportion of US$122m as described?? I guess it could be or do I still have something wrong here?

pj



No