Independent oil and gas company Cairn Energy confirmed Tuesday that it is now fully funded to pursue all of its planned exploration and development after establishing a balanced portfolio of assets in 2012.
"Our North Sea properties, now at late pre-development stage (Catcher and Kraken) will, when on stream, provide cash flows to sustain future exploration programs," Cairn Chief Executive Simon Thomson said in a company statement.
"This solid foundation, combined with the company's growing exploration portfolio, provides the basis for multi-year and multi-well programs. Operated exploration wells, commencing in 2H 2013, will focus on frontier basins offering transformational potential whilst non-operated exploration drilling activity will focus on the North Sea where we bring a distinct knowledge edge."
Cairn confirmed that it had completed 3D seismic acquisition over the Juby Maritime block offshore Morocco and that it expects to start a multi-well program offshore Morocco in 4Q 2013.
In the North Sea the firm has what it described as an "active" exploration and appraisal program planned for 2013, with five wells confirmed for 1H 2013. It also has new interests in 10 licenses acquired in the recent UK and Norwegian North Sea licensing rounds.
Commenting on the update, Stephane Foucaud – a London-based oil sector analyst for Canadian bank First Energy – told Rigzone that Cairn was getting closer to producing significant news flow. "While there is a bit of activity in the North Sea in the first half, the big prize will be Morocco later in the year," he said.
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