Cairn to Start Drilling Offshore Morocco 'Soon'

Independent oil explorer Cairn Energy reported Thursday that it will soon start drilling offshore Morocco as part of a "high impact" exploration program in the country.

Meanwhile, Cairn said that a decision would also be made soon on whether drill the Pitu prospect offshore Greenland in 2014.

Reporting on its progress in an interim management statement, Cairn said that operations will commence shortly on its first well offshore Morocco in its frontier drilling program, while it was preparing to use the Cajun Express (DW semisub) and Blackford Dolphin (DW semisub) rigs for the remaining four wells in the 12-month multi-well program.

In its mature basin exploration and development program, Cairn said a second Skarfjell appraisal well has begun. The firm is still awaiting final approval for its Kraken field development plan, while its Catcher FDP is progressing.

Cairn Chief Executive Simon Thomson commented in the statement:

"Cairn has built a strategic position along the frontier basins of the Atlantic Margin, including Morocco, Senegal, Ireland, Mauritania and Greenland and is about to commence a 12 month multi-well high impact exploration program offering shareholders  exposure to material growth potential. 

"Cairn continues to follow its policy of maintaining appropriate balance sheet strength as it progresses its exploration and development programs."


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