Resource Upgrade at SNE Discovery Following Independent Report

Best estimate 2C contingent resources at Cairn’s SNE oil discovery have increased by 42 percent to 468 million barrels of oil, according to an independent resources report from RISC Operations Pty Ltd.

The report, which incorporated recent data available from wells SNE-1 and FAN-1 and reprocessed 3D seismic, also outlined 1C contingent resources of 240 million barrels of oil and 3C resources of 940 million barrels of oil. Australia’s FAR Ltd, which commissioned the report, has estimated that the SNE oil field minimum economic field size is approximately 200 million barrels of oil. FAR, one of Cairn’s joint venture partners in Senegal, has requested RISC to update its independent assessment of SNE contingent resources following results from each of the wells in the ongoing three well SNE appraisal program.

RISC’s Independent Resource Report notes that the SNE field contingent resource estimates have not been updated to reflect the results of the SNE-2 appraisal well or any other changes since December 2015, and that new data may materially impact these contingent resource estimates.

FAR Managing Director Cath Norman said in a company statement:

“The SNE oil field contingent resources estimated by RISC represent a significant upgrade on FAR’s previous estimates. RISC’s 2C contingent resource of 468 mmbbls represents a 42 percent increase to FAR’s previously reported estimate of 330 mmbbls.

“This increase to FAR’s SNE oil field contingent resource estimates gives FAR increasing confidence that the SNE reservoirs are of such a scale and extent to justify a significant commercial development.

“Further, our current appraisal drilling program continues with the safe drilling of the SNE-3 well to total depth and we look forward to providing an update of the results of the SNE-3 well on the completion of the flow testing program.

“We continue to be very pleased with the progress of the evaluation of our world class SNE discovery offshore Senegal.”

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