Cairn secures rig for frontier exploration

RNS Number : 3185C

Cairn Energy PLC

15 April 2013

 



EMBARGOED FOR RELEASE AT 0700                                                                        15 April 2013              

CAIRN ENERGY PLC ("Cairn")

Cairn secures rig for Frontier Exploration Campaign

Cairn is pleased to announce it has secured a long term contract with Transocean for the "Cajun Express" drilling unit.

The rig, which is on an initial one-year contract, will be used on Cairn's planned multi-well frontier exploration programme in Senegal, Morocco and potentially other areas. 

Subject to obtaining the necessary approvals the rig will be mobilised to begin operations for Cairn, offshore Morocco on the Foum Draa licence in H2 2013.

The Cajun Express, is a deep-water, 5^th Generation, dynamically positioned, semi-submersible drilling rig with shallow mooring capabilities and a 15,000 psi bop stack. The historic performance of the Cajun Express indicates it is a highly efficient rig with low operating downtime.

Enquiries:

Analysts/Investors David Nisbet, Corporate Affairs	Tel: [phone]
Media Patrick Handley, David Litterick Brunswick Group LLP	Tel: [phone]

NOTES TO EDITORS

Cairn Energy PLC ('Cairn') is one of Europe's leading independent oil and gas exploration and development companies and is listed on the London Stock Exchange. Cairn has discovered and developed oil and gas reserves in a variety of locations around the world. The company historically focused its activities on the geographic region of South Asia where it operated for more than 20 years.  During this time it discovered, developed and produced oil and gas both offshore and onshore in Bangladesh and India and made more than 40 significant discoveries.  In particular, Cairn made a major oil discovery in Rajasthan in the north west of India at the beginning of 2004 where over 25 discoveries have since been made with the potential to provide more than 30% of India's crude oil production.  Today, Cairn continues to hold an approximate 10% shareholding in Cairn India Limited. Cairn's business operations are now focused on frontier exploration acreage in Morocco, Senegal, Greenland and the Mediterranean along with exploration and pre-development interests in the North Sea. Cairn has its headquarters in Edinburgh, Scotland supported by operational offices in London, Greenland, Norway, Spain and Morocco. 

Cairn in Morocco

Ø Cairn operates two exploration permits offshore Morocco where it is planning a multi-well drilling programme commencing H2 2013.

Cairn in Greenland

Ø Cairn through its subsidiary, Capricorn, operates 11 blocks offshore Greenland.

Ø A total of 14 exploration wells have been drilled offshore Greenland to date, five of which were drilled in the 1970s, one in 2000, three in 2010 by Cairn and five by Cairn in 2011.

Cairn in UK and Norway

Ø Cairn has non-operated and operated exploration, appraisal and development assets in the UK and Norwegian North Sea.

Cairn in the Mediterranean area

Ø Cairn is in the early stages of carrying out frontier exploration in Spain.

Ø Cairn has interests in Area 3 in Malta.

Cairn in Senegal

Ø Cairn has farmed-in as Operator (65%) to three blocks offshore Senegal, subject to regulatory approval.

Cairn and Corporate Responsibility

Ø Cairn is a signatory to the UN Global Compact and our core values of respect, responsibility, relationships and our commitments towards people, the environment and society are enshrined in our Business Principles, which are available on the Cairn website at http://www.cairnenergy.com/index.asp?pageid=282

Ø Cairn's approach to sustainability and performance in accordance with the Global Reporting Initiative Guidelines is detailed in our annual Corporate Responsibility Reports, available at: http://www.cairnenergy.com/index.asp?pageid=279&year=latest

For further information on Cairn please see: www.cairnenergy.com

 

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