Senegal drilling programme completed

RNS Number : 3759X

Cairn Energy PLC

19 November 2014

 



EMBARGOED FOR RELEASE AT 0700                                                                         19 November 2014

CAIRN ENERGY PLC ("Cairn" or "the Company")

Senegal drilling programme completed

Cairn and its Joint Venture (JV) partners have completed operations on the SNE-1 well in Senegal and plans are now underway to appraise the discovery next year.

Having discovered oil in the upper clastic target, no hydrocarbons were subsequently encountered in the deeper target of karstified and fractured Lower Cretaceous shelf carbonates.  Following completion of logging operations the well will be plugged and abandoned.

The SNE-1 well located in 1,100 metres (m) water depth and approximately 100 kilometres (km) offshore in the Sangomar Offshore block was drilled to a total depth of ~3,000m.

Cairn has a 40% Working Interest (WI) in three blocks offshore Senegal (Sangomar Deep, Sangomar Offshore and Rufisque) ConocoPhillips has 35% WI, FAR Ltd 15% WI and Petrosen, the national oil company of Senegal 10%.  The three blocks cover 7,490 km².

Enquiries:

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

NOTES TO EDITORS

The SNE-1 well confirmed hydrocarbons in the Cretaceous clastics objective which is of similar age to oil bearing sands found approximately 24 km away in FAN-1.  Preliminary estimates of the Contingent Resource for SNE-1 range from P90, 150 mmbbls, P50, 330 mmbbls and P10, 670 mmbbls recoverable.

The results of the SNE-1 and FAN-1 wells will be used to decide optimal follow up locations to determine the extent of the hydrocarbon accumulations and additional activity which is targeted for 2015 onwards.

Cairn plans to hold a Capital Markets Day in Q1 2015.

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.

Cairn's business operations are now focused on frontier exploration acreage in North West Europe, North West Africa, North Atlantic and Mediterranean, underpinned by interests in development assets in the North Sea. Cairn has its headquarters in Edinburgh, Scotland supported by operational offices in London, Norway, Spain and Senegal. 

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 became a participating company in the Extractive Industry Transparency Initiative (EITI) in September 2013. The EITI is a coalition of governments, companies and civil society, who have adopted a multi-stakeholder approach to applying the EITI global standard promoting transparency of payments in the oil, gas and mining sectors http://eiti.org/

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

 

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