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Cairn Energy Announces Half-Year Report

Source: 9/29/2020, Location: Africa

Simon Thomson, Chief Executive, Cairn Energy PLC said:
"We have successfully managed the business through a challenging external environment, always ensuring that the safety of our people is paramount.

We took early action with significant reductions and deferrals to the capital programme. Alongside the sale of interests in both Norway and Senegal, we have realigned the portfolio and demonstrated Cairn's continued commitment to shareholder returns.

With a strong net cash position and limited capital commitments, Cairn is well-positioned to deliver further value for shareholders."

H1 2020 Summary
- The impact of COVID-19 has been managed safely across the business
- Net oil production averaged ~22,400 bopd, at top end of full year guidance
- Oil and gas sales revenue US$172m, average realised oil price US$40.21/bbl plus US$7.91/bbl hedging gains; average production cost US$16.3/boe
- Net cash inflow from oil and gas production US$132m
- Capital expenditure: cash outflow US$121m excluding Norway and Senegal, of which US$30m relates to activity undertaken in 2019
- Group cash at 30 June 2020 US$84m; no drawn debt
- Impairment charge of ~US$240m, with US$207m against Senegal assets and US$33m against UK producing assets, included in loss for period of US$324m

2020 Outlook
- Full year oil production guidance: 21,000 - 23,000 bopd net; targeting average production cost ~US$18/boe
- Full year forecast capital expenditure US$135m; Exploration & Appraisal US$95m, Development & Production US$40m (excluding Senegal)
- Proposed sale of Senegal interests and planned special dividend of US$250m
- Arbitration Tribunal expects to issue ruling on India tax case after the end of summer 2020

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