Simon Thomson, Chief Executive, Cairn Energy PLC said:
"Cairn enters 2015 in a strong position with further drilling planned in Senegal to evaluate the scale of this world class asset. We are preparing, along with our joint venture partners, for a multi-well exploration and appraisal programme that has the ability to add substantial value for the company and all stakeholders.
In the last twelve months, we have actively managed the portfolio and streamlined the business to provide the Group with continued financial flexibility to deliver our active exploration, appraisal and development programmes."
HIGHLIGHTS
Financial
Ø Group net cash at 31 December 2014 of US$869m
Ø Seven year Reserve Based Lending bank facility of up to US$575m remains undrawn
Ø Cairn is currently unable to access the value of its ~10% residual shareholding in Cairn India Limited (CIL) valued at US$703m at 31 December 2014
Ø Completion of a farm out agreement to Dyas UK Limited for the sale of 10% interest in the Catcher development in the UK North Sea
Ø A total of 56.1 mmboe booked as 2P reserves at 31 December 2014 and 171.6 mmboe booked as 2C Contingent Resources on a net working interest basis
