21st Jan 2014 08:32
LONDON (Alliance News) - Cairn Energy PLC Tuesday said it plans to drill nine wells in its 2014 exploration programme across a mix of different areas.
The oil and gas exploration company said it plans to continue improving its balance sheet by developing new and already mature drilling sites.
The company said it plans to announce its full-year results on March 18.
During 2013, Cairn explored four wells on the Atlantic Margin and its current well offshore Morocco will be followed by two wells offshore Senegal and one well offshore the west of Ireland.
The company said it is continuing to develop plans for drilling a block offshore Greenland and planning is underway for a joint-venture exploration well in the Cap Boujdour Contract Area offshore Morocco.
Cairn Energy said it plans four non-operated wells in the North Sea during 2014 and the development plan for its Catcher site is expected in the first quarter 2014.
The company also said that its programme to repurchase up to USD300 million worth of shares in the group is ongoing, with 9.6 million shares or roughly USD42 million repurchased so far.
Cairn Energy shares were down 0.04% to 266.80 pence in early trading Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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