15th May 2018 09:49
LONDON (Alliance News) - Cairn Energy PLC Chief Executive Officer Simon Thomson said Tuesday the company remains confident in its position regarding the Indian tax dispute.
In a statement to the company's annual general meeting on Tuesday, Thomson said the final hearing of Cairn's claim under the UK-India Bilateral Investment Treaty is scheduled for August in The Hague with an outcome expected in the fourth quarter of 2018.
The dispute between Cairn Energy and the Indian government stretches back to early 2014, when the Indian government froze Cairn Energy's 10% stake in Cairn India following the introduction of retrospective tax legislation.
Thomson added that the company achieved its first oil from both the Catcher and Kraken developments in the North Sea, with both developments set to achieve full capacity, up to 20,000 barrels per day, by mid-year.
Cairn also completed the third exploration and appraisal drilling campaign in Senegal where it expects first oil between 2021 and 2023.
Development planning work at Nova in Norway was ongoing and the company expects to achieve first oil in 2021.
Cairn said it expects to spud its first operated well in the region on the Ekland prospect during the third quarter of 2018.
The oil exploration company plans to spud four wells in Mexico within 2020.
Shares in Cairn Energy were trading at 250.10 pence up 4.0%.
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