17th Oct 2013 07:44
LONDON (Alliance News) - Cairn Energy PLC Thursday said its development strategy is moving forward in the UK North Sea, Morocco and Greenland.
The Europe-focused oil and gas exploration and development company said that, with regards to its frontier exploration programme, it expects to start operations shortly on its part-owned offshore Morocco drilling programme, where a multi-year, multi-well exploration campaign to target a total 4.0 billion barrels of oil equivalent resource is underway.
The company also said it expects to make a decision on ways forward for its operated offshore Greenland joint venture in the fourth quarter.
Cairn Energy also said that regarding its mature sites in the North Sea, it has began drilling a second appraisal well at the Skarfjell site, while its Kraken field development plan is awaiting final approval and its Catcher field development plan is progressing forward.
The company said it remains in a strong cash position, with USD1.4 billion in cash and cash equivalents at September 30 and has entered into a programme to repurchase up to USD300 million shares in the company.
Cairn Energy shares were up 1.2% to 279.40 pence in early trading Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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