FrancTrade quote: “…a safe and successful appraisal drilling campaign has confirmed the world class nature of the [Senegal] SNE field… and also with the additional potential that we see, not only in SNE but also in the surrounding acreage position.” Simon Thompson, Chief Executive Officer, Cairn Energy PLC
Cairn Energy PLC, a UK listed FTSE 250 oil and gas exploration company, has raised the reserves estimates for its oil discovery off the coast of Senegal. In its first half yearly report announcement, it said its best estimate for its SNE oil well currently stands at 473 million barrels of oil, up from its May estimate of 385 million. Cairn Energy expects production from Senegal to flow by next year, 2017. The company was able to shrink its losses to USD 37.8mn in the first half of 2016, down from USD230.3mn in the first half of 2015.
Cairn Energy’s share price is up over 37% year on year at GBP 202.80 at close of business on Friday, August 19. News that the company would significantly boost production in Senegal and the UK provided a fillip for its stock.