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Share Name Share Symbol Market Type Share ISIN Share Description
Cairn Energy Plc LSE:CNE London Ordinary Share GB00B74CDH82 ORD 231/169P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  8.70 6.71% 138.40 137.10 137.50 138.30 127.30 127.30 1,606,017 16:35:26
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 402.2 90.1 15.4 8.8 816

Cairn Energy Share Discussion Threads

Showing 14426 to 14449 of 15675 messages
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DateSubjectAuthorDiscuss
19/6/2017
14:56
What do we make of the ongoing litigation with India there is an RNS today...
finkie
19/6/2017
10:11
I had these numbers in my spreadsheet, most are taken from the YE report, all are $m YE 2016 Cash: 335 2017 CASH FLOW 2016 Activities - yet to be paid for: -37 Catcher (@20% WI): -55 Kraken (@29.5% WI): -95 Senegal Commited E&A Capex (3 wells): -95 International E&A Capex: -50 Norway E&A: -25 Total: -357 YE 2017 Cash (pre exceptional/other items): -22 Other items/exceptionals Cash from CIL: 52 Post YE Irish Farm-ins: -40 YE 2017 Cash Estimate (post exceptional/other items): 0 In the absence of the CIL payment, The Kraken and Catcher cash flows, should, ensure this figure stays positive and that they have enough money for their 2018 E&A programme (edit: without drawing on their RBL facility) Happy to be corrected on the above.
frazboy
19/6/2017
09:55
Chief Exec's Statement 19th May 2017 - See final paragraph. "In the UK North Sea, both the Catcher and Kraken developments remain significantly below their original budgets and both are on schedule to target first oil this year. Together they will deliver around 25,000 barrels of oil a day on plateau net to Cairn, generating significant cash flows for reinvestment. Elsewhere, we have secured additional licences both in the North Sea and Barents Sea and farmed in to a number of interesting prospects offshore Ireland, where we plan to drill an exploration well in the Southern Porcupine basin this summer. We are fully funded to deliver this programme, and meet all our commitments. We currently have ~US$254 million cash on our balance sheet, while our Reserve Based Lending facility is undrawn."
alan@bj
19/6/2017
09:11
Having cash flowing in from Kraken is becoming increasingly important to Cairn. I hope the CFO wasn't depending on that cash coming in from India
frazboy
19/6/2017
08:57
Cairn is issuing an update on the India tax dispute. In March 2017 Cairn announced that it had received confirmation from the Government of India (GoI) via the international arbitration tribunal that dividends of US$53 million (m) due from Cairn India Limited (CIL) were no longer restricted, and Cairn requested the immediate release of that sum from CIL. On 9 June 2017, the tribunal issued a formal order memorialising the numerous confirmations from the GoI that the dividends were no longer restricted and authorising that order to be provided to CIL (now named Vedanta Limited (VIL) following the merger of CIL and VIL). However, on 16 June 2017 the Indian Income Tax Department (IITD) issued an order to VIL directing it to pay any sums that were due to Cairn to the Government of India. Sums due to Cairn from VIL now total US$104m, including historical dividends of US$53m and a further dividend of US$51m after the merger of CIL and VIL. Notwithstanding this action by the GoI, international arbitration proceedings are progressing in respect of the Group's claim under the UK-India Bilateral Investment Treaty (the Treaty). Cairn is seeking full restitution for Treaty breaches resulting from the expropriation of its investments in India in 2014, the attempts to enforce retrospective tax measures and the failure to treat the Company and its investments fairly and equitably. Cairn has a high level of confidence in its case under the Treaty and, in addition to resolution of the retrospective tax dispute, its claim seeks damages equal to the value of the Group's residual shareholding in CIL at the time it was attached (approximately US$1 billion). The seat of the arbitration is The Hague in the Netherlands and final hearings for the tribunal are scheduled for January 2018. Enquiries to: Analysts / Investors David Nisbet, Corporate Affairs Tel: 0131 475 3000
alan@bj
19/6/2017
08:33
However, on 16 June 2017 the Indian Income Tax Department (IITD) issued an order to VIL directing it to pay any sums that were due to Cairn to the Government of India. Sums due to Cairn from VIL now total US$104m, including historical dividends of US$53m and a further dividend of US$51m after the merger of CIL and VIL
rogerlin
17/6/2017
01:28
FAR are a small company, with limited staff and no experience of development. The company raised $60 m at 8.5c in 2016 and $80m at 8.0c earlier this year.Both underwater, despite the drilling news.They will know what their shareholders have indicated about further capital requirements, which will be relatively large. In my view it is a device to create enough annoyance for them to be taken out.Woodside have delivered a number of large scale FPSO operations and have relevant and necessary knowledge and capital.But it may lead to some delays, depending on the partners operating agreement.
xxx
14/6/2017
08:34
http://www.youroilandgasnews.com/woodside%2C+far+dispute+erupts+in+senegal_142790.html Please not another legal dispute. One is enough.
rogerlin
13/6/2017
16:28
CNE is looking good to me know. I'm in for a very healthy stake.
bigdazzler
06/6/2017
08:17
https://uk.advfn.com/stock-market/london/providence-resources-PVR/share-news/PROVIDENCE-RES-Providence-Resources-P-L-C-Lice/74921188 Confirmation of stake in Druid/Drombeg drill. The Stena Icemax is still sitting in Gran Canaria.
rogerlin
26/5/2017
07:54
http://far.live.irmau.com/irm/PDF/2305_0/SpudoftheFANSouth1deepwaterexplorationwell
rogerlin
22/5/2017
20:35
Macquarie Raises Target Cairn Energy PLC (CNE) Outperform GBX 246 -> GBX 270
eipgam
22/5/2017
13:22
Good to see director buying!
mick
22/5/2017
10:39
ADVFN's Market Bulletin today:- Cairn Energy was lifted by an upgrade to 'outperform' at Macquarie.
alan@bj
18/5/2017
19:48
Perhaps a change due to the arrival of Woodside? Anyway market seems to approve today!
rogerlin
18/5/2017
12:51
I had been wondering about that Rogerlin - the Fan South must be fairly marginal given the size and water depth etc
frazboy
17/5/2017
10:50
Cheers Ed - You set me on the "man on a mission" path! The information is accurate, direct from the company.
alan@bj
17/5/2017
09:07
Thanks - funnily enough that contradicts the Edison report from a few years back which suggests that the liability could exceed the value of that stake (the share holding in Cairn India/Vendatta). Regardless, I don't expect the Indian government, or Cairn, to hand over anything
frazboy
17/5/2017
09:05
Thanks, Alan@bj. Given an uptick. :-)
ed 123
17/5/2017
09:01
For the avoidance of doubt:- No indemnity arrangements were entered into in respect of the tax demands served on Cairn UK Holdings Ltd and Cairn India in 2016. The tax demand in India was served on Cairn UK Holdings Limited (a subsidiary of Cairn Energy). Any liability is ringfenced to the assets of that company alone, which are principally the shares in Cairn India already ‘frozen’ by the Indian tax department. This is note 5.5 taken from page 165 of the 2016 Report & Accounts:- "Cairn UK Holdings Limited (‘CUHL’), a direct subsidiary of Cairn Energy PLC, is in receipt of an assessment order from the Indian Income Tax Department (‘IITD’) relating to the intra-group restructuring undertaken in 2006 prior to the IPO of CIL in India, which cites a retrospective amendment to Indian tax law introduced in 2012. Cairn strongly contests the basis of this attempt to retrospectively tax the group for an internal restructuring. The assessment order is in the amount of INR102bn (approximately US$1.5bn) plus interest backdated to 2007 totalling INR 188bn (approximately US$2.8bn). The total assets of CUHL have a value at the balance sheet date of US$749.3m (comprising principally the group’s 9.8% shareholding in CIL) and any recovery by the Indian authorities would be limited to such assets. CUHL is pursuing its rights under Indian law to appeal the assessment, both in respect of the basis of taxation and the quantum assessed. CUHL’s 9.8% shareholding in CIL was originally attached by the IITD in January 2014 and CUHL continues to be restricted by the IITD from selling such shares. See section 3.1. Furthermore, Cairn has also commenced international arbitration proceedings against the Republic of India under the UK-India Bilateral Investment Treaty (the ‘Treaty’), on the basis that India’s actions have breached the Treaty by (1) expropriating Cairn’s property without adequate and just compensation, (2) denying fair and equitable treatment to Cairn in respect of its investments and (3) restricting Cairn’s right to freely transfer funds in connection with its investment. Based on detailed legal advice, Cairn is confident that it will be successful in such arbitration. The seat of arbitration has been agreed as The Hague in the Netherlands and Cairn has filed its Statement of Claim which clearly demonstrates that applying the retrospective amendment to Cairn and seizing US$1bn worth of CIL shares was in breach of the UK-India Investment Treaty obligations of fair and equitable treatment and its protections against expropriation. The Republic of India’s Statement of Defence was filed in early February 2017 with evidential hearings now expected to take place in January 2018. Cairn has asked the arbitration panel either to order India to withdraw its unlawful tax demand and compensate Cairn for the harm suffered by the seizure of the CIL shares, being not less than US$1.1bn (plus costs); or, if the tax demand remains in place, compensate Cairn for the quantum of the tax assessment and the harm suffered by the seizure of the CIL shares, being together not less than US$5.6bn (plus costs)."
alan@bj
16/5/2017
06:34
You're the one casting doubts Ed. If you're so concerned, do something about it.
alan@bj
15/5/2017
23:55
I'm busy with the shares I own. Leave to someone who holds Cairn. Yourself?
ed 123
15/5/2017
18:44
Why don't you write to Investor Relations and ask them to do just that?
alan@bj
15/5/2017
17:57
Needs the company to clarify? :-)
ed 123
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