Cairn Energy PLC Senegal update (0941F)

TIDMCNE

RNS Number : 0941F

Cairn Energy PLC

25 October 2018

FOR IMMEDIATE RELEASE 25 October 2018

CAIRN ENERGY PLC

("Cairn" or "the Company" or "the Group")

Senegal update

Cairn is pleased to announce that the Development and Exploitation Plan for the SNE field offshore Senegal has been submitted on schedule to the Government of Senegal by the Joint Venture (JV)* with approval targeted later this year.

Cairn also announces that JV partner Woodside Energy (Senegal) B.V. has exercised its option to become Operator of the SNE field development. Work is already well underway to facilitate transfer of operatorship which is now subject only to government consent.

The Development and Exploitation plan outlines the full multi-phase development of oil and gas. The field will be developed in a series of phases with plans for 500 million barrels of oil (mmbbls) and gross production of 100,000 barrels of oil per day (bopd) with first oil targeted in 2022. Following the establishment of oil production, commercial gas sales to Senegal are expected to commence.

The tender responses for the FPSO facility and supporting subsea infrastructure have been received and are under evaluation and short-listing ahead of Front End Engineering Design (FEED) planned later this year. In parallel with the detailed engineering work, an Environmental and Social Impact Assessment study has been submitted to the National Technical Committee.

The submission of the Exploitation Plan coincides with the opening today of the MSGBC conference for the oil and gas industry in Dakar, Senegal.

*The Joint Venture comprises Cairn as current Operator with a 40% Working Interest (WI) alongside partners Woodside 35% WI, FAR Ltd 15% WI and the Senegal National Oil Company, Petrosen 10% WI (Petrosen has the right to increase its equity to 18% on development).

 
 Enquiries to: 
 Analysts / Investors 
 David Nisbet, Corporate Affairs   Tel: [phone] 
 
 Media 
 Linda Bain, Christian Goodbody    Tel: [phone] 
  Cairn Energy PLC 
 
 Patrick Handley, Will Medvei      Tel: [phone] 
  Brunswick Group LLP 
 

NOTES TO EDITORS

About Cairn Energy PLC

Cairn is one of Europe's leading independent oil and gas exploration and development companies and has been listed on the London Stock Exchange for 30 years. Cairn has explored, discovered, developed and produced oil and gas in a variety of locations throughout the world as an operator and partner in all stages of the oil and gas lifecycle.

Cairn's exploration activities have a geographical focus in North West Europe, West Africa and Latin America, underpinned by interests in production and development assets in the North Sea. Cairn has its headquarters in Edinburgh, Scotland supported by operational offices in London, Norway, Senegal and Mexico.

For further information on Cairn please see: www.cairnenergy.com

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October 25, 2018 02:00 ET (06:00 GMT)