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 Shares Traded Last Trade
  16.10 12.82% 141.70 1,377,705 16:35:06
Bid Price Offer Price High Price Low Price Open Price
141.00 142.10 142.00 127.00 128.80
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 402.20 90.11 15.44 8.8 835
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:13 AT 1,181 141.70 GBX

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Cairn Energy Daily Update: Cairn Energy Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker CNE. The last closing price for Cairn Energy was 125.60p.
Cairn Energy Plc has a 4 week average price of 124.70p and a 12 week average price of 118.50p.
The 1 year high share price is 210p while the 1 year low share price is currently 57.35p.
There are currently 589,552,585 shares in issue and the average daily traded volume is 873,128 shares. The market capitalisation of Cairn Energy Plc is £831,269,144.85.
frazboy: Share price is strong here, particularly given recent weakness in POO. Kraken and Catcher are performing well (Premier's and Enquests results indicate that production in H1 and probably H2 will at the upper end, or exceeding, forecast), and now the deal has been preempted the biggest uncertainty is India. Any day now, perhaps?
frazboy: You could be right rationalee. I don't know. My thoughts on the chance of the offer succeeding are: i) The JOA will not allow Woodside to block without good reason. Extension of US Sanctions does not count - any country could be sanctioned at any time so all that matters is existing sanctions, which to the best of my knowledge Lukoil will not be in breach of. ii) Woodside may not want to work with Lukoil but will not want to increase their stake significantly (too many eggs in the SNE basket), unless they really don't want to work with Lukoil and this is their last resort (they have the right of pre-emption). iii) Getting Senegalese government approval will probably be a little challenging but I don't see why they should have any particularly issue with Lukoil. Do you know why they would have a problem? So, I hope/expect the transaction to go ahead, and I think the market expects the transaction to go ahead (perhaps not fully priced in), possibly with a few months delay. Perhaps a factor that is holding the Cairn share price down is that they may book an accountancy loss on the sale thus writing down Cairn's book value? Possibly?? And this is also the reason the market has not significantly marked up the shares - the market actually thought SNE was worth more. Silly market... I don't think of the payout as a dividend, but as a capital return. I realise they're the same thing but I, personally, think of dividends as being reoccurring. So, I'm currently looking at my Cairn shares as being 93p equity and 32p Capital return. At the end of the year, assuming the transaction goes ahead, Cairn will have $600m in cash pre-capital return, or $350m post capital return. That's 45p a share in cash. So, nearly 50% of Cairn's market value will be cash. My spreadsheet says that Kraken and Catcher will, with $50 oil (bearing in mind that Cairn are partially hedged for 2021 See Edit), generate nearly all that cash (tax free) over the course of 2021 & 2022. Admittedly, the best will be over for Kraken and Catcher by the end of the period, but, the proceeds of that production and the existing cash on the BS will roughly equal today's market value. Thing is, there's not much more to Cairn than those assets and the SNE transaction, other than India. I look at India as option money, only a small chance of amounting to something, but it's free upside. Perhaps the biggest uncertainty is what are Cairn going to do going forward and perhaps it's that, that has suppressed the share price? Anyway, in theory (again, assuming the SNE transaction goes ahead), Cairn should be significantly less volatile going forward. To help underpin my holding I've placed a small short on Brent but I'm reasonably confident that I'll be able to exit my position for a decent return at some point in the next few months. As for Tullow's equity, they're option money on a higher oil price. The market got excessively excited by the Uganda transaction, and then remember they've got $3bn of debt, of which, they've only managed to pay down $1.3bn (excluding the RI) of the $5bn they owed, when their fields were younger, and the OP, their production and their reserves higher. All just in my opinion tho... Edit: Having looked at the accounts/presentations I can't see any hedging for 2021, perhaps getting Cairn confused with Tullow!
1doodlebug: Great news for institutional shareholders and long term loyal individuals. Should cement share price for medium term with institutions. Expect to see quality exploration portfolio additions and possible gas/light oil production addition in next 6 months. Good counter/cyclical time to be financially flexible.
dunderheed: Fraz - what do you reckon to them getting out of Senegal for small loss which means they'll get a load of cash back? If they can't get out of Senegal - surely they can for a larger loss - but again getting them needed cash and reduced / less strained balance sheet moving forwards? If they can't get out of Senegal - and no India cash or way of monetising the settlement somehow then they should be valued at less than half current mkt cap. (or share price due to heavily discounted placement?) I don't know which way to go on this but am "mildly" positive as feel they would have to be extremely unlucky for above to crystallise. Best of luck all and imho.
dunderheed: Ps Leeds that wasnae a "clever" post above with all the wti mullarky. I saw your comment at the exact time you posted and thought you had got it wrong only to see the share price go up towards the end of day. You completely bought at absolute bottom of the day! Really interested to hear if (and when) you sell that top up!
dunderheed: Brilliant timing today buddy! Let's hope the share price rise from there holds but you couldnae have timed that better today!
dunderheed: Well CNE and WPL could take on their (FAR) share and have even more money to find for this world class development. Something don't smell right here and it isnae my underpants. I'm surprised the share price is as strong as currently holding? We need poaitive Mexico news. All imho of course.
ghhghh: At this share price Cairn is a higher risk (than Shell/BP) call on the oil price. But also higher reward. Will Cairn go bust? No. Will it be a lot higher in 12 months. Yes. Will it go lower before bouncing? Probably Grossly oversold but a falling knife
rogerlin: Some at least of those points are covered in the last update. The main recent development is that the dispute over PE rights in Senegal between Woodside and Far has been settled in Woodside's favour. We now expect CNE to sell down some of its stake as the project is very expensive. Hope also for more positive drilling news from Mexico (Bitol and Ehecatl ongoing).
rogerlin: CNE's presentation gives the Mexican Alom 1 well as 3000m TD, 115m water depth, estimated time 45 days. I think the rig was there on 16th Sept, difficult to follow the rigs as Marine Traffic entries often out of date or just switched off. I think the Ensco 8505 is going to the adjacent Saasken 1 for ENI but the entry hasn't been updated for days. CNE are on Twitter, you would think they could manage spud announcements, especially when they are operator. No wonder the share price doesn't react to the drilling programme, as no-one knows what's going on.
Cairn Energy share price data is direct from the London Stock Exchange
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