Cairn Energy PLC (CNE.L)

CNE.L on London Stock Exchange

15 Dec 2017
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1.40 (+0.67%)
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Latest Key Developments (Source: Significant Developments)

HSBC executive Mark Johnson pleads not guilty over alleged role in currency scheme<0005.HK>
Monday, 29 Aug 2016 

HSBC Holdings PLC : Executive mark johnson pleads not guilty over alleged role in currency scheme -- court hearing . Johnson's lawyer enters plea on behalf of his client in Brooklyn, New York federal court . Johnson was accused of conspiracy, wire fraud over alleged scheme to front-run a client's $3.5 billion currency transaction.  Full Article

Cairn Energy increases Senegal oilfield resource estimate
Tuesday, 16 Aug 2016 

Cairn Energy Plc : Half-Yearly report announcement . Says successful appraisal of world-class SNE discovery in Senegal has significantly increased 2C oil resources to 473 mln barrels . Says estimates further Senegal exploration potential of c.500 mmbbls gross mean risked resource . Says Cairn is seeking restitution for losses resulting from attachment of its shares in CIL . Says currently unable to access value of its c.10 pct residual shareholding in Cairn India Limited valued at $383 mln . Says international arbitration proceedings have commenced in respect of Cairn's claim under UK-India bilateral investment treaty . Says at June 30 2016, Cairn had cash balances of $414 mln . Says H1 total loss after tax $38 mln versus $230 mln last year . Says associated 2C oil in place in excess of 2.7 bln barrels .Says first oil targeted from both Kraken and Catcher during 2017 estimated gross recoverable oil resource 2C 473 mmbbls.  Full Article

Cairn Energy issues statement on Senegal appraisal well
Thursday, 19 May 2016 

Cairn Energy Plc : Statement re Senegal appraisal well result . Offshore Senegal operations have been safely and successfully completed following drilling .Well is now being plugged and abandoned..  Full Article

Cairn Energy says plans to make further resource revisions at half-year results in August
Thursday, 12 May 2016 

Cairn Energy Plc : Chief executive AGM statement 2016 . Remain fully funded in respect of all our commitments and have financial flexibility to review appropriate strategic opportunities . Plan to make further resource revisions at our half-year results in August . Operations in Senegal are ahead of schedule and substantially under budget. . As at 30 April 2016, our cash position was about $502 mln and our $575m reserve based lending facility remains undrawn . "We see clear potential to access additional cost savings from current lower operating environment in respect of planned future activity" . Continue to be unable to access value of our abt 10 pct shareholding in Cairn India and together with accrued dividends, this is currently valued at about $445 mln . Have filed a claim under UK-India investment treaty and a formal arbitration process is now underway .We have previously stated, issue is confined to our Indian assets.  Full Article

Exxon nears deal to explore for oil and gas offshore Mauritania

DAKAR, Nov 29 Exxon Mobil is close to signing a deal to explore for oil and gas offshore Mauritania, its first foray into the West African country, Mauritania's oil, energy and mines director said on Wednesday.