03/09/2021 | Press release | Distributed by Public on 03/09/2021 01:03
Simon Thomson, Chief Executive, Cairn Energy PLC said:'As we continue to live and work with the consequences of the global pandemic, we have focused on keeping our people safe while maintaining momentum on business priorities and returning value to shareholders.
The proposed acquisition of Shell's Western Desert assets in Egypt is an important step in our strategic ambition to expand and diversify our producing asset base, bringing material reserve and production additions and offering exploration potential in a country with significant oil and gas growth opportunities. Our Joint Venture with established Egyptian operator Cheiron Petroleum Corporation creates a strong partnership with extensive experience and complementary skill sets.
We are also announcing today the proposed sale of our interests in the UK Catcher and Kraken fields. The divestment of these assets, as they fall into natural decline, will further strengthen our ability to pursue Cairn's strategic goals.
Following the unanimous arbitration decision under the UK-India Investment Treaty to award Cairn US$1.2 billion plus interest, we have engaged with the Government of India regarding adherence to the ruling and we are pursuing all avenues to protect our shareholders' rights to the value of the award.'
1 Based on 20% Catcher production and 29.5% of Kraken production before deducting FlowStream's entitlement to Kraken volumes during the year of 1,012 boepd (2019: 1,460 boepd)
2 Consideration as at effective date of 1 January 2020, to be adjusted for working capital and interim period cashflows
David Nisbet, Corporate Affairs
Tel: 0131 475 3000
Jonathan Milne, Linda Bain, Corporate Affairs
Tel: 0131 475 3000
Patrick Handley, David Litterick, Brunswick Group LLP
Tel: 0207 404 5959
There will be a live audio webcast of the results presentation with Q&A available to view on the website (www.cairnenergy.com) at 9am GMT. This can be viewed on PC, Mac, iPad, iPhone and Android mobile devices.
An 'on demand' version of the webcast will be available on the website as soon as possible after the event. This can be viewed on PC, Mac, iPad, iPhone and Android mobile devices.
The results presentation slides will be available on the website from 7:00am GMT.
You can listen to the results presentation by dialling in to a listen onlyconference call at 9am GMT using the below dial-in details.
UK, local: +44 (0)330 336 9125
A transcript of the results presentation will be available on the website as soon as possible after the event.