Edinburgh-based Cairn Energy yesterday said its exploration and development pipeline had grown significantly in the last year as its repositioning strategy kicked in.
It expects to spend more than $1.5 billion over the next five years on its development assets and up to a further $300 million annually on exploration and appraisal work.
It recently announced new farm-in agreement offshore of Senegal and Ireland and said approvals were expected this year for key development projects in the UK North Sea that would provide future cash returns.
CEO Simon Thomson said: “Cairn is a well-funded business with a balanced portfolio of potentially high-growth assets. Our operated 2013/2014 frontiermulti-well explorationprogramme is on track to start later this year.
“This targets more than 3.5bn barrels of oil equivalent of gross resource in the Atlantic Margin, testing a variety of play types and prospects in Senegal, Morocco, Ireland and Greenland that all offer shareholders material organic growth potential.”
At the company’s AGM all resolutions put to shareholder vote were passed.
