Last checked at 11 Jun 2021 07:00
FOR IMMEDIATE RELEASE 11 June 2021
CAIRN ENERGY PLC ("Cairn")
Release of Competent Persons Report and analyst presentation in connection with the previously announced Western Desert, Arab Republic of Egypt proposed acquisition
Ahead of the shareholder circular and General Meeting in connection with the proposed acquisition, Cairn has published on its website the associated Competent Persons Report ("CPR") and a presentation for analysts.
The CPR and analyst presentation contains information regarding production, costs, fiscal terms and reserves and resources by area, including Cairn's preliminary estimates of a 2C resources production profile, and can be found here: https://www.cairnenergy.com/presentations
The reserves, resources, production projections and cost profiles within the CPR and presentation are consistent with the information published when the proposed acquisition was announced on 9 March 2021.
The proposed acquisition is in line with Cairn's strategy of seeking to grow, diversify and extend its production base. The portfolio offers low cost production, near-term development and exploration potential, provides immediate operating cashflow contribution and adjusts Cairn's overall hydrocarbon split towards gas.
Enquiries: | |
Analysts/Investors | |
David Nisbet, Corporate Affairs | Tel: 0131 475 3000 |
Media | |
Jonathan Milne, Linda Bain, Corporate Affairs | Tel: 0131 475 3000 |
Patrick Handley, David Litterick, Brunswick Group LLP | Tel: 0207 404 5959 |
NOTES TO EDITORS
About Cairn Energy PLC
Cairn is one of Europe's leading independent energy 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 the North Sea, West Africa and Latin America, underpinned by interests in production and development assets. Cairn has its headquarters in Edinburgh, Scotland supported by operational offices in London and Mexico.
For further information on Cairn please see: www.cairnenergy.com
Definitions
The following definitions apply throughout this announcement unless the context otherwise requires:
Cairn | Cairn Energy PLC |
CPR | Competent Persons Report |
General Meeting | the general meeting of Cairn to be convened to approve the Transaction |
Group | Cairn, its subsidiary undertakings and any other body corporate, legal entity, partnership or unincorporated joint venture in which Cairn or any of its subsidiary undertakings holds a participating interest (as such term is defined by section 1162 of the Companies Act 2006) from time to time and references to a "member of the Group" shall be construed accordingly |
Shell | Shell Egypt N.V. and Shell Austria Gesellschaft MBH |