Market Watch – WSJ
By In Greenland
LONDON–Cairn Energy PLC , a oil and gas exploration company, said Thursday it has progressed this year in re-balancing the portfolio for exploration-led growth underpinned by sustainable cash flow.
MAIN FACTS:
-Cash at Sep.30 $1.6 billion
-On-market sales of an aggregate 11.5% shareholding in Cairn India Limited for a net cash consideration of $1.3 billion.
-Cairn retains 10% shareholding in CIL with current market value of $1.2 billion.
-Acquired two operated frontier exploration blocks in Morocco with first well targeted in 4Q, subject to Government of Morocco approval.
-Farm-down of a 30.625% interest in the Pitu block to Statoil ASA now completed.
-Results expected by end 2012 on bids submitted in Cyprus and Trinidad & Tobago licensing rounds.
-Key frontier exploration blocks target 4 billion barrels of yet to find potential.
-Net 2C resources totaling 130 million barrels of oil from U.K. and Norwegian North Sea.
-Active North Sea development programme in next 12 months.
-Shares closed Wednesday at 290 pence, valuing the company at GBP1.7 billion.
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