Moneyam
StockMarketWire.com
Cairn Energy’s multi-well frontier exploration campaign will begin shortly with the first in a series of wells along the Atlantic Margin, operating offshore Morocco.
The planned operated exploration and appraisal and potential high impact drilling programme will target > 4.0bn barrels of oil equivalent (boe) of mean un-risked gross prospective resource within a total ‘yet to find’ potential in excess of 10bn boe.
Subject to the necessary approvals, the proposed two well exploration programme offshore Senegal (Cairn 40% WI, operator) is targeting to commence in the first quarter of 2014, after operations are completed in Morocco.
One exploration well will be located on the North Fan composite prospect in 1,500m water depth. The other exploration well is planned to be drilled on a shelf edge composite prospect in 1,100m of water.
Chief executive Simon Thomson said: “Cairn has built a strategic position along the frontier basins of the Atlantic Margin, including Morocco, Senegal, Ireland, Mauritania and Greenland and is about to commence a 12 month multi-well high impact exploration programme offering shareholders exposure to material growth potential.
“Cairn continues to follow its policy of maintaining appropriate balance sheet strength as it progresses its exploration and development programmes.”
Story provided by StockMarketWire.com
