Cairn Energy focuses on North Sea and Senegal in 2015
FTSE 250 oil company Cairn Energy have announced 2015 will see it focus on its North Sea development projects and further exploration and appraisal offshore Senegal after slimming down staff numbers. Having not had any good news from its accountants and lawyers over tax developments over its Indian subsidiary, Cairn confirmed the group reorganisation was now complete; with a 40% reduction in headcount across employees and contractors.
"Our focus in 2015 is on delivering a multi well appraisal and exploration programme in Senegal, following our success in opening up this new Atlantic Margin basin last year," said chief executive Simon Thomson.
"The large acreage position in Senegal offers material near term growth potential with numerous follow on prospects identified, and the Joint Venture is well positioned to benefit from the current reduction in industry costs." With net cash at the calendar year end of $869m, he added that Cairn was "fully funded" to deliver its exploration and appraisal programme, along with the Kraken and Catcher developments, which are on track for first oil in 2017. "The company continues to seek a resolution to the Indian tax situation."