Key facts

  • One of Europe’s leading oil and gas exploration and development companies
  • Chief Executive Officer: Simon Thomson; Chief Financial Officer: James Smith
  • Headquarters in Edinburgh, with operational offices in London (UK), Stavanger (Norway) and Dakar (Senegal)
  • Listed on the London Stock Exchange in 1988
  • Focused on exploration opportunities with transformational potential within a balanced portfolio of lower risk exploration and development assets
  • Returned a total of $4.5 billion to shareholders in the last five years
  • Focused on three geographic regions; Senegal, UK and Norway and International
    • Seven wells drilled offshore Senegal; 2C in place resources more than 2.7 billion barrels (as at 31/12/16)
    • Two non operated UK North Sea developments, Catcher and Kraken, targeting first oil in 2017; targeted peak production net to Cairn of ~25,500 boepd.
  • Assets in Senegal, UK, Norway, Morocco, Malta and Republic of Ireland
  • Participant in the Extractive Industries Transparency Initiative (EITI) which aims to strengthen governance by improving transparency and accountability
  • Made a major discovery in Rajasthan, India in 2004; the Mangala field was the largest onshore oil find in India for 25 years. Cairn India Limited has the potential to account for more than 30% of India's oil production
  • Retains a ~10% shareholding in Cairn India Limited

Key activity in 2016

  • Four successful wells drilled offshore Senegal
  • Stena DrillMAX, sixth generation drillship, contracted for two firm wells in the 2017 Senegal exploration and appraisal campaign with multiple follow-on options
  • Continued to progress Catcher and Kraken developments in UK North Sea to targeted first oil in 2017; both ahead of budget
  • Skarfjell Joint Venture (Cairn 20% WI) working towards concept selection for field development; decision expected Q1 2017

Key activity in 2015

  • Approval of an extensive evaluation plan by the Government of Senegal
  • Commenced appraisal drilling programme offshore Senegal
  • Five new licences awarded in Norway including one as operator
  • Continued to progress Catcher and Kraken developments in UK North Sea
  • Upgraded resource estimates for the Senegal SNE-1 oil discovery

Key activity in 2014

  • Discovered oil offshore Senegal in both wells drilled – possibly the largest global oil discovery of 2014
  • Reduced capital expenditure prior to delivering free cash flow by ~US$380m by selling a 10% interest in Catcher development (completed 2015)
  • Initiated non-operated well offshore Western Sahara
  • Matured prospects in Senegal, Morocco and Norway to drill-ready status for 2015/2016
  • Participated in UK 28th Licencing Round (awarded 4 licences) and Norwegian 2014 APA Licencing Round (awarded 5 licences)
  • Two operated seismic campaigns offshore Malta and Republic of Ireland
  • Farmed-in to Group’s first licence in the Barents Sea, an emerging region
  • Booked 2P Reserves on the Catcher development and 2C Resources in Senegal

Key activity in 2013

  • Entered into a programme to repurchase up to US$300m of ordinary shares in the Company, to be reviewed quarterly
  • Acquired acreage in three blocks offshore Senegal, partnering with ConocoPhilips and holding a 40% operated interest
  • Acreage swaps to optimise the North Sea exploration portfolio
  • Field development plan for Kraken approved; Catcher field development plan on track
  • Seven wells drilled in 2013 in UK and Norway
  • Frontier exploration drilling programme commenced in 2013, comprising two operated exploration wells offshore Morocco (Q3 2013/H1 2014), two proposed operated exploration wells offshore Senegal (2014) and one proposed operated appraisal well offshore West of Republic of Ireland (2014)
  • Farm-in agreement, with Chariot Oil & Gas, for 35% non-operated interest in one exploration block offshore Mauritania
  • Farm-in agreement with Kosmos Energy for 20% non-operated working interest in one exploration block offshore Morocco; drilling is scheduled for H2 2014


US$335 million

Net cash at 31 December 2016

51.5 mmboe

Booked as 2P reserves at 31 December 2016

239 mmboe

Booked as 2C contingent resources on net working interest basis at 31 December 2016