Simon Thomson Chief Executive Half Year Results, August 2014 3
Overview Fully funded to deliver balanced exploration and development programme through to free cash flow from 2017 Disciplined allocation of capital: Active drilling programme over the next twelve months Future exploration…
India Cairn continues to seek resolution to the tax issue in India and will take all measures to protect shareholders interests While interactions are ongoing with the Indian Income Tax Department, Cairn is currently unable to access…
Strategic Delivery Core development/production projects deliver strong returns and underpin a sustainable strategy Catcher and Kraken on track for first oil from 2016/2017, with peak net (to Cairn) production of 25,000 boepd Seven…
Strategic Delivery Delivering a balanced, self-funding portfolio across the E&P asset lifecycle Sustaining cash flows Delivering exploration potential Continued focus on appropriate equity interests Continue historic track record…
James Smith Chief Financial Officer Half Year Results, August 2014 8
Funding Update 1,074m cash at 30 June 2014 575m seven year Reserve Based Lending bank facility (currently undrawn) 300m* H2 2014 capex (development and exploration) 110m* indicative exploration programme in 2015 (including…
Capital Expenditure Total capex 2014 470m * (H1 170m; H2 300m) 2014 2015 - Morocco West Africa - Senegal - Cap Boujdour Frontier Exploration 285m - Cap Boujdour (split 2014 / 2015) 20m (split 2014 / 2015) - Skarfjell…
Future Organisation Reduced Cost Base Staff consultation process underway regarding proposed restructuring of the organisation Retaining core E&P technical skill base and senior management expertise to deliver the forward…
Finance Overview Fully funded, full cycle E&P business model Focus on delivering core North Sea development projects to deliver cash flow Active and material exploration programme with appropriate risk/reward balance Disciplined…
Richard Heaton Exploration Director Half Year Results, August 2014 13
Cairn Focus Areas and Assets Prospect generation and value realisation remain the core principles Must be technically and commercially attractive Greenland Exploration efforts focussed on three main areas: Norway Overlooked plays…
North West Europe Expanded Regional Presence Core developments, active drilling programme and Barents Sea PL393B trading of assets, expansion to new areas 7125/4c, 7125/5b PL758 6508/1, 6608/10, Licence rationalisation focus on…
North West Europe UK Developments Kraken Cairn 25%, EnQuest (Op) 60% and First Oil 15% Development Plan Booked 2P reserves of 29.5 mmboe 400m of Heavy Oil Field Allowances available to Cairn Carry of 150m - 240m based on reserve…
North West Europe UK Developments Catcher Cairn 30%, Premier 50% (Op) and MOL 20% Booked 2P reserves of 26.6 mmboe, with further potential in the area Catcher, Burgman and Varadero fields should each qualify for the Small Field…
North West Europe UK Exploration Aragon Cairn 32.5%, MPX (Op) 20%, Bridge 13.5%, Norway Dyas 9%, JX Nippon 25% Bruce Currently drilling P1763 9/9d, 9/14a, 9/15d Upper Jurassic stratigraphic trap UK P1981 9/9g 9/9d-17…
North West Europe Norway Exploration Ensis Cairn 25%, Statoil (Op) 25%, Concedo 20%, Petoro 20% and OMV 10% NORWAY Entry project for Cairn to Barents Basin Sweden Finland Currently Operating Nucula Gross Mean Unrisked…
North West Europe and North Atlantic Ireland Exploration Capricorn (Op) 38%, Providence 32%, Chrysaor 26% and Sosina 4% UK FEL 4/08 B Ireland B FEL 2/04 Burren Spanish Point exploratory appraisal well Spanish Point (35/8-C) in…
Atlantic Margin - North West Africa Selective Frontier Portfolio Senegal Cairn operator 40% WI, Petrosen 10% WI, FAR 15% WI, ConocoPhillips 35% WI Mauritania Proven hydrocarbon system Senegal Acreage 7,490 km2 Substantial…
Atlantic Margin - North West Africa Senegal Fan and Shelf Wells FAN-1 Mesozoic Shelf Currently operating FAN-1 well with Transocean Cajun Express Targeting multiple stacked deepwater fans Cretaceous fan systems Senegal FAN-1…
Atlantic Margin - North West Africa Selective Frontier Portfolio Cap Boujdour Awarded in 2011 Cap Boujdour Acreage 5,100 km2 3D seismic survey underway 22,000 km2 MOROCCO Cap Boujdour-1 well targeted to commence Q4 2014 Cairn…
Cairn Current and Future Operations 7 Potential Wells 2014 2015 2016 Senegal, Sangomar Deep FAN-1 & SNE-1 Exploration Exploration 3D Seismic Appraisal Morocco, Cap Boujdour 3D Gargaa Exploration Seismic Malta, Area 3 2D 3D…
Simon Thomson Chief Executive Half Year Results, August 2014 25
Forward Programme Funded to deliver current programme India; seeking resolution of tax issue Create Disciplined capital allocation Value Explore Discover Invest Acquire Future exploration capex focused on emerging and mature…
Appendix Half Year Results, August 2014 27
Cairn Prospect Portfolio Total of 73 Prospects (177 leads) 70% Pd - ''Drillable/Commercial'' UK Laverda Pd+ - Technically Drill Ready Pm - ''Marginal/Sub-Commercial'' 60% Pt - ''More Work Needed'' Ireland Point (Contingent…
North West Europe UK Developments West Kraken Prospect Cairn 25%, EnQuest (Op) 60%, First Oil 15% P1077 9/2b Norway Kraken Drilling Q3/Q4 2014 North Gross Mean Unrisked Prospective Resource UK Sidetrack 30 mmboe Tiree 1 in 2…
Atlantic Margin - North West Africa Selective Frontier Portfolio Morocco Foum Draa: Cairn (0p) 50%, San Leon 14.2%, Serica 8.3%, Longreach 2.5%, ONHYM 25% Foum Draa FD-1 Exploration Well plugged and abandoned, Foum Draa Acreage…
Atlantic Margin - North West Africa Selective Frontier Portfolio Mauritania Cairn 35%, Chariot (Op) 55%, SMH 10% Mauritania Acreage Morocco 12,1750 km2 Mauritania Water depth: 1,000m to 1,500m 2 previous wells drilled on the…
Atlantic Margin Selective Frontier Portfolio Pitu, Greenland Cairn (Op) 56.875%, Statoil 30.625%, Nunaoil Pitu Pitu Acreage 12.5% (carried) 8,170 km2 Greenland Water depth: 500m to 750m PSDM reprocessing of 2011 3D seismic…
Mediterranean Long Lead Low Cost Exploration Malta Cairn (Op) 60%, Melita Exploration Ltd 40% ESA Area 3, Blocks 1, 2, 3 6,400 km2 Acquired 1,715km 2D survey 2014 1 2 2 Data processing underway Malta Acreage 6,400 km2…
Cairn Energy Areas of Operations NW Europe and Reserves and resources (on a net working interest basis) A total of 56.1 mmboe were booked North Atlantic; as 2P Reserves at 30 June 2014 UK, Norway and Ireland Listed London Stock…
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