Cairn Energy Net Loss Narrows; Expects First N. Sea Oil This Year
08 March 2017 - 6:55PM
Dow Jones News
By Ian Walker
LONDON--Cairn Energy PLC (CNE.LN), an oil and gas exploration
and development company, reported a smaller net loss last year,
after booking a large impairment charge in 2015, and said it
expects first oil from its North Sea projects this year.
Cairn's net loss narrowed to $95 million in the year to
end-December from $515.5 million in 2015 when it had booked an
impairment charge on its remaining investment in Cairn India
(532792.BY) of $318.6 million.
The company said at had a total of 51.5 million barrels of oil
equivalent in proved proved and probable reserves reserves at Dec.
31.
-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
March 08, 2017 02:40 ET (07:40 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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