Cairn Energy PLC Cairn secures new licences in Mexico bid round (5641I)
20 June 2017 - 4:00PM
UK Regulatory
TIDMCNE
RNS Number : 5641I
Cairn Energy PLC
20 June 2017
EMBARGOED FOR RELEASE AT 7AM 20 June 2017
CAIRN ENERGY PLC
("Cairn" or "the Company" or "the Group")
Cairn secures new licences in Mexico bid round
Cairn is pleased to announce it has secured interests in two
licences in the Mexico offshore bid round.
The licences (one operated and one non-operated, covering
1,100km(2) ) are located in the Gulf of Mexico in the shallow water
Sureste basin in water depths of 100-500metres and 50km
offshore:
Ø Block 7: ENI (45% operator), Cairn (30%), Citla (25%)
Ø Block 9: Cairn (65% operator), Citla (35%)
Multiple attractive prospects in a variety of play types have
been identified within this highly prolific, proven hydrocarbon
province which has recently opened to international oil companies.
The Mexican Gulf region is significantly under-explored compared to
the nearby analogous United States Gulf of Mexico.
The licences were secured by Capricorn Energy Limited a wholly
owned subsidiary of Cairn Energy PLC with the Production Sharing
Contracts scheduled to be signed later this year with the
Government of Mexico. The contract awards are subject to the final
approval of the authorities. Cairn anticipates exploration drilling
to commence in the 2019-2020 period on both blocks.
Cairn Energy CEO, Simon Thomson, said:
"We are delighted with these awards which we believe provide an
exciting opportunity to build a strategic portfolio over time in
this highly prolific yet under-explored region.
As we build on the success of discoveries in Senegal it is
important to access new acreage to provide exploration drilling
opportunities in the future.
Cairn and its partners have identified and secured our favoured
blocks with multiple stand-alone prospects and numerous follow-on
tie-back opportunities based on 3D seismic data.
We are partnered with ENI, an experienced explorer and operator
in Mexico, as well as Citla Energy, a Mexican focused, exploration
company and look forward to working with our new partners and the
Government of Mexico to deliver the work programme in the coming
years."
Enquiries to:
Analysts / Investors
David Nisbet, Corporate Affairs Tel: 0131 475 3000
Media
Linda Bain, Christian Goodbody Tel: 0131 475 3000
Cairn Energy PLC
Patrick Handley, David Litterick
Brunswick Group LLP Tel: 0207 404 5959
NOTES TO EDITORS
Citla Energy
Citla Energy, S.A.P.I. de C.V., is a Mexican independent
exploration and production company (The International Finance
Corporation (IFC) has a 30% stake in Citla). With offices in Mexico
City and Houston, Texas, the company is actively participating in
the opening of the Mexico oil and gas sector, where it seeks to
acquire and build a portfolio of selected onshore and offshore
assets, both independently and in partnership with other industry
participants. For more information, visit www.citlaenergy.com.
About Cairn Energy PLC
Cairn is one of Europe's leading independent oil and gas
exploration and development companies and is listed on the London
Stock Exchange. Cairn has discovered and developed oil and gas
reserves in a variety of locations around the world.
Cairn's business operations are focused on frontier exploration
acreage in North West Europe, North West Africa and the North
Atlantic, underpinned by interests in development assets in the
North Sea. Cairn has its headquarters in Edinburgh, Scotland
supported by operational offices in London, Norway and Senegal.
Cairn and Corporate Responsibility
Ø Cairn is a signatory to the UN Global Compact and our core
values of respect, responsibility, relationships and our
commitments towards people, the environment and society are
enshrined in our Business Principles, which are available on the
Cairn website at
http://www.cairnenergy.com/index.asp?pageid=282
Ø Cairn became a participating company in the Extractive
Industry Transparency Initiative (EITI) in September 2013. The EITI
is a coalition of governments, companies and civil society, who
have adopted a multi-stakeholder approach to applying the EITI
global standard promoting transparency of payments in the oil, gas
and mining sectors http://eiti.org/
For further information on Cairn please see:
www.cairnenergy.com
This information is provided by RNS
The company news service from the London Stock Exchange
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