Cairn Energy PLC UK Norway Update - discovery and farm out (4086H)
15 November 2018 - 6:01PM
UK Regulatory
TIDMCNE
RNS Number : 4086H
Cairn Energy PLC
15 November 2018
FOR IMMEDIATE RELEASE 15 November 2018
CAIRN ENERGY PLC
("Cairn" or "the Company" or "the Group")
UK Norway Update - discovery and farm out
Cairn announces the following;
Ø An oil discovery on the 9/14a-17B well and associated
side-track on the Agar-Plantain Prospect in the UK North Sea
Ø Farm out agreement for a 40% non-operated interest of the
Chimera prospect in the UK North Sea
Ø Commitment exploration well in the UK North Sea targeting the
Ekland prospect failed to encounter commercial hydrocarbons
Ø The next well in Cairn's exploration programme will be Presto
(formerly Stjerneskudd) on PL885 in the Norwegian North Sea
Based on preliminary analysis, the Operator estimates the
Agar-Plantain discovery holds recoverable resources of 15 - 50
million barrels of oil equivalent (mmboe).
The discovery is located in close proximity to existing
infrastructure, located 12 kilometres (km) from the Beryl Bravo
facility to the southwest and 14km from the Alvheim FPSO to the
southeast.
Further evaluation of development options to establish
commerciality will be undertaken by the joint venture partners in
the coming months.
The initial 9/14a-17B well on the Agar-Plantain Prospect was
drilled safely to the target depth and encountered excellent
quality oil and water bearing sands. The wellbore delineated the
eastern extent of the hydrocarbon discovery and the partners agreed
to drill the contingent side-track to further appraise the
discovery. The Agar side-track encountered a 20 metre gross
interval of very high quality oil bearing sands.
Cairn has an option to take over Operatorship with respect to
future activity on the Agar-Plantain project. The Agar-Plantain
well is currently being plugged and abandoned by Operator Azinor
Catalyst. Working interests in the well are: Azinor Catalyst
(Operator) 25%, Cairn 50% and Faroe Petroleum 25%.
The commitment exploration well on licence P2184 in the UK North
Sea targeting the Ekland prospect (Cairn Operator, 45% WI) failed
to encounter commercial hydrocarbons and has been plugged and
abandoned.
Cairn is pleased to announce that it has entered into a farm out
agreement for a 40% non-operated interest in Licence P2312 (Cairn
Operator, 100% WI) containing the Chimera prospect targeting 154
gross mmboe mean resource ( 92 mmboe net) in the UK North Sea with
plans to drill a well in H2 2019. The farm out agreement is
conditional upon regulatory consent.
The next well in Cairn's exploration programme will be Presto
(formerly Stjerneskudd) (Cairn 30% WI) on PL885 in the Norwegian
North Sea, targeting 160 gross mmboe mean resource (48 mmboe net)
with standalone potential and significant follow on potential with
success. The well is expected to spud in late December 2018 by
Operator Equinor.
Notes to Editor
Cairn farmed in to licence P1763 with Azinor Catalyst in June
2018, acquiring 50% WI within the Sole Risk (Plantain-Agar) Area
and 25% WI within the wider licence area which is operated by
Apache (50%). Faroe Petroleum also farmed into the Sole Risk Area
with 25% WI and 12.5% WI in the wider licence.
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, Will Medvei Tel: 0207 404 5959
Brunswick Group LLP
About Cairn Energy PLC
Cairn is one of Europe's leading independent oil and gas
exploration and development companies and has been listed on the
London Stock Exchange for 30 years. Cairn has explored, discovered,
developed and produced oil and gas in a variety of locations
throughout the world as an operator and partner in all stages of
the oil and gas lifecycle.
Cairn's exploration activities have a geographical focus in
North West Europe, West Africa and Latin America, underpinned by
interests in production and development assets in the North Sea.
Cairn has its headquarters in Edinburgh, Scotland supported by
operational offices in London, Norway, Senegal and Mexico.
For further information on Cairn please see:
www.cairnenergy.com
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END
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