Cairn Energy losses deepen but oil and gas firm still optimistic
AFPLONDON -- British oil and gas explorer Cairn Energy posted widening first-half losses on Tuesday, because of big write-downs, but also outlined plans for a new drilling campaign starting in September.
August 21, 2013, 3:14 pm TWN
Losses after taxation grew to US$217.4 million (163.1 million euros) in the six months to June 30, Cairn Energy said in a results statement.
That compared with a shortfall of US$84.2 million in the same part of 2012.
Edinburgh-based Cairn added that impairments ballooned to US$290 million in the first half. The figure included a US$268 million write-down of its 10-percent stake in Cairn India.
On a more upbeat note, Cairn also revealed new exploration plans for offshore Morocco, Senegal and Ireland.
And the group said it would reach a decision on the extension of its joint-venture exploration well in offshore Greenland in the second half of 2013.
“Cairn commences a 12 month multi-well high impact frontier exploration program in September that will offer shareholders sustained exposure to material growth potential,” said Cairn chief executive Simon Thomson in the earnings release.