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Cairn Energy - US$255m cash provides some support

April 2020

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

The backdrop for Cairn has become more difficult with oil prices tanking due to OPEC kingpin Saudi Arabia’s price war but Cairn is better placed than most. Full year results revealed it has net cash of US$255m, which includes the recent sale of Norwegian assets for US$108m (plus reduction of US$210m of committed development expenditure). It achieved an operating profit of US$155m (2018: loss of US$129m) while net cash inflow from oil and gas production was US$390m.Cairn has two producing assets in the North Sea including the giant Catcher field (20% interest) in partnership with Premier Oil, which achieved a gross 63,000 barrels oil per day (bopd) in 2019, beating original forecasts. This year three new development wells will ...

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