Updates

Cairn Energy

March 2019

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.

While it awaits the result of its tax dispute with the Indian Government, Cairn has produced a creditable trading update showing production averaging 17,500 barrels oil equivalent per day (boepd) from its interests in the Catcher and Kraken fields in the North Sea. Encouragingly, production is forecast to grow to between 19-22,000 boepd in 2019 and management have hedged 2.7m barrels of 2019 production at decent prices between US$67 and US$83 / barrel.If it wins the tax dispute, which involves a claim for US$1.4bn, the shares should rise sharply as management have indicated their intention to return a large chunk to shareholders but even a negative result shouldn’t harm it too greatly as it has a strong balance sheet. Group c ...

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