Updates

Cairn Energy

May 2021

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.

Inevitably, the Indian Government is appealing the tax award to Cairn, which has already instructed lawyers to start the process of enforcement and possible seizure of Indian assets around the world.Cairn has also announced the sale of its interests in the North Sea Catcher and Kraken fields for US$460m. In its place it’s acquiring a portfolio of upstream oil & gas producing assets situated in Egypt’s Western desert from Shell for US$323m. The deal represents only 2.3x trailing average cash flow of US$140m for the three years 2017-2019 and adds 2P (proven & probable) reserves of 113m barrels. Forecast production is 33-38,000 barrels oil equivalent per day (boepd) at a low cost of production of less than US$6 / b ...

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