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Cairn Energy

October 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.

  • Epic Code:
  • CNE
  • Price:
  • 202.5p
Rising oil prices and upgraded production guidance have propelled the shares back over £2. Cairn produced 23,700 barrels oil per day in the first half, ahead of guidance. Oil sales averaged US$68 / barrel, which propelled EBITDA up six-fold from US$31m to US$183m. Net cash was US$58m. Management says full year guidance will now be 21-23,000 bopd up from 19-22,000.The strong performance came thanks to its interests at the North Sea-based Catcher and Kraken fields. Its flagship development in Senegal, the SNE field (40% interest), remains on schedule for first oil in 2022 with expected peak gross production of 100,000 bopd (40,000 bopd net). It’s one of the lowest cost new developments with break-even at US$35 / barrel so ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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