Davy Research

Cairn Energy plc

Successful initial results from SNE-6
Resource
Cairn Energy plc

DAVY VIEW

Cairn Energy reports successful initial results from SNE-6, an appraisal well on the large (c.500 mmbbl, Cairn: 40%) SNE discovery offshore Senegal. Flow rates look as expected. Importantly, the SNE-6 well demonstrates connectivity of the upper reservoir sands. This should improve the economics of any development project on the field, but to what extent is unclear at the moment with interference test data still being collected. We think this morning’s update will be welcomed by the equity market.

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  • Cairn Energy plc

    Closing Price: 198p

  • RATING 05/12/16

  • PREVIOUS RATING 24/03/14

    Neutral

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