Cairn Energy Sets Out Oil Resource For Senegal’s SNE Field


Cairn Energy Sets Out Oil Resource For Senegal’s SNE Field

Having completed a five-well appraisal drilling programme offshore Senegal earlier in the summer, Cairn Energy said it now was targeting production rates of 75,000-125,000 barrels of oil per day with first oil planned 2021-2023.

The FTSE 250 company updated the overall size of the SNE oilfield to a contingent oil resource base of around 563m barrels of oil, with additional recoverable gas resources of more than 1trn cubic feet of gas.

Cairn estimated that it will need to drill up to 25 wells in the initial development phase of SNE, targeting roughly 240m barrels of oil in the lower reservoir.

In the first half of the year, $150m was spent on exploration and appraisal across the portfolio, with $254m cash in the bank as of its 30 June plus an undrawn lending facility. Read More…

 

Credit By :  Digital Look

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