Cairn readies $3.5bn kitty

Ready to spend: Cairn CEO Simon Thomson

Cairn

Eoin O'Cinneide

 22 January 2013 08:40 GMT

Cairn Energy could spend as must as $3.5 billion over the next five years on asset development as well as exploration and appraisal activities.

The UK independent said operated wells on the horizon will focus on frontier acreage with non-operated wells focusing on the North Sea.

London-listed Cairn, which had a tough exploration year in the Arctic off Greenland, ended 2012 with net cash of $1.6 billion.

“Our balance sheet strength means we are funded for all planned exploration and development - whilst retaining the flexibility to consider further opportunities,” chief executive Simon Thomson said in a statement on Tuesday morning.

“This solid foundation, combined with the company’s growing exploration portfolio, provides the basis for multi-year, and multi-well programmes.

“Operated exploration wells, commencing in…

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