Cairn Energy presented its full year results for 2018 and outlook for 2019. Cairn Energy gets production from the Catcher and Kraken fields on the UKCS. The combined net production in 2018 averaged ~17,500 boepd.
The Nova field development in Norway is on schedule according to Cairn. First oil is targeted in 2021 with a peak gross production of 50,000 bopd. The reserves in Nova are estimated at 80mmboe and it will be tied back to Gjøa.
Four exploration wells (three Cairn operated) in Norway and UK are planned in 2019, targeting ~500 mmboe. The first well in the programme, Presto, was spudded by operator Equinor on March 1st (Read also “Testing Presto on the Måløy Slope”).
The other firm wells for 2019 are the Chimera well in the UK and Lynghaug and Godalen in the Norwegian Sea.
The Chimera prospect, which is targeting 160 mmboe mean resource, is located in P2312 in the UK sector of the North Sea. It has a potential to be developed as a stand-alone.
The Lynghaug prospect is located in PL758 six km South-East of the Norne field. Cairn’s partners in the license are Lundin and Skagen44. The well is targeting the Klokkelyng segment of the Lynghaug prospect, a lowside trap updip of the 2011 Skaugumsåsen oil and gas discovery (6508/1-2). Chance of finding hydrocarbons is good and given success the discovery will open up for larger volume traps nearby reports partner Skagen44.
The Godalen prospect in PL 842 is located on the Sør High and according to partner Skagen44 it represents a play opener with considerable commercial potential and significant oil potential in adjacent prospects and leads (given success). Could the play, which is chased here, be Jurassic sandstones and perhaps Permian carbonates, similar to the targets Lundin is exploring for on the Frøya High further south in the Norwegian Sea?
For 2020 Cairn Energy has 2 more firm wells in Norway and 2 contingent wells in the UK and 1 in Norway.