Scottish oil firm Cairn Energy confident about 2017

Scottish oil firm Cairn Energy confident about 2017

Cairn Energy (LSE:CNE) has revealed it has the funds to pursue ambitious oil exploration and production plans over the next year.

The focus for the Scottish independent oil firm in 2017 will be operations in Senegal and the North Sea, according to a company statement.

Cairn’s chief executive Simon Thomson said: “The next 12 months will be an eventful period for Cairn.

“We will shortly embark on further exploration and appraisal drilling in Senegal and we continue to work towards first oil and cashflow from our North Sea assets.”

Cairn has held a presence in Senegal since 2014, and will commence the third phase of drilling in late January 2017 at the offshore SNE discovery.

FAR Ltd (ASX:FAR), a minority partner on the site estimate that SNE holds up to 641 million barrels of oil, despite Cairn already drilling six wells in the area.

In addition, Cairn is hopeful that the Catcher and Kraken fields in the North Sea should start producing oil for the first time this year.