Cairn Energy shares rise on Skarfjell well upgrade

Cairn Energy's shares advanced Tuesday as the oil and gas company upgraded its resources at the Skarfjell appraisal well in the Norwegian North Sea.

Cairn Energy's shares advanced Tuesday as the oil and gas company upgraded its resources at the Skarfjell appraisal well in the Norwegian North Sea.

The well's gross resource range, following discovery last April, was between 60 millions of barrels (mmbbls) and 160mmbbls.

Following completion of the appraisal well, the company has revised its gross resource range to between 74 mmbbls to 235 mmbbls.

Advertisement - Article continues below

"Skarfjell is one of the largest discoveries in the Norwegian Sector of the North Sea in recent years," said Chief Executive Simon Thomson.

"The combination of very good reservoir and large volumes will allow this discovery to be progressed towards development, with a number of commercially attractive options possible including a standalone facility or a hub development incorporating surrounding undeveloped discoveries."

Cairn has a 20% interest in the project. Wintershall Norge is the operator with a 35% holding, while Bayerngas Norge owns 20%, Edison International Norway Branch has a 15% stake and RWE Dea Norge AS has 10%.




Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular


House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020

The end of the bond bull market and the return of inflation

Central bank stimulus, surging post-lockdown demand and the end of the 40-year bond bull market. It all points to inflation, says John Stepek. Here’s …
30 Jun 2020

How can markets hit new record highs when the economy is in such a mess?

Despite the world being in the midst of a global pandemic, America's Nasdaq stock index just hit an all-time high. And it's not the only index on a bu…
3 Jul 2020