Key facts

  • One of Europe’s leading oil and gas exploration and development companies
  • Chief Executive Officer: Simon Thomson
  • Chief Financial Officer: James Smith
  • Headquarters in Edinburgh, with operational offices in London (UK), Stavanger (Norway) and Dakar (Senegal)
  • Listed on the London Stock Exchange in 1988
  • Focused on exploration opportunities with transformational potential within a balanced portfolio of lower risk exploration and development assets
  • Returned a total of $4.5 billion to shareholders in the last five years
  • Focused on three geographic regions; Atlantic Margin, Mediterranean and North West Europe
  • One of the two 2014 discoveries offshore Senegal recognised as potentially the largest global oil discovery of the year
  • Assets in Senegal, UK, Norway, Morocco, Mauritania, Malta, Republic of Ireland, Greenland, Spain, and France
  • Participant in the Extractive Industries Transparency Initiative (EITI) which aims to strengthen governance by improving transparency and accountability
  • Made a major discovery in Rajasthan, India in 2004; the Mangala field was the largest onshore oil find in India for 25 years
  • Retains a ~10% shareholding in Cairn India Limited
  • Cairn India Limited has the potential to account for more than 30% of India’s oil production

Key activity in 2014

  • Discovered oil offshore Senegal in both wells drilled – possibly the largest global oil discovery of 2014
  • Reduced capital expenditure prior to delivering free cash flow by ~US$380m by selling a 10% interest in Catcher development (completed 2015)
  • Initiated non-operated well offshore Western Sahara
  • Matured prospects in Senegal, Morocco and Norway to drill-ready status for 2015/2016
  • Participated in UK 28th Licencing Round (awarded 4 licences) and Norwegian 2014 APA Licencing Round (awarded 5 licences)
  • Two operated seismic campaigns offshore Malta and Republic of Ireland
  • Farmed-in to Group’s first licence in the Barents Sea, an emerging region
  • Booked 2P Reserves on the Catcher development and 2C Resources in Senegal

Key activity in 2013

  • Entered into a programme to repurchase up to US$300m of ordinary shares in the Company, to be reviewed quarterly
  • Acquired acreage in three blocks offshore Senegal, partnering with ConocoPhilips and holding a 40% operated interest
  • Acreage swaps to optimise the North Sea exploration portfolio
  • Field development plan for Kraken approved; Catcher field development plan on track
  • Seven wells drilled in 2013 in UK and Norway
  • Frontier exploration drilling programme commenced in 2013, comprising two operated exploration wells offshore Morocco (Q3 2013/H1 2014), two proposed operated exploration wells offshore Senegal (2014) and one proposed operated appraisal well offshore West of Republic of Ireland (2014)
  • Farm-in agreement, with Chariot Oil & Gas, for 35% non-operated interest in one exploration block offshore Mauritania
  • Farm-in agreement with Kosmos Energy for 20% non-operated working interest in one exploration block offshore Morocco; drilling is scheduled for H2 2014


US$869 million

Net cash at 31 December 2014

56.1 mmboe

Booked as 2P reserves at 31 December 2014

171.6 mmboe

Booked as 2C contingent resources on net working interest basis