Financial highlights

For the year ended 31 December 2019

2019 Summary

  • Net oil production averaged ~23,000 bopd, at upper end of guidance (2018: 17,500 bopd)
  • Oil and gas sales revenue US$504m (2018: US$396m), average realised oil price US$65.70/bbl; average production cost US$17.4/boe
  • Net cash inflow from oil and gas production US$390m
  • Capital expenditure was US$242m*
  • Year end Group cash US$147m, excludes proceeds from sale of Capricorn Norge of ~US$108m, completed in February 2020
  • Operating profit US$155m (2018: Operating loss US$129m)
  • Net impairment reversal of US$68m (2018: charge of US$166m): Reversal of US$147m Kraken impairment, offset by US$79m goodwill impairment
  • Increase 2P reserves by 150% to 142 mmboe

2020 Outlook

  • Estimated net production of 19,000 to 23,000 bopd; targeting average production cost <US$20/boe
  • Forecast capital expenditure ~US$615m
  • Senegal – Sangomar field development targeting first oil 2023, gross production 100,000 bopd
  • Mexico – two further non-operated exploration wells planned
  • India Arbitration - Tribunal indicated it expects to be in a position to issue the Award in summer 2020; Cairn continues to have a high level of confidence in merits of its claims

*Net of US$27m tax refund and US$21m Nova working capital reimbursement

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