Cairn has built a strong position in the UK’s mature and emerging basins by acquiring exploration, appraisal and development assets and participating in licensing rounds.
Following an asset exchange agreement with Shell UK Limited in which the Company transferred a 50% WI in P2379 in exchange for 50% WI of P2380, Shell expects to spud the Jaws prospect on P2380 during Q4 2021. We aim to drill the operated Diadem prospect (P2379) in Q2 2022.
In 2012 we acquired non-operated interests in two of the largest developments in the UK North Sea, Kraken and Catcher. During 2017 both projects achieved first oil production.
On 9 March 2021, we announced the proposed sale of our entire interests in both fields to Waldorf Production Ltd. The divestment, which is subject to shareholder and regulatory approval, is expected to complete in H2 2021.
The Company holds a 20% non-operated interest in Catcher and a 29.5% non-operated interest in Kraken, these projects provide production and cash flow to the business.
Net oil production to Cairn from the Catcher and Kraken fields in 2020 averaged just over 21,000 barrels of oil per day. At H1 2021, the producing assets delivered a net average rate of 19,215 barrels of oil per day.
The Catcher Area Fields are a combination of the Catcher, Varadero and Burgman fields ~170 km east of Aberdeen.
Average 2020 gross production from the Catcher Area (Cairn 20% WI) was 50,200 bopd.
Kraken is a large heavy oil accumulation located in the East Shetland basin, ~125km east of the Shetland Islands.
Average 2020 gross production from Kraken (Cairn 29.5% WI) was 37,500 bopd.