Cairn is an independent oil and gas exploration and production company. The main area of focus is South Asia.

            Red = 25 day moving average.           Green = 200 day moving average.

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Cairn Energy swung into profit after strong progress across its business in the six months to the end of June.

Cairn posted a profit of $314m for the period compared with a loss of $38m last time.

The group said that first oil production commenced from the Kraken field in late June and Catcher production was scheduled to be on stream by the end of 2017.

It said its funding position was enhanced during the first half of 2017 with the completion of a NOK500 million exploration finance facility which allowed the company to borrow against Norwegian tax refunds on exploration expenditure, and US$75m proceeds from a stream agreement with FlowStream Commodities in exchange for an initial 4.5% share of production from Kraken (stepping down to a 1.35% share once FlowStream achieved a 10% return).

Chief executive Simon Thomson said: "Cairn continues to deliver strong progress across the business.

"In the North Sea, Kraken has commenced production and Catcher is scheduled for first oil later this year.

"In Senegal, planning work has commenced on the phased development of the world class SNE field.

"Cairn has also added to its exploration portfolio with exciting new opportunities in Norway, Ireland and Mexico creating additional drilling prospects in the near term.

"With a strong balance sheet and imminent cashflows, Cairn remains well funded to create and capture value for our shareholders."

Up 8.5% at the mo on that news.

RBC Capital Markets today reaffirms its outperform investment rating on Cairn Energy PLC (LON:CNE) and cut its price target to 230p (from 270p).

Deutsche Bank today reaffirms its buy investment rating on Cairn Energy PLC (LON:CNE) and raised its price target to 240p (from 235p).

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Cairn Energy has issued a procedural update on its dispute with the Indian government under the UK India Bilateral Investment Treaty.

Cairn said: 'The arbitration proceedings are well advanced, and the tribunal and parties have now agreed the process and timetable for finalising document production, submissions and hearings.

'This includes some extensions to the previously agreed schedule, and taking into account the tribunal and parties' availability, the final hearing has now been scheduled for August 2018.

'The tribunal stated that it expects the parties to strictly adhere to the deadlines set out in the amended procedural calendar and it will make appropriate arrangements to progress with the drafting of the award as expeditiously as possible.'

SYDNEY/DAKAR (Reuters) - Oil exploration company Cairn Energy (CNE.L) is in talks with BP to sell a 30 percent stake in its deepwater SNE field offshore Senegal, which could be valued at around $600 million, banking sources and a Senegal oil ministry source said on Monday. “We are aware that BP wants to acquire a stake in Cairn Energy, but they are awaiting validation by the state (of Senegal),” an adviser to Senegal’s oil minister, who declined to be named, told Reuters by telephone.

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Cairn, one of Europe's leading independent oil and gas exploration and development companies, said both the Kraken and Catcher developments in the UK North Sea delivered first oil production while In Senegal it completed a successful third phase of drilling.

'Over the last twelve months, Cairn has achieved several strategic milestones and is well positioned to deliver on its strategy in 2018,' said Simon Thomson, Chief Executive, Cairn Energy PLC. 'Cairn is funded in respect of all capital commitments with a strong balance sheet and growing production cash flows.'

The company said the Catcher and Kraken developments in the UK North Sea both achieved first oil in 2017 and are ramping up to plateau production, following which they are expected to deliver significant cash flows for reinvestment. Full-year production, net to Cairn, for 2018 is estimated to be 17,000 to 20,000 bopd with plateau production from Catcher and Kraken achieved by mid-year.

'Cairn offloaded its first Kraken cargo of ~386,000 barrels (net of the Flowstream 4.5% share) in Q4 2017 recording revenue of ~US$20m,' Cairn said in a statement.

The company said that in Senegal its SNE field appraisal and concept select definition are concluding, for the first phase of development of the extensive resource base, and aims to have a government- approved exploitation plan in place by the end of 2018 with a target of first oil in 2021-2023.

In Norway an extensive exploration drilling campaign is underway for 2018, 2019, with plans to drill up to ten wells, targeting more than 1.5 boe gross unrisked resources across a variety of play types in the UK and Norway, including the Barents Sea,' Cairn said in a statement. 'The Skarfjell (Cairn 20% WI) JV plan for development and operation (PDO) is anticipated in H1 2018, with first oil targeted in 2021 and expected plateau production of 50,000 bopd (~10,000 bopd net to Cairn).'

Cairn secured two new licences in the Mexico offshore bid round in the first half of 2017. 'The licences, one operated and one non-operated, are located in the highly prolific yet under-explored Sureste basin,' Cairn said in a statement. 'Cairn anticipates exploration drilling to commence in 2019 on both blocks.'

Cairn reported group net cash at 31 December 2017 was about US$56m, while capital expenditure for second half of 2017 was about US$205m.

JP Morgan Cazenove today reaffirms its overweight investment rating on Cairn Energy PLC (LON:CNE) and raised its price target to 241p (from 228p).

Barclays Capital today reaffirms its overweight investment rating on Cairn Energy PLC (LON:CNE) and raised its price target to 280p (from 265p).

Morgan Stanley today upgrades its investment rating on Cairn Energy PLC (LON:CNE) to overweight (from equal weight) and raised its price target to 300p (from 270p).

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Cairn Energy reported a profit of $263.1m in 2017, compared with a loss of $95m the previous year as production got underway from its Kraken and Catcher North Sea fields.

Catcher and Kraken developments in the UK North Sea achieved first oil production in 2017, with total project capex expenditure estimated by the operators to be about 30% and 25% below original estimates.

UK North Sea 2018 full year production, net to Cairn, is estimated to be 17,000 to 20,000 barrels of oil per day (bopd), while project commissioning on both fields expected to be completed in first half of 2018.

Full capacity production, meanwhile, is expected to be achieved by mid-year, with peak net production to Cairn of 25,000 bopd.

In Norway, Nova - formerly Skarfjell - first oil is targeted in second half of 2021 and expected to deliver plateau production of 50,000 bopd.

Cairn's North Sea exploration drilling campaign was said to be underway for 2018 to 2019 with plans to drill up to ten wells over the next two years targeting more than 1.5 billion boe gross unrisked resources.

In Senegal, five successful wells drilled in 2017 as the third phase of drilling took place, completing the appraisal activity for the development of SNE. Operations were delivered ahead of schedule and under budget.

The evaluation report is expected to be submitted to the government of Senegal in H1 2018 with the formal transfer of Operatorship (TOO) to Woodside expected to take place in H2 2018, subject to government approval.

Simon Thomson, Chief Executive, Cairn Energy PLC said: 'With first oil production from its North Sea developments, Cairn continues to deliver a strong and balanced business with a growing production base supporting further development and a multi-well exploration programme offering significant growth potential.'

'The SNE field in Senegal is now fully-appraised and the Joint Venture is targeting Government approval of the Exploitation Plan by the end of this year.'

'The company continues to maintain balance sheet strength and financial flexibility as we focus on creating, adding and realising value for shareholders from a portfolio of attractive exploration, development and production assets.'

Deutsche Bank today reaffirms its hold investment rating on Cairn Energy PLC (LON:CNE) and cut its price target to 230p (from 240p).

Jefferies International today reaffirms its hold investment rating on Cairn Energy PLC (LON:CNE) and raised its price target to 265p (from 235p).

UBS today reaffirms its buy investment rating on Cairn Energy PLC (LON:CNE) and raised its price target to 300p (from 280p).

Today saw a substantial drop in CNE’s price. Could this be influenced by the Tax dispute and court case with the India tax authority.

Would anyone have an opinion on how it may be going or what to expect in the dispute between the Indian Tax Authority and Cairn Energy. The hearings should be in progress.

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Cairn Energy Tuesday swung to a loss for the first half of the year as output at its Kraken development in the North Sea was hurt by disruptions.

For the six months to 30 June, the company reported a loss before tax of $602.9m compared with a profit of $77.7m a year earlier. Revenue rose to $182.4m from $10.8m for the first half of 2017.

The downturn in performance comes as average gross production at Kraken during the half came in at about 30,700 barrels of oil per day, weighed down by disruptions, owing to downtime and other factors.

Gross production improved, however, rising to levels in a range of 35,000 and 40,000 barrels of oil in August. Demand for cargoes continued to be strong as pricing relative to Brent is in line with expectations, the company said.

The company also reported an operating loss of $34.5m, compared with an operating loss of $52.4m a year earlier.

The company forecast a capital expenditure of US$124m on the Kraken, Catcher, Senegal and Nova developments and estimated exploration and appraisal expenditure of US$72m across the portfolio.

The company said its non-operated Nova development in Norway is expected to deliver first oil in 2021 with peak net production to Cairn of 10,000 bopd.

JP Morgan Cazenove today reaffirms its overweight investment rating on Cairn Energy PLC (LON:CNE) and raised its price target to 306p (from 241p).

Peel Hunt today reaffirms its add investment rating on Cairn Energy PLC (LON:CNE) and cut its price target to 260p (from 280p).

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Shares of Cairn Energy edged higher on Tuesday after it forecast a rise in annual oil and gas production for 2019.

Full year production, net to Cairn, for 2019 was estimated to be 19,000 to 22,000 barrels of oil equivalent, above the production of 17,500 boepd averaged reported in 2018.

Oil and gas sales revenue was $395m at an average realised price of US$68 per boe and average production cost was US$20 per boe for the year ended December 2018.

Capital expenditure for 2019 was estimated at about $305m, below the $335m seen in 2018.

The company said it would target 'significant' exploration opportunities for 2019, backed by a strong balance sheet and cash flow.

'The SNE and Nova development projects are progressing on track, evaluation of the recent Agar discovery is ongoing and we look forward to commencing a material exploration drilling programme in 2019 with up to seven wells offshore Mexico, the UK and Norway targeting a total gross volume in excess of one billion barrels,' said Simon Thomson, Chief Executive, Cairn Energy.