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.

StockMarketWire.com
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.