TIDMCNE
RNS Number : 9105K
Cairn Energy PLC
07 September 2021
EMBARGOED FOR RELEASE AT 0700 7 September 2021
CAIRN ENERGY PLC ("Cairn" or "Company" or "Group")
Half-Year Report Announcement
Proposed capital return to shareholders of up to US$700m subject
to India resolution
Egypt acquisition: first step in new growth platform
Simon Thomson, Chief Executive, Cairn Energy PLC said:
"Our significant acquisition in Egypt, which we expect to
complete shortly, adds material gas-weighted production, low-cost,
near-term growth and attractive exploration potential, in a region
with strong demand trends. We intend to use our differentiated
financial flexibility to add further scale to our production base
and look forward to the next phase of strategic delivery.
Progress in resolving our Indian tax issue and active portfolio
management leave Cairn well-positioned to deliver growth from a
sustainable business, focused on generating further value and
returns for shareholders."
H1 2021 Strategic and Operational highlights
Ø Near term India resolution will enable further shareholder
returns and acceleration of strategy: up to US$700m to be returned
to shareholders via special dividend and buyback, subject to
approval, with remainder retained to further enhance the producing
asset base
Ø Securing long-term sustainable production, significant
exploration potential and supporting cashflow growth: Egypt
acquisition advancing to completion with transition planning
underway
Ø Effective operational delivery: further oil find in Block 10
offshore Mexico
Ø Energy Transition: Net Zero roadmap developed with key senior
appointments to deliver Cairn's energy transition strategy
Ø Balance sheet strength and financial flexibility: Group cash
at 30 June 2021 US$341m and no debt drawn following special
dividend in January 2021 of US$257m
Ø Proposed divestment of UK North Sea producing assets:
progressing towards Q4 2021 completion
Ø Cash outflows on capital expenditure of US$25m during first
half of 2021
2021 Outlook
Ø Proposed capital return of up to US$700m following India
resolution
Ø Egypt completion expected Q3 2021
Ø UK North Sea disposal expected Q4 2021
Ø Full year forecast net capital expenditure US$125m*;
Exploration & Appraisal US$85m, Development &
Production US$40m
Ø Expect to end 2021 net cash positive excluding India
proceeds
*Includes US$20m for Kraken and Catcher which is refundable on
sale completion
Enquiries to :
Analysts / Investors
David Nisbet, Corporate Affairs Tel: 0131 475 3000
Media
Jonathan Milne/Linda Bain, Corporate Affairs Tel: 0131 475 3000
Cairn Energy PLC
Patrick Handley, David Litterick Tel: 0207 404 5959
Brunswick Group LLP
Presentation
The results pr esentation slides will be available on the
website from 7am BST.
Conference call
You can list en to the results presentation by dialling in to a
conference call at 9am BST using the below dial-in details.
Investors and analysts who wish to ask a question should use the
conference call facility.
Dial-in Details :
United Kingdom (Local) : +44 (0)330 336 9126
Access code : 2150329
Webcast
There will be a live audio webcast of the results presentation
available to view on the website ( www.cairnenergy.com ) at 9am
BST. This can be accessed on PC, Mac, iPad, iPhone and Android
mobile devices.
An 'on demand' version of the webcast will be available on the
website as soon as possible after the event. This can be accessed
on PC, Mac, iPad, iPhone and Android mobile devices.
Transcript
A transcript of the presentation will be available on the
website as soon as possible after the event.
Corporate & Finance Overview
Cairn has executed its strategy successfully in the first half
of 2021. The expected near-term resolution of the India tax dispute
would result in a refund to Cairn by the Government of India of INR
79bn (approximately US$1.06bn). In accepting the terms of the new
legislation in India, Cairn would be required to withdraw its
international arbitration award claim, interest and costs and to
end all legal enforcement actions in order to be eligible for the
refund.
Payment of the tax refund would enable a proposed return to
shareholders of up to US$700m, via a special dividend of US$500m
and a share buyback programme of up to US$200m. The remainder of
the proceeds would be allocated to further expansion of the low
cost, sustainable production base.
The proposed return following the expected near-term resolution
with the Government of India will be in addition to payment of
US$257m to shareholders in Q1 following the sale of our Senegal
interests. The Senegal divestment proceeds also supported the
proposed acquisition of Shell's Western Desert Assets in Egypt,
replacing risked offshore development with sustainable,
gas-weighted onshore production with significant growth
potential.
The proposed Egypt acquisition, expected to complete in Q3 2021,
is an important first step in Cairn's new platform for growth. The
material portfolio provides long-term sustainable, low-cost
production in one of the most prolific basins in North Africa, with
an attractive oil and gas revenue mix and a supportive host
government. Following completion, we anticipate a ramp up in
investment during H1 2022. The current producing assets offer
infill, improved waterflood and other development opportunities to
extend field life and enhance production recovery rates.
Furthermore, the exploration acreage holds significant short-cycle
potential, with ten firm commitment wells planned and three seismic
acquisition programmes. Alongside our partner, Cheiron, transition
planning is well advanced and proceeding to expectations, with net
WI production in H1 within previous expected guidance at 35.5
kboepd. Full year guidance remains unchanged at 33 kboepd - 38
kboepd.
The divestment of Cairn's interests in the Kraken and Catcher
fields in the UK North Sea is progressing towards completion in Q4
2021. The sale provides flexibility to enhance the producing asset
base while retaining exposure to oil price growth through the terms
of the sale. Following announcement of the planned disposal, the
relevant UK assets and liabilities have been reclassified as assets
and liabilities held-for-sale with results from operations now
shown as discontinued operations.
During H1 2021, production from the UK assets generated a gross
profit of US$140m within discontinued operations, with oil and gas
revenue of US$257m at average realised oil prices of US$66.90 per
bbl (before a US$2.74 per bbl loss on hedging). Average production
costs were US$21.97 per boe excluding buy-out of the remaining
stream on Kraken. Impairment of the disposal group of US$145m,
largely due to the reversal of deferred tax assets in respect of
tax losses, and cessation of deletion charges on reclassification,
and finance costs of US$8m, resulted in a reported loss from
discontinued operations relating to the UK producing asset of
US$13m.
Full year production expectations for the UK producing assets
are within a narrowed range of 17,000-19,000 bopd, with average
all-in production costs of US$23.80/bbl in 2021.
C apital expenditure for 2021 is expected to be US$125m,
including US$20m on Kraken and Catcher which is refundable on sale
completion, forecast exploration expenditure of US$85m including
Egypt, and Egypt development expenditure of US$20m. Net cash
outflow on capital expenditure in H1 2021 was US$25m.
Energy transition - Net Zero roadmap
Cairn targets energy projects that can be developed and produced
cost effectively, responsibly and in support of multiple UN
Sustainable Development Goals. Cairn recognises the significant
challenges climate change poses for ecosystems and communities; the
Company is focused on reduction of Scope 1 & 2 greenhouse gas
emissions and has accelerated its Net Zero target to 2040 or
earlier, from 2050. Cairn will be guided in its reduction
activities by focusing on avoiding, reducing, substituting and
sequestering carbon with offsetting for the hardest to abate
emissions. Cairn has made key senior appointments to progress the
ongoing transition strategy and deliver its decarbonisation
targets: Dr Valentina Kretzschmar joins the company as Energy
Transition Director from Wood Mackenzie where she was
Vice-President leading the development of Corporate New Energy
research. Jonathan Dredge joins as Strategy and Energy Transition
Adviser from the UK Oil and Gas Authority where he was Head of
Energy Transition policy.
Short to medium term targets:
-- Reduce emissions by 25% by 2030 via:
o Use of more energy efficient vessels and services where
practicable
o Electrification of operations
o Zero routine flaring in line with our commitment to the World
Bank initiative
Long-term targets:
-- Net zero emissions by 2040, or earlier
o Operational improvement measures plus meaningful engineered or
natural offsetting impact
Cairn is committed to reporting transparently on progress
against its Net Zero roadmap.
Production
The North Sea producing assets delivered a net average rate of
19,215 bopd (cumulative 3.48m bbl) in H1 2021, at the upper end of
expectations.
Catcher
Average Catcher Area (Cairn 20% WI) gross production for the
period was 47,400 bopd. Gas reinjection trials are showing initial
positive results, with a proposal for continual reinjection
submitted to the OGA. The impact of Calcium Naphthenate build-up on
produced water plant performance is being managed by the Operator.
A 4D seismic survey to monitor fluid movement within the main
reservoirs was successfully conducted in Q2 2021 and the early
results are encouraging, with further infill potential possible.
The contracting and development of the proposed 2022 drilling
campaign of three wells is progressing to expectations, with
drilling anticipated in Q1 2022.
Kraken
Average Kraken (Cairn 29.5% WI) gross production for the period
was 33,000 bopd. The FPSO has continued to maintain high production
and water injection efficiency rates, and overall low production
decline. Further optimisation of combined well potential was
achieved in H1 2021.
A new seismic survey has been acquired across the full Kraken
area, which in combination with bypassed oil studies, will allow
the identification of potential satellite targets in the west and
infill targets within the main developed area of the field. Further
drilling is currently most likely in 2023.
Exploration
Cairn continues to high-grade opportunities within an
exploration portfolio which provides short-cycle, high-return
potential targeting attractive positions in established and
emerging plays. The focus is on resources with a clear path to
commerciality, optimised development potential, energy transition
relevance and in attractive fiscal regimes.
Egypt
The assets which form part of the proposed acquisition hold
significant short-cycle exploration potential, with ten firm
commitment wells planned and three seismic acquisition programmes
across four exploration concessions in the next three years. After
completion, three exploration licences will be operated by Cairn
(West El Fayum, South East Horus and South Abu Sennan) and one
other licence by our joint venture partner Cheiron (North Um
Baraka). As part of transition planning, we are evaluating the
large exploration opportunity set across these concessions and for
the initial exploration phase, we have identified and are maturing
a portfolio with more than 100 mmboe potential. In addition, new 3D
seismic acquisition across North Um Baraka, West El Fayum and
Southeast Horus is anticipated to generate additional potential,
with a focus on deeper plays in the Jurassic and Palaeozoic-aged
rocks.
Following completion, 3D seismic acquisition is planned to
commence in Q4 2021 in North Um Baraka, with 3D acquisition over
the Cairn-operated concessions anticipated from Q2 2022. These new,
high resolution seismic surveys will provide significantly improved
imaging in prospective areas and will be particularly beneficial in
imaging the deeper and under-explored Jurassic and Palaeozoic
sections. Following completion, drilling is planned to begin in
North Um Baraka in Q4 2021, with additional wells in South Abu
Sennan and West El Fayum expected to spud in H2 2022.
Mexico
Cairn has interests in four blocks in the Gulf of Mexico, two as
Operator (Blocks 9 and 15) and two as non-Operator (Blocks 7 and
10). The swap of 15% working interest with Eni on Blocks 9 and 10
was formally concluded in Q3 2021.
Drilling of a second exploration well by the Operator, Eni on
the Sayulita prospect in Block 10, close to the 2020 Saasken oil
discovery, concluded in Q3 2021, successfully finding oil.
According to Eni preliminary estimates, the new find may contain
between 150 to 200 mmboe in place. With a number of nearby
prospects, the commercial potential of a cluster development is
being assessed.
The evaluation plan for the 2020 Saasken discovery in Block 10
has been approved by CNH. This will include the drilling of
appraisal well Saasken-2DEL in H2 2021. In a success case, the well
will be suspended as a future oil producer.
On Block 9, (Cairn 50% WI, Operator) the joint venture continues
to re-evaluate prospective resources in the light of recent
exploration activities and several oil discoveries made nearby,
including in Block 10.
On Block 7 (Cairn 30% WI), the joint venture is selecting one or
more prospects to target with a second commitment exploration well
due to be drilled in 2022.
UK
In August, Cairn entered into a conditional farm-in agreement
with Deltic Energy Plc for a majority interest in five Southern
North Sea licences: P2428 and P2567 (60% WI) and P2560, P2561 and
P2562 (70% WI). Cairn will fund the work programme for each licence
until the drill or drop decision point, with an upfront
consideration of US$1m to be paid to Deltic as a contribution to
historic cost. Following completion, Cairn will operate the
licences.
Drilling preparation continues on licences P2380 (Cairn 50% WI)
and P2379 (Cairn 50% WI, Operator). The Jaws exploration well on
P2380 is now expected to spud in Q4 2021, the Diadem well on P2379
is due to spud during Q2 2022. A drill stem test is planned in a
success case for both wells.
A discovery in either well can be developed through subsea
tieback to the nearby Shell-operated Nelson production facilities.
Analogous follow-on exploration potential has been mapped on
licences P2379 and P2381 (Cairn 100% WI).
On licence P2468 (Cairn 50% WI, Operator) in the East Orkney
Basin, shallow geophysical data has been acquired to assist
positioning of shallow seafloor boreholes to be drilled in Q3 2021,
with analysis of seabed samples informing a decision on the
acquisition of 3D seismic data.
Suriname
Cairn (100% WI) operates Block 61, the largest offshore PSC in
Suriname. The block is situated within the world-class
Guyana-Suriname basin where significant discoveries continue to be
made in 2021. Acquisition of 3D seismic is being considered to
develop potential drilling opportunities in both shallow and
deep-water areas of the block. The current phase of the licence has
been extended until June 2022.
Israel
Cairn has a 33.34% WI as Operator in eight licences offshore
Israel. Seismic processing in order to mature prospectivity ahead
of a drilling decision in Q3 2022 concluded in Q3 2021.
Mauritania
Cairn secured a 90% WI as Operator in Block C7 offshore
Mauritania effective May 2021. The licence has a two-year first
exploration period. The work programme includes a seismic
reprocessing project and an environmental baseline survey scheduled
for late 2021 which will inform a drilling decision.
Côte d'Ivoire
Cairn relinquished the operated licences CI-301 and CI-302 at
the end of the first exploration period, effective April 2021. The
Tullow-operated CI-520 licence was relinquished by the joint
venture at the end of the first exploration period, effective
end-August 2021.
Outlook
We expect to complete the acquisition of Shell's Western Desert
assets in Egypt later this month, the first step in the
establishment of Cairn's new growth platform. We expect to complete
the divestment of our UK producing assets in Q4 2021.
Near-term resolution of the Indian tax dispute, alongside
significant recent portfolio changes, will ensure that Cairn
remains well-positioned to continue successful delivery of its
differentiated business model of returning value to shareholders
against a backdrop of sustainable cash-flow generation and
growth.
Financial Review
India Tax Dispute
The Group is considering entering into statutory undertakings
with the Government of India in respect of new legislation, which
would enable the refund of retrospective taxes collected from Cairn
in India by way of asset seizures since 2014 totalling INR 79bn
(approximately US$1.06bn). The final form of these statutory
undertakings has yet to be published by the Government of India,
but it is anticipated that the principal condition that they
prescribe will be the withdrawal of Cairn's rights under the
international arbitration award. As the Group has not yet entered
into any such undertakings, Cairn's receivable under the award of
the international arbitration remained classified as a contingent
asset at the 30 June balance sheet date.
Net cash inflow for the Period
US$m
Opening cash at 1 January 2021 569.6
Return of cash to shareholders (257.2)
Net cash inflow from operations 106.0
Exploration expenditure (18.9)
Development expenditure - UK (6.4)
Oil and gas asset acquisition and disposal costs
(1) (13.9)
Pre-award costs and new venture activities (2) (16.9)
Administration expenses, office leases and corporate
assets (16.2)
Net finance costs, equity and other movements (4.7)
Closing cash at 30 June 2021 341.4
====================================================== ===================
(1) Egypt acquisition deposit of US$7.9m and settlement of
accrued Senegal disposal costs of US$6.0m
(2) Cash outflows on new venture activities of US$8.3m not
relating to pre-award activities are reallocated from
administration costs
Reconciliation of statutory cash flow to cash inflow from
operations:
US$m
Operating cash flow per statutory cash flow statement 101.3
Non-GAAP Adjustments:
Administrative costs reallocated 13.6
Pre-award and new venture costs reallocated 16.9
FPSO fixed lease payments (25.8)
Net cash inflow from operations 106.0
======================================================= =======
Cairn had cash balances of US$341.4m at 30 June 2021,
representing a net cash outflow of US$228.2m over the period. Net
cash inflows excluding the return of cash to shareholders were
US$29.0m. No debt was drawn under the Group's RBL bank facility
during the period.
Net cash inflows from UK operations of US$99.6m after deducting
development expenditure, reduce the proceeds due from Waldorf on
completion of the proposed sale.
Continuing Operations
Exploration assets
During the period, the Group relinquished its two operated
licences in C ô te d'Ivoire and, with the remaining non-operated
licence expiring in August 2021, costs of US$15.1m have been
charged to the Income Statement.
In Mexico, the farm-down of a 15% interest in Block 9 and
farm-in to an equivalent 15% interest in Block 10 was approved by
CNH in June 2021 with the signing of the revised productions
sharing contracts, being the final step for completion, occurring
in July 2021. Costs recorded to 30 June do not include the
year-to-date cost of drilling on the Sayulita find, announced in
August, nor the interim period adjustment that was payable to Cairn
on completing the farm down of Block 9.
Results for the period
Pre-award costs and unsuccessful exploration costs incurred in
the period were US$8.6m and US$14.9m, the latter relating entirely
to the relinquishments in C ô te d'Ivoire where all previously
capitalised costs have been expensed.
Administrative costs have increased year-on-year from US$16.7m
for the six months to June 2020 to US$24.6m in the current period,
largely due to costs incurred enforcing Cairn's rights under the
international arbitration award as well as costs associated with
planning for integration of the Egyptian business.
Net finance costs in the six months to 30 June 2021 of US$43.1m
include the release of remaining prepaid facility fees in
connection with the Group's RBL facility which is no longer
expected to be drawn, and a US$39.4m historic exchange loss
recycled from Other Comprehensive Income on the liquidation of a
subsidiary which previously held interests in the Kraken asset
during the exploration phase.
Acquisition of Shell Egypt Western Desert assets
On 8(th) March 2021, Cairn signed a sale and purchase agreement
for the joint purchase by Cairn and Cheiron of Shell's Western
Desert assets in Egypt at an initial cost of US$323m (net to
Cairn's acquired interest) . This acquisition is an important step
in Cairn's strategic ambition to expand and diversify the producing
asset base. It will be funded by existing cash balances and new
debt facilities. In June 2021, Cairn entered into two new loan
facilities relating to the transaction which become available on
completion.
Discontinued Operations
Proposed disposal of UK Producing assets
Cairn expects the sale of its UK producing assets, Catcher and
Kraken to conclude in Q4 2021. Assets and liabilities relating to
the operations to be sold are classified as held-for-sale in the
June Balance Sheet with results for the first six months of 2021
presented as discontinued operations, with comparatives
restated.
The loss from discontinued operations of US$12.8m, includes a
gross profit from production for the year-to-date of US$139.8m, an
impairment charge of US$144.6m following reclassification as assets
and liabilities held-for-sale and exchange losses predominantly on
the decommissioning provisions of US$8.0m.
Key Production Statistics
Half Year Half Year Year ended
ended ended 31 December
30 June 30 June 2020
2021 2020
Production - net WI share
(boepd) (1) 19,268 22,866 21,350
Sales volumes (boepd) (2) 20,230 23,695 20,993
Average price per bbl before
hedging (US$) (3) 66.90 40.21 42.56
Revenue from production (US$m)
(4) 244.9 172.1 324.5
Average production costs per
boe (US$) (5) 21.97 16.29 19.73
Net cash inflow from oil and
gas production (US$m) 106.0 132.0 239.4
Net cash inflow from operating
activities (US$m) 101.3 136.3 257.9
================================ ========== ========== =============
(1) Based on 20% Catcher production and 29.5% of Kraken
production before deducting FlowStream's entitlement to Kraken
volumes during the period of 216 boepd (HY 2020 1,570 boepd; YE
2020: 1,012 boepd)
(2) Working interest share of cargoes sold during the period,
net of FlowStream entitlement to April 2021
(3) before hedging losses of US$2.74/bbl (HY 2020: gains of
US$7.91/bbl; YE 2020: gains of US$7.27/bbl); excludes gas sales
(4) Included within discontinued operations
(5) Based on total production costs of US$76.5m (HY 2020:
US$67.7m; YE 2020: US$155.8m), including total lease payments;
see table below - excludes FlowStream settlement
During the period to June 2021 and in advance of the sale to
Waldorf completing, Cairn completed an agreement with FlowStream to
buy-out its remaining stream entitlement to Kraken production.
Costs of the buy-out together with the release of the remaining
deferred revenue of US$21.7m are included in discontinued
operations.
Production costs included in the table above are calculated as
follows:
Half year Half year
ended ended Year ended
30 June 30 June 31 December
2021 2020 2020
Production costs (US$m) (1) 34.7 33.5 75.9
------------------------------- ---------- ---------- --------------
Variable lease costs (US$m) 16.1 5.9 23.0
Fixed lease costs for FPSOs
(US$m) (2) 25.7 28.3 56.9
------------------------------- ---------- ---------- --------------
Total lease costs (US$m) 41.8 34.2 79.9
------------------------------- ---------- ---------- --------------
Total production costs (US$m) 76.5 67.7 155.8
------------------------------- ---------- ---------- --------------
Total production costs per
boe (US$) 21.97 16.29 19.73
Of which, total lease costs
per boe (US$) 12.00 8.23 10.23
=============================== ========== ========== ==============
(1) 2021 year-to-date production costs of US$34.7m, FlowStream
settlement of US$21.7m, variable lease payments of US$16.1m
and inventory movements of US$9.0m combined in cost of sales of
US$81.5m per note 6.1
(2) Fixed lease costs for FPSOs are included in total lease
costs disclosed in note 3.2 which includes other non-FPSO fixed
leases
costs of US$1.3m
Results for the period include an impairment charge of US$144.6m
on assets held-for-sale. This impairment arises from the change in
the tax base of the assets reflecting the change in realisation
from continued production to disposal and the ultimate reversal of
tax losses on future production, together with a cessation of
depletion of the asset at the date of reclassification as
held-for-sale. Depletion charges included in discontinued
operations are US$35.3m, which is US$60.4m less than would have
been recorded had the assets remained in continuing operations.
The recoverable value of assets in the impairment test includes
the amounts due on completion of the transaction of US$425.0m, the
net present value of deferred consideration of US$35.0m and the
risk-weighted fair value of earn-out consideration of US$140.6m,
offset by interim period adjustments of US$272.6m from the
effective economic date of the transaction of 1 January 2020 to 30
June 2021.
Principal risks and uncertainties
Managing the Group's key risks and associated opportunities is
essential to Cairn's long-term success and sustainability. The
Group endeavours to pursue investment opportunities which offer an
appropriate level of return whilst ensuring the level of associated
political, commercial and technical risk remains within the defined
risk appetite of the Group.
The Group's risk management framework provides a systematic
process for the identification and management of the key risks and
opportunities which may affect the delivery of the Group's
strategic objectives. Key Performance Indicators are set annually,
and determining the level of risk the Group is
willing to accept in the pursuit of these objectives is a
fundamental component of the Group's risk management framework.
Overall responsibility for the system of risk management and
internal control and reviewing the effectiveness of such systems
rests with the Board. Principal risks, as well as progress against
key risk projects, are reviewed at each Board meeting and at least
once a year the Board undertakes a risk workshop to review the
Group's principal risks. This integrated approach to risk
management has been and continues to be critical to the delivery of
strategic objectives.
Responding to Changing Risks during H1 2021
Cairn has assessed the risks and uncertainties at the end of H1
2021 and the principal risks are:
-- Volatile oil and gas prices
-- Inability to repatriate full amount of refund due under India legislation
-- Production interruption on Kraken and Catcher assets
-- Lack of exploration success
-- Failure to secure targeted new venture opportunities
-- Climate change policy and its impact on energy transition
-- Misalignments with JV operators
-- Lack of adherence to health, safety, environment and security policies
-- Fraud, bribery and corruption
-- Political and fiscal uncertainties
-- Diminished access to debt markets
-- Cybersecurity breach leading to significant business interruption
As part of the embedded risk management process, the Group
actively considers emerging risks and threats which could impact on
the business. In H1 2021, the Group continued to assess the
evolving threats from COVID-19 and the potential future impacts to
the safety and protection of personnel as well as the Group's
operations. The risk has been actively managed, and the Group has
not experienced any material health, safety or operational
impacts.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors' confirm that these condensed consolidated interim
financial statements have been prepared in accordance with UK
adopted International Accounting Standard 34, 'Interim Financial
Reporting', and the Disclosure Guidance and Transparency Rules
sourcebook of the United Kingdom's Financial Conduct Authority and
give a true and fair view of the assets, liabilities, financial
position and loss for the period and that the interim management
report includes a fair review of the information required by DTR
4.2.7 and DTR 4.2.8, namely:
-- an indication of important events that have occurred during
the first six months and their impact on the condensed set of
financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the financial year;
and
-- material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report.
The directors of Cairn Energy PLC are listed in the Cairn Energy
PLC Annual Report for 31 December 2020. A list of current directors
is maintained on the Cairn Energy PLC website: www.cairnenergy.com
.
By order of the Board.
Simon Thomson James Smith
Chief Executive Chief Financial Officer
6 September 2021 6 September 2021
Independent review report to Cairn Energy PLC
Report on the condensed consolidated interim financial
statements
Our conclusion
We have reviewed Cairn Energy PLC's condensed consolidated
interim financial statements (the "interim financial statements")
in the half-year report of Cairn Energy PLC for the 6 month period
ended 30 June 2021 (the "period").
Based on our review, nothing has come to our attention that
causes us to believe that the interim financial statements are not
prepared, in all material respects, in accordance with UK adopted
International Accounting Standard 34, 'Interim Financial Reporting'
and the Disclosure Guidance and Transparency Rules sourcebook of
the United Kingdom's Financial Conduct Authority.
What we have reviewed
The interim financial statements comprise:
-- the group balance sheet as at 30 June 2021;
-- the group income statement and group statement of
comprehensive income for the period then ended;
-- the group statement of cash flows for the period then ended;
-- the group statement of changes in equity for the period then ended; and
-- the explanatory notes to the interim financial statements.
The interim financial statements included in the half-year
report of Cairn Energy PLC have been prepared in accordance with UK
adopted International Accounting Standard 34, 'Interim Financial
Reporting' and the Disclosure Guidance and Transparency Rules
sourcebook of the United Kingdom's Financial Conduct Authority.
Responsibilities for the interim financial statements and the
review
Our responsibilities and those of the directors
The half-year report, including the interim financial
statements, is the responsibility of, and has been approved by the
directors. The directors are responsible for preparing the
half-year report in accordance with the Disclosure Guidance and
Transparency Rules sourcebook of the United Kingdom's Financial
Conduct Authority.
Our responsibility is to express a conclusion on the interim
financial statements in the half-year report based on our review.
This report, including the conclusion, has been prepared for and
only for the company for the purpose of complying with the
Disclosure Guidance and Transparency Rules sourcebook of the United
Kingdom's Financial Conduct Authority and for no other purpose. We
do not, in giving this conclusion, accept or assume responsibility
for any other purpose or to any other person to whom this report is
shown or into whose hands it may come save where expressly agreed
by our prior consent in writing.
What a review of interim financial statements involves
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, 'Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity' issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures.
A review is substantially less in scope than an audit conducted
in accordance with International Standards on Auditing (UK) and,
consequently, does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion.
We have read the other information contained in the half-year
report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the interim financial statements.
PricewaterhouseCoopers LLP
Chartered Accountants
Edinburgh
6 September 2021
Cairn Energy PLC
Financial Statements
For the six months ended 30 June 2021
Contents
-----------------------------------------------------------------------------
Group Income Statement
Group Statement of Comprehensive Income
Group Balance Sheet
Group Statement of Cash Flows
Group Statement of Changes in Equity
Section 1 - Basis of Preparation
1.1 Accounting Policies
1.2 Going Concern
1.3 Restatement of Comparative Information
Section 2 - Oil and Gas Assets and Operations
2.1 Intangible Exploration/Appraisal Assets
2.2 Property, Plant & Equipment - Development/Producing Assets
2.3 Decommissioning Provisions
2.4 Capital Commitments
Section 3 - Working Capital, Financial Instruments and Long-Term Liabilities
3.1 Cash and Cash Equivalents
3.2 Lease Liabilities
3.3 Trade and Other Receivables
3.4 Trade and Other Payables
3.5 Derivative Financial Instruments
3.6 Deferred Revenue
3.7 Loans and Borrowings
Section 4 - Income Statement Analysis
4.1 Segmental Analysis
4.2 Finance Income
4.3 Finance Costs
4.4 Earnings per Ordinary Share
Section 5 - Taxation
5.1 Deferred Tax (Liabilities)/Assets
Section 6 - Discontinued Operations
6.1 Profit/(Loss) from Discontinued Operations
6.2 Assets and Liabilities Held-for-Sale
6.3 Cash Flow Information for Discontinued Operations
Section 7 - Share Capital, Return of Cash to Shareholders and Post
Balance Sheet Events
7.1 Share Capital
7.2 Return of Cash to Shareholders
7.3 Post Balance Sheet Events
Cairn Energy PLC
Group Income Statement
For the six months ended 30 June 2021
31 December
30 June 30 June 2020 2020
2021 (unaudited) (audited)
(unaudited) (restated) (restated)
Note US$m US$m US$m
Continuing operations
Revenue 0.5 0.2 0.4
Gross profit 0.5 0.2 0.4
Pre-award costs (8.6) (5.5) (12.1)
Unsuccessful exploration costs 2.1 (14.9) (67.6) (78.8)
Other operating income 0.2 - 1.4
Administrative expenses (24.6) (16.7) (41.1)
Operating loss (47.4) (89.6) (130.2)
Gain/(Loss) on financial assets at fair value through profit or
loss 3.1 (1.8) 0.1
Finance income 4.2 5.9 11.0 0.8
Finance costs 4.3 (49.0) (3.4) (27.9)
Loss before taxation from continuing operations (87.4) (83.8) (157.2)
Tax charge - (0.1) (0.1)
------------------------------------------------------------------- ----- ------------- ------------- ------------
Loss from continuing operations (87.4) (83.9) (157.3)
Loss from discontinued operations 6.1 (12.8) (239.6) (236.5)
------------------------------------------------------------------- ----- ------------- ------------- ------------
Loss for the period attributable to equity holders of the Parent (100.2) (323.5) (393.8)
------------------------------------------------------------------- ----- ------------- ------------- ------------
Earnings per share for loss from continuing operations:
Loss per ordinary share - basic and diluted (cents) 4.4 (17.53) (14.40) (26.99)
Earnings per share for loss attributable to equity holders of the
Parent:
Loss per ordinary share - basic and diluted (cents) 4.4 (20.10) (55.52) (67.58)
------------------------------------------------------------------- ----- ------------- ------------- ------------
Cairn Energy PLC
Group Statement of Comprehensive Income
For the six months ended 30 June 2021
30 June 31 December
30 June 2020 2020
2021 (unaudited) (audited)
(unaudited) (restated) (restated)
Note US$m US$m US$m
---------------------------------------------------------------- ----- ---------------- ------------- ------------
Loss for the period attributable to equity holders of the
Parent (100.2) (323.5) (393.8)
Other Comprehensive Income - items that may be recycled to the
Income Statement
Fair value (loss)/gain on hedge options 3.5 (13.3) 58.7 52.2
Hedging loss/(gain) recycled to the Income Statement 3.5 10.0 (33.7) (56.0)
Currency translation differences 1.1 (16.3) 14.7
Currency translation differences recycled on disposal of
subsidiary 39.4 44.6 44.6
Other Comprehensive Income for the period 37.2 53.3 55.5
---------------------------------------------------------------- ----- ---------------- ------------- ------------
Total Comprehensive Expense for the period attributable to
equity holders of the Parent (63.0) (270.2) (338.3)
---------------------------------------------------------------- ----- ---------------- ------------- ------------
Total Comprehensive Expense from:
Continuing operations (46.9) (93.2) (135.7)
Discontinuing operations (16.1) (177.0) (202.6)
---------------------------------------------------------------- ----- ---------------- ------------- ------------
(63.0) (270.2) (338.3)
---------------------------------------------------------------- ----- ---------------- ------------- ------------
Cairn Energy PLC
Group Balance Sheet
As at 30 June 2021
30 June 30 June 31 December
2021 2020 2020
(unaudited) (unaudited) (audited)
Note US$m US$m US$m
------------------------------------------------------------ ----- ------------- ------------- ------------
Non-current assets
Intangible exploration/appraisal assets 2.1 117.1 110.2 112.1
Property, plant & equipment - development/producing assets 2.2 - 1,381.5 849.8
Other property, plant & equipment and intangible assets 9.1 12.3 11.5
126.2 1,504.0 973.4
------------------------------------------------------------ ----- ------------- ------------- ------------
Current assets
Inventory - 6.1 12.3
Financial assets at fair value through profit or loss 8.3 3.3 5.2
Cash and cash equivalents 3.1 341.4 84.1 569.6
Trade and other receivables 3.3 37.5 108.9 74.6
Derivative financial instruments 3.5 - 26.4 0.2
387.2 228.8 661.9
------------------------------------------------------------ ----- ------------- ------------- ------------
Assets held-for-sale 6.2 724.9 - -
------------------------------------------------------------ ----- ------------- ------------- ------------
Total assets 1,238.3 1,732.8 1,635.3
------------------------------------------------------------ ----- ------------- ------------- ------------
Current liabilities
Lease liabilities 3.2 2.4 43.4 43.2
Derivative financial instruments 3.5 6.8 - 3.2
Trade and other payables 3.4 22.4 115.7 91.6
Deferred revenue 3.6 - 5.0 4.8
31.6 164.1 142.8
------------------------------------------------------------ ----- ------------- ------------- ------------
Non-current liabilities
Provisions - decommissioning 2.3 2.2 139.0 153.2
Lease liabilities 3.2 2.5 218.4 196.8
Deferred revenue 3.6 - 21.7 16.9
4.7 379.1 366.9
------------------------------------------------------------ ----- ------------- ------------- ------------
Liabilities held-for-sale 6.2 398.9 - -
------------------------------------------------------------ ----- ------------- ------------- ------------
Total liabilities 435.2 543.2 509.7
------------------------------------------------------------ ----- ------------- ------------- ------------
Net assets 803.1 1,189.6 1,125.6
------------------------------------------------------------ ----- ------------- ------------- ------------
Equity attributable to equity holders of the Parent
Called-up share capital 7.1 12.6 12.6 12.6
Share premium 490.6 489.8 490.1
Shares held by ESOP/SIP Trusts (19.1) (15.4) (13.4)
Foreign currency translation (90.3) (161.8) (130.8)
Merger and capital reserves 40.8 40.8 40.8
Hedge reserve (6.7) 25.4 (3.4)
Retained earnings 375.2 798.2 729.7
------------------------------------------------------------ ----- ------------- ------------- ------------
Total equity 803.1 1,189.6 1,125.6
------------------------------------------------------------ ----- ------------- ------------- ------------
Cairn Energy PLC
Group Statement of Cash Flows
For the six months ended 30 June 2021
30 June 31 December
30 June 2020 2020
2021 (unaudited) (audited)
(unaudited) (restated) (restated)
US$m US$m US$m
-------------------------------------------------------------------- --------------- -------------- ---------------
Cash flows from operating activities:
Loss before taxation from continuing operations (87.4) (83.8) (157.2)
(Loss)/Profit before tax from discontinued operations (note 6.1) (12.8) (202.7) 37.7
-------------------------------------------------------------------- --------------- -------------- ---------------
Loss before tax including discontinued operations (100.2) (286.5) (119.5)
Release of deferred revenue (21.7) (8.9) (13.9)
Unsuccessful exploration costs 14.9 67.6 78.8
Depreciation, depletion and amortisation charges 38.7 110.6 223.1
Share-based payments charge 5.5 4.8 9.1
Impairment of intangible exploration/appraisal assets - 144.7 -
Impairment of property, plant & equipment - development/producing
assets - 94.6 -
Impairment of disposal group non-current assets 144.6 - -
(Gain)/Loss on financial assets at fair value through profit or
loss (3.1) 1.8 (0.1)
Finance income (5.9) (22.0) (0.8)
Finance costs 57.0 12.8 51.5
Income tax paid - (0.3) -
Inventory movement 9.0 7.7 1.5
(Increase)/Decrease in trade and other receivables (note 3.3) (18.5) - 16.6
(Decrease)/Increase in trade and other payables (note 3.4) (19.0) 9.4 11.6
Net cash flows from operating activities 101.3 136.3 257.9
-------------------------------------------------------------------- --------------- -------------- ---------------
Cash flows from investing activities:
Expenditure on intangible exploration/appraisal assets (18.9) (105.1) (126.7)
Expenditure on property, plant & equipment - development/producing
assets (6.4) (173.5) (271.4)
Expenditure on other property, plant & equipment and intangible
assets (1.4) (1.2) (2.7)
Prepaid acquisition of oil and gas assets (7.9) - -
Proceeds on disposal of oil and gas assets - - 524.8
Costs incurred on disposal of oil and gas assets (6.0) - (1.7)
Proceeds on disposal of subsidiary - 105.2 105.2
Costs incurred on disposal of subsidiary - (0.5) (0.5)
Cash and cash equivalents of subsidiary disposed of - (2.2) (2.2)
Interest received and other finance income 0.1 0.8 0.8
Net cash flows (used in)/from investing activities (40.5) (176.5) 225.6
-------------------------------------------------------------------- --------------- -------------- ---------------
Cash flows from financing activities:
Return of cash to shareholders (note 7.2) (257.2) - -
Debt arrangement fees - - (5.3)
Other interest and charges (3.5) (4.9) (7.8)
Proceeds from borrowings - - 139.6
Repayment of borrowings - - (139.6)
Proceeds from issue of shares 0.5 - 0.3
Cost of shares purchased (8.3) (0.5) (1.0)
Lease payments (note 3.2) (27.0) (29.6) (59.5)
Lease reimbursements - 3.0 4.0
Net cash flows used in financing activities (295.5) (32.0) (69.3)
-------------------------------------------------------------------- --------------- -------------- ---------------
Net (decrease)/increase in cash and cash equivalents (234.7) (72.2) 414.2
Opening cash and cash equivalents at the beginning of the period 569.6 153.7 153.7
Foreign exchange differences 6.5 2.6 1.7
-------------------------------------------------------------------- --------------- -------------- ---------------
Closing cash and cash equivalents (note 3.1) 341.4 84.1 569.6
-------------------------------------------------------------------- --------------- -------------- ---------------
Cairn Energy PLC
Group Statement of Changes in Equity
For the six months ended 30 June 2021
Equity
share Shares
capital held by Foreign Merger and
and share ESOP/ SIP currency capital Hedge Retained Total
premium Trusts translation reserves reserve earnings equity
US$m US$m US$m US$m US$m US$m US$m
------------------- ------------ ------------ ------------- ------------ ------------ ------------ ------------
At 1 January 2020 502.4 (15.8) (190.1) 296.7 0.4 861.9 1,455.5
Loss for the year - - - - - (393.8) (393.8)
Fair value on
hedge options - - - - 52.2 - 52.2
Hedging gain
recycled to the
Income Statement - - - - (56.0) - (56.0)
Currency
translation
differences - - 14.7 - - - 14.7
Currency
translation
differences
recycled on
disposal of
subsidiary - - 44.6 - - - 44.6
Total
comprehensive
income/(expense) - - 59.3 - (3.8) (393.8) (338.3)
Merger reserve
transferred to
retained earnings - - - (255.9) - 255.9 -
Share-based
payments - - - - - 9.1 9.1
Exercise of
employee share
options 0.3 - - - - - 0.3
Cost of shares
purchased - (1.0) - - - - (1.0)
Cost of shares
vesting - 3.4 - - - (3.4) -
At 31 December
2020 502.7 (13.4) (130.8) 40.8 (3.4) 729.7 1,125.6
Loss for the
period - - - - - (100.2) (100.2)
Fair value on
hedge options - - - - (13.3) - (13.3)
Hedging loss
recycled to the
Income Statement - - - - 10.0 - 10.0
Currency
translation
differences - - 1.1 - - - 1.1
Currency
translation
differences
recycled on
disposal of
subsidiary - - 39.4 - - - 39.4
Total
comprehensive
income/(expense) - - 40.5 - (3.3) (100.2) (63.0)
Exercise of
employee share
options 0.5 - - - - - 0.5
Share-based
payments - - - - - 5.5 5.5
Cost of shares
purchased - (8.3) - - - - (8.3)
Cost of shares
vesting - 2.6 - - - (2.6) -
Return of cash to
shareholders - - - - - (257.2) (257.2)
At 30 June 2021 503.2 (19.1) (90.3) 40.8 (6.7) 375.2 803.1
------------------- ------------ ------------ ------------- ------------ ------------ ------------ ------------
Cairn Energy PLC
Group Statement of Changes in Equity (continued)
For the six months ended 30 June 2020
Equity
share Shares
capital held by Foreign Merger and
and share ESOP/ SIP currency capital Hedge Retained Total
premium Trusts translation reserves reserve earnings equity
US$m US$m US$m US$m US$m US$m US$m
------------------- ------------ ------------ ------------- ------------ ------------ ------------ ------------
At 1 January 2020 502.4 (15.8) (190.1) 296.7 0.4 861.9 1,455.5
Loss for the
period - - - - - (323.5) (323.5)
Fair value on
hedge options - - - - 58.7 - 58.7
Hedging gain
recycled to the
Income Statement - - - - (33.7) - (33.7)
Currency
translation
differences - - (16.3) - - - (16.3)
Currency
translation
differences
recycled on
disposal of
subsidiary - - 44.6 - - - 44.6
Total
comprehensive
income/(expense) - - 28.3 - 25.0 (323.5) (270.2)
Merger reserve
transferred to
retained earnings - - - (255.9) - 255.9 -
Share-based
payments - - - - - 4.8 4.8
Cost of shares
purchased - (0.5) - - - - (0.5)
Cost of shares
vesting - 0.9 - - - (0.9) -
------------------- ------------ ------------ ------------- ------------ ------------ ------------ ------------
At 30 June 2020 502.4 (15.4) (161.8) 40.8 25.4 798.2 1,189.6
------------------- ------------ ------------ ------------- ------------ ------------ ------------ ------------
Section 1 - Basis of Preparation
1.1 Accounting Policies: Basis of preparation
The half-yearly condensed consolidated Financial Statements for
the six months ended 30 June 2021 have been prepared in accordance
with the Disclosure and Transparency Rules of the Financial Conduct
Authority and with UK adopted International Accounting Standard IAS
34, 'Interim financial reporting'. They should be read in
conjunction with the annual Financial Statements for the year ended
31 December 2020, which have been prepared in accordance with the
IFRS in conformity with the requirements of the Companies Act 2006
and IFRS adopted pursuant to Regulation (EC) No 1606/2002 as it
applies to the European Union.
This half-yearly report was approved by the Directors on 6
September 2021. The disclosed figures, which have been reviewed but
not audited, are not statutory accounts in terms of Section 434 of
the Companies Act 2006 . Statutory accounts for the year ended 31
December 2020, on which the auditors gave an unqualified audit
report, which did not contain an emphasis of matter paragraph or
any statement under section 498 of the Companies Act 2006, have
been filed with the Registrar of Companies.
This half-yearly report has been prepared on a basis consistent
with the accounting policies expected to be applied for the year
ending 31 December 2021 and uses the same accounting and financial
risk management policies and methods of computation as those
applied for the year ended 31 December 2020, other than changes to
accounting policies resulting from the adoption of new or revised
accounting standards. C hanges to IFRS effective 1 January 2021
have no significant impact on Cairn's accounting policies or
Financial Statements.
The annual financial statements for the year to 31 December 2021
will be prepared in accordance with IFRS as adopted by the UK
Endorsement Board. This change in basis of preparation is required
by UK company law for the purposes of financial reporting as a
result of the UK's exit from the EU on 31 January 2020 and the
cessation of the transition period on 31 December 2020. This change
does not constitute a change in accounting policy but rather a
change in the framework which is required to ground the use of IFRS
in company law. There is no impact on recognition, measurement or
disclosure between the two frameworks in the period reported.
Significant key estimates and assumptions are unchanged from
those applied in the year ended 31 December 2020 and have
accordingly been applied here, except as noted below.
Cairn has agreed the sale of its UK producing assets, Catcher
and Kraken, subject to approvals from joint operation partners and
relevant authorities. The proposed disposal was agreed on 8 March
2021 and assets and liabilities within the transaction perimeter
have been reclassified as held-for-sale as at that date. Impairment
tests have been performed on the disposal group both at the date of
reclassification and at the period end. The recoverable value of
the disposal group has been calculated using expected proceeds from
the transaction less cost of disposal. The expected proceeds
include the current fair value of earn-out consideration options
within the agreement, with an internal risk-weighting for
non-market conditions being achieved. Details of the transaction
can be found in section 6.
1.2 Going Concern
The Directors have considered the factors relevant to support a
statement of going concern. In assessing whether the going concern
assumption is appropriate, the Board considered the Group cash flow
forecasts under various scenarios, identifying risks and mitigating
factors and ensuring the Group has sufficient funding to meet its
current and contracted commitments as and when they fall due for a
period of at least 12 months from the date of signing these
Financial Statements. The ongoing COVID-19 pandemic has had little
impact on the Group's operations, other than rephasing of capital
expenditure.
Base-case forecasts assume completion of the Shell Western
Desert acquisition within the conditions of the associated
financing facilities and completion of the sale of the North Sea
producing assets. Downside scenario assumptions include sustained
low oil prices, reductions to forecast production, cost overruns on
planned drilling activities, the planned disposal of North Sea
producing assets not completing and a reduction in amounts
available to be drawn from borrowing facilities. Upside from the
settlement of the Indian Tax dispute is not included.
At the Balance Sheet date and the date of this report, the Group
has surplus cash balances and has no debt drawn. New Senior Secured
Borrowing and Junior debt facilities have been agreed to part fund
the Egypt acquisition. Under both Cairn's and the lenders
assumptions, the Group has sufficient resources to maintain
compliance with the financial covenant associated with the
facilities in terms of a twelve-month forward-looking liquidity
test.
The Directors have a reasonable expectation that the Group will
continue in operational existence for this 12-month period and have
therefore used the going concern basis in preparing the Financial
Statements.
1.3 Restatement of Comparative Information
The Group's UK producing assets were transferred to assets and
liabilities held-for-sale in March 2021 and comparative information
for the six months ended 30 June 2020 and for the year ended 31
December 2020 has been restated to present results as discontinued
operations. Similarly, following the sale of the Group's interests
in Senegal in December 2020, comparative results for the six months
ended 30 June 2020 have been restated to disclose the Senegal
results as discontinued operations. See note 6.1 for further
information. There is no restatement of comparatives for assets and
liabilities classified as held-for-sale.
Following a reorganisation of the Group's asset management,
exploration assets are now held in two regional units, "Eastern"
and "Western" which, together with the UK producing assets, form
the three reportable segments disclosed in the segmental analysis
note 4.1. Comparatives have been restated to reflect the revised
operational structure. Exploration assets disclosures in note 2.1
have also been restated to reflect revised segments.
Section 2 - Oil and Gas Assets and Operations
2.1 Intangible Exploration/Appraisal Assets
Other Cairn
Energy
Group
Eastern (restated) Western (restated) (restated) Total
US$m US$m US$m US$m
---------------------------------- ------------------- ------------------- ------------ --------
Cost
At 1 January 2020 25.3 113.5 143.1 281.9
Additions 17.1 59.2 1.8 78.1
Unsuccessful exploration costs - (67.4) (0.2) (67.6)
Disposal - (1.5) - (1.5)
---------------------------------- ------------------- ------------------- ------------ --------
At 30 June 2020 42.4 103.8 144.7 290.9
Additions 4.0 9.2 0.9 14.1
Unsuccessful exploration costs (11.5) 0.2 0.1 (11.2)
Disposals - - (145.7) (145.7)
At 31 December 2020 34.9 113.2 - 148.1
Additions 7.1 12.8 - 19.9
Unsuccessful exploration costs (15.1) 0.2 - (14.9)
Transfer to assets held-for-sale - (36.0) - (36.0)
---------------------------------- ------------------- ------------------- ------------ --------
At 30 June 2021 26.9 90.2 - 117.1
---------------------------------- ------------------- ------------------- ------------ --------
Impairment
At 1 January 2020 - 36.0 - 36.0
Impairment charge - - 144.7 144.7
---------------------------------- ------------------- ------------------- ------------ --------
At 30 June 2020 - 36.0 144.7 180.7
Reversal of impairment charge - - (144.7) (144.7)
At 31 December 2020 - 36.0 - 36.0
Transfer to assets held-for-sale - (36.0) - (36.0)
---------------------------------- ------------------- ------------------- ------------ --------
At 30 June 2021 - - - -
---------------------------------- ------------------- ------------------- ------------ --------
Net book value
---------------------------------- ------------------- ------------------- ------------ --------
At 30 June 2020 42.4 67.8 - 110.2
---------------------------------- ------------------- ------------------- ------------ --------
At 31 December 2020 34.9 77.2 - 112.1
---------------------------------- ------------------- ------------------- ------------ --------
At 30 June 2021 26.9 90.2 - 117.1
---------------------------------- ------------------- ------------------- ------------ --------
All additions to intangible exploration/appraisal assets were
funded through cash and working capital.
Eastern
Additions in the period of US$7.1m include US$3.7m in Mauritania
Block 7, US$0.5m in Israel, and US$2.9m in Côte d'Ivoire across
operated Blocks CI-301 and CI-302 and non-operated block CI-520.
The two operated licences expired in April 2021 and the final
non-operated licence in August 2021, subsequently all US$15.1m of
Côte d'Ivoire related intangible assets were charged to the Income
Statement as unsuccessful exploration costs.
Western
Additions during the period of US$2.7m and US$2.6m were incurred
on the Jaws (P2380 licence) and Diadem (P2379 licence) prospects
respectively, with remaining additions of US$1.8m incurred across
the rest of the UK portfolio licences.
Historic additions on Catcher of US$36.0m, which were fully
impaired, were transferred out of intangible exploration/appraisal
assets following the agreement to sell these assets; see note 6.2
for more information.
In Mexico additions for the period of US$4.6m were spread across
Blocks 7 and 9. Cairn completed the simultaneous farm-down of a 15%
interest in Block 9 and farm-in of an equivalent 15% interest in
Block 10 in July 2021 effectively creating a swap, though with cash
settlements for back costs incurred. See note 7.3.
Section 2 - Oil and Gas Assets and Operations (continued)
2.1 Intangible Exploration/Appraisal Assets (continued)
Suriname additions in the period were US$1.1m and total costs of
US$13.5m remain capitalised at the balance sheet date.
Impairment review
At 30 June 2021, Cairn reviewed its intangible
exploration/appraisal assets for indicators of impairment, with no
indicators of impairment being identified. No impairment tests were
therefore performed.
2.2 Property, Plant & Equipment - Development/Producing Assets
UK UK Producing
Producing Assets right-of-use leased assets Senegal Total
US$m US$m US$m US$m
---------------------------------------- ------------------ ---------------------------- -------- ----------
Cost
At 1 January 2020 1,138.7 316.3 378.8 1,833.8
Additions 27.5 - 145.9 173.4
Increase in decommissioning asset 4.9 - - 4.9
---------------------------------------- ------------------ ---------------------------- -------- ----------
At 30 June 2020 1,171.1 316.3 524.7 2,012.1
Additions 8.1 - 77.3 85.4
Decrease in decommissioning asset (1.5) - - (1.5)
Disposals - - (602.0) (602.0)
---------------------------------------- ------------------ ---------------------------- -------- ----------
At 31 December 2020 1,177.7 316.3 - 1,494.0
Transfer to assets held-for-sale (1,177.7) (316.3) - (1,494.0)
---------------------------------------- ------------------ ---------------------------- -------- ----------
At 30 June 2021 - - - -
---------------------------------------- ------------------ ---------------------------- -------- ----------
Depletion, amortisation and impairment
At 1 January 2020 350.3 78.2 - 428.5
Depletion and amortisation charges 81.9 25.6 - 107.5
Impairment charge 32.7 - 61.9 94.6
---------------------------------------- ------------------ ---------------------------- -------- ----------
At 30 June 2020 464.9 103.8 61.9 630.6
Depletion and amortisation charges 84.8 23.4 - 108.2
Disposals - - (61.9) (61.9)
Reversal of impairment (32.7) - - (32.7)
---------------------------------------- ------------------ ---------------------------- -------- ----------
At 31 December 2020 517.0 127.2 - 644.2
Depletion and amortisation 27.1 8.2 - 35.3
Transfer to assets held-for-sale (544.1) (135.4) - (679.5)
At 30 June 2021 - - - -
---------------------------------------- ------------------ ---------------------------- -------- ----------
Net book value
---------------------------------------- ------------------ ---------------------------- -------- ----------
At 30 June 2020 706.2 212.5 462.8 1,381.5
---------------------------------------- ------------------ ---------------------------- -------- ----------
At 31 December 2020 660.7 189.1 - 849.8
---------------------------------------- ------------------ ---------------------------- -------- ----------
At 30 June 2021 - - - -
---------------------------------------- ------------------ ---------------------------- -------- ----------
The UK producing assets were transferred to assets held-for-sale
in March 2021, see note 6.2 for further information.
UK producing asset additions in the period were US$3.3m which
was incurred after the transfer to held-for-sale. Working capital
movements in the period were US$3.1m which resulted in a cash spend
of US$6.4m in the six months to 30 June 2021.
Section 2 - Oil and Gas Assets and Operations (continued)
2.3 Decommissioning Provisions
Exploration well abandonment Development/ Producing assets Total
US$m US$m US$m
----------------------------------------- ------------------------------- -------------------------------- --------
At 1 January 2020 1.4 139.8 141.2
Foreign exchange (0.1) (9.1) (9.2)
Unwinding of discount - 1.4 1.4
Provided in the period 0.7 4.9 5.6
At 30 June 2020 2.0 137.0 139.0
Foreign exchange 0.1 4.9 5.0
Unwinding of discount - 2.9 2.9
Provided in the period 0.1 6.2 6.3
At 31 December 2020 2.2 151.0 153.2
Foreign exchange - 2.8 2.8
Unwinding of discount - 0.1 0.1
Transferred to liabilities held-for-sale - (153.9) (153.9)
At 30 June 2021 2.2 - 2.2
----------------------------------------- ------------------------------- -------------------------------- --------
The Kraken and Catcher decommissioning provisions were
transferred to liabilities held-for-sale in March 2021. See note
6.2 for further information.
2.4 Capital Commitments
At At At
30 June 30 June 31 December
2021 2020 2020
Oil and gas expenditure: US$m US$m US$m
------------------------------------------------------------ --------- --------- -------------
Intangible exploration/appraisal assets 49.9 68.8 46.2
Property, plant & equipment - development/producing assets - 910.0 7.9
Contracted for 49.9 978.8 54.1
------------------------------------------------------------ --------- --------- -------------
Capital commitments represent Cairn's share of obligations in
relation to its interests in joint operations. These commitments
include Cairn's share of the capital commitments of the joint
operations themselves.
Capital commitments as at 30 June 2021 are mostly made up of UK
assets, the Jaws and Diadem prospects.
Refer to note 6.2 regarding commitments on development/producing
assets at 30 June 2021. The commitments as at 30 June 2020 for
development/producing assets included the Senegal purchase of the
FPSO and other committed drilling and subsea installation costs.
Cairn was released from these commitments on the completion of the
sale of the Senegal assets.
Section 3 - Working Capital, Financial Instruments and Long-Term
Liabilities
3.1 Cash and Cash Equivalents
At At At
30 June 30 June 31 December
2021 2020 2020
US$m US$m US$m
-------------------- --------- --------- -------------
Cash at bank 3.9 6.6 4.3
Money market funds 337.5 77.5 565.3
341.4 84.1 569.6
-------------------- --------- --------- -------------
3.2 Lease Liabilities
Six months Year
ended Six months ended ended
30 June 30 June 31 December
Reconciliation of opening and closing liabilities to cash flow 2021 2020 2020
movements: US$m US$m US$m
----------------------------------------------------------------------- ----------- ----------------- -------------
Opening lease liabilities 240.0 282.9 282.9
Lease payments disclosed in the Cash Flow Statement as financing cash
flows:
Total lease payments (43.1) (35.5) (82.5)
Variable lease payments 16.1 5.9 23.0
----------------------------------------------------------------------- ----------- ----------------- -------------
Lease payments disclosed in cash flow statement (27.0) (29.6) (59.5)
Lease payments made after transfer to liabilities held-for-sale 17.3 - -
----------------------------------------------------------------------- ----------- ----------------- -------------
(9.7) (29.6) (59.5)
----------------------------------------------------------------------- ----------- ----------------- -------------
Other movements in the Cash Flow Statement:
Reimbursements received from lessors - 3.0 4.0
Non-cash Movements
Reimbursements due transferred from other receivables - (1.0) (1.0)
Lease interest charges 2.1 6.9 13.3
Foreign exchange 0.1 (0.4) 0.3
Transferred to liabilities held-for-sale (227.6) - -
----------------------------------------------------------------------- ----------- ----------------- -------------
Closing lease liabilities 4.9 261.8 240.0
----------------------------------------------------------------------- ----------- ----------------- -------------
Amounts due less than one year:
Tangible development/producing assets - right-of-use assets - 41.4 40.9
Other property, plant & equipment - right-of-use assets 2.4 2.0 2.3
----------------------------------------------------------------------- ----------- ----------------- -------------
2.4 43.4 43.2
Amounts due greater than one year:
Tangible development/producing assets - right-of-use assets - 214.0 193.1
Other property, plant & equipment - right-of-use assets 2.5 4.4 3.7
2.5 218.4 196.8
----------------------------------------------------------------------- ----------- ----------------- -------------
Total lease liabilities 4.9 261.8 240.0
----------------------------------------------------------------------- ----------- ----------------- -------------
Variable lease costs are disclosed in note 6.1. Amortisation
charges prior to the transfer to held-for-sale on the UK producing
right-of-use assets are shown in note 2.2. Depreciation charges on
other right-of-use assets are disclosed in note 4.1. There are no
material short-term leases or charges for leases of low-value
assets.
The carrying value of right-of-use assets included in other
property, plant & equipment is US$4.1m.
Section 3 - Working Capital, Financial Instruments and Long-Term
Liabilities (continued)
3.3 Trade and Other Receivables
At At At
30 June 30 June 31 December
2021 2020 2020
US$m US$m US$m
----------------------------- --------- --------- -------------
Trade receivables 0.1 29.7 16.4
Other receivables 9.5 12.7 15.3
Prepayments 12.5 14.4 11.1
Joint operation receivables 15.4 52.1 31.8
37.5 108.9 74.6
----------------------------- --------- --------- -------------
Joint operation receivables include Cairn's working interest
share of the receivables relating to joint operations and amounts
recoverable from partners in joint operations.
30 June 30 June
Reconciliation of opening and closing receivables to operating cash flow 2021 2020 31 December 2020
movements: US$m US$m US$m
Opening trade and other receivables 74.6 111.2 111.2
Closing trade and other receivables (37.5) (108.9) (74.6)
------------------------------------------------------------------------------ --------- -------- -----------------
Decrease in trade and other receivables 37.1 2.3 36.6
Increase in trade and other receivables classified as assets held-for-sale (48.4) (0.7) (0.7)
------------------------------------------------------------------------------ --------- -------- -----------------
(Increase)/Decrease in trade and other receivables including
assets-held-for-sale (11.3) 1.6 35.9
Foreign exchange 0.5 (4.5) (2.2)
(Decrease)/Increase in joint operation receivables relating to investing
activities for expenditure
on oil and gas assets (6.5) 3.4 9.2
Increase/(Decrease) in prepayments and other receivables relating to
investing activities 6.1 (1.8) (2.2)
(Decrease)/Increase in prepayments and other receivables relating to
financing activities (7.3) 1.3 -
Joint operation receivables derecognised on disposal of Senegal assets - - (24.1)
(Increase)/Decrease in trade and other receivables movement recorded in
operating cash flows (18.5) - 16.6
------------------------------------------------------------------------------ --------- -------- -----------------
3.4 Trade and Other Payables
At At At
30 June 30 June 31 December
2021 2020 2020
US$m US$m US$m
------------------------------------ --------- --------- -------------
Trade payables 0.9 9.3 10.6
Deferred income - overlift - 7.9 -
Other taxation and social security 2.1 1.0 1.6
Accruals and other payables 15.0 24.2 42.3
Joint operation payables 4.4 73.3 37.1
22.4 115.7 91.6
------------------------------------ --------- --------- -------------
Joint operation payables include Cairn's share of the trade and
other payables of joint operations in which the Group participates.
Where Cairn is an operator of the joint operation, joint operation
payables also include amounts that Cairn will settle to third
parties on behalf of joint operation partners. The amount to be
recovered from partners for their share of such liabilities is
included within joint operation receivables.
Section 3 - Working Capital, Financial Instruments and Long-Term
Liabilities (continued)
3.4 Trade and Other Payables (continued)
30 June 30 June
Reconciliation of opening and closing payables to operating cash flow 2021 2020 31 December 2020
movements: US$m US$m US$m
Opening trade and other payables (91.6) (134.6) (134.6)
Closing trade and other payables 22.4 115.7 91.6
------------------------------------------------------------------------------- -------- -------- -----------------
Decrease in trade and other payables (69.2) (18.9) (43.0)
Increase/(Decrease) in trade and other payables classified as liabilities
held-for-sale 31.9 (0.4) (0.4)
------------------------------------------------------------------------------- -------- -------- -----------------
Decrease in trade and other payables including liabilities held-for-sale (37.3) (19.3) (43.4)
Foreign exchange (0.1) 3.8 (0.6)
Increase in trade payables relating to investing activities - - (2.2)
Decrease in joint operation payables relating to investing activities 11.0 23.5 44.3
Decrease in accruals and other payables relating to investing activities 6.5 1.0 1.6
Decrease in accruals and other payables relating to financing activities 0.9 0.4 0.5
Joint operation payables derecognised on disposal of Senegal assets - - 11.4
(Decrease)/Increase in trade and other payables recorded in operating cash
flows (19.0) 9.4 11.6
------------------------------------------------------------------------------- -------- -------- -----------------
3.5 Derivative Financial Instruments
At At At
30 June 30 June 31 December
2021 2020 2020
US$m US$m US$m
---------------------------------------------------------------- --------- --------- -------------
Current assets
Financial assets - hedge options maturing within one year - 26.4 0.2
Current liabilities
Financial liabilities - hedge options maturing within one year (6.8) - (3.2)
(6.8) 26.4 (3.0)
---------------------------------------------------------------- --------- --------- -------------
Hedging losses recorded during the first half of 2021 are
included in the loss from discontinued operations, however the
financial liabilities as at 30 June 2021 are not transferred to
held-for-sale as they are not within the transaction perimeter.
Cairn's commodity price hedging programme was put in place to
protect debt capacity and support committed capital programmes. As
that risk objective remains, the Group continues to apply hedge
accounting.
Section 3 - Working Capital, Financial Instruments and Long-Term
Liabilities (continued)
3.5 Derivative Financial Instruments (continued)
At At At
30 June 30 June 31 December
Hedge options outstanding at the period end 2021 2020 2020
---------------------------------------------------------------------- ----------- ----------- --------------------
Volume of oil production hedged 0.2mmbbls 1.6 mmbls 1.0 mmbls
Weighted average sub-floor price of options - - US$35.00
Weighted average floor price of options - US$60.00 US$48.27
Weighted average ceiling price of options - US$70.00 US$55.00
Weighted average strike price of swaps US$45.20 US$54.50 US$45.20
Jul 2021 - Jul 2020 -
Maturity dates Dec 2021 Dec 2021 Jan 2021 - Dec 2021
Effects of hedge accounting on financial position and (loss)/profit
for the period US$m US$m US$m
---------------------------------------------------------------------- ----------- ----------- --------------------
Financial assets - 26.4 0.2
Financial liabilities (6.8) - (3.2)
Accruals and other payables - accrued option costs - (1.0) (0.5)
Hedging (loss)/gain recorded in Other Comprehensive Income (13.3) 58.7 52.2
Hedging loss/(gain) recycled to Income Statement 10.0 (33.7) (56.0)
Hedging (loss)/gain recorded in Income Statement against revenue
(note 6.1) (10.0) 33.7 56.0
---------------------------------------------------------------------- ----------- ----------- --------------------
3.6 Deferred Revenue
At At At
30 June 30 June 31 December
2021 2020 2020
US$m US$m US$m
------------------------------------------------- --------- --------- -------------
Opening deferred revenue 21.7 35.6 35.6
Released during the period (note 6.1) (21.7) (8.9) (13.9)
Closing deferred revenue - 26.7 21.7
------------------------------------------------- --------- --------- -------------
Amounts expected to be released within one year - 5.0 4.8
Amounts expected to be released after one year - 21.7 16.9
------------------------------------------------- --------- --------- -------------
- 26.7 21.7
------------------------------------------------- --------- --------- -------------
Deferred revenue relates to the stream agreement with FlowStream
entered into in 2017. In May 2021 Cairn bought out FlowStream's
remaining entitlement to the stream for total consideration of
US$22.7m, in advance of the proposed sale of the producing assets
to Waldorf. Consequently, all remaining deferred revenue of
US$21.7m has been credited to the Income Statement in the current
period and is included within the loss from discontinued
operations.
Section 3 - Working Capital, Financial Instruments and Long-Term
Liabilities (continued)
3.7 Loans and Borrowings
The Group's existing RBL facility was undrawn through the first
six months and is expected to be cancelled on completion of the
sale of the two UK producing assets.
Under the proposed acquisition of Shell's Western desert assets
in Egypt, Cairn, together with Cheiron Oil & Gas, its
consortium partner in the proposed acquisition, have entered into
two additional facilities that may be used solely to fund the
acquisition of the Egyptian business. As the acquisition has not
yet completed, no amounts were drawn at the balance sheet date.
Acquisition RBL Facility
On 24 June 2021 Cairn (through its subsidiary undertaking
Capricorn Egypt), entered into a secured Acquisition RBL Facility
agreement with nine initial lenders, which makes available up to
US$162.5m to Capricorn Egypt. The facility also has an accordion
feature through which a further US$100.0m may be available to the
company. The facility amount available will reduce on a semi-annual
basis with the first reduction date falling on 12 months after the
closing date of the transaction. The Acquisition RBL Facility is
expected to mature on the date falling five years from the date the
transaction is completed. Interest charged on the Acquisition RBL
Facility will be equal to the aggregate LIBOR and an applicable
margin.
Junior Debt Facility
Also, on 24 June 2021 the Consortium entered into a secured
subordinated term loan facility agreement (the "Junior Debt
Facility") with three lenders with US$40.0 million available to
Capricorn Egypt. The facility amount available will reduce on an
annual basis following a grace period of four years from financial
close, to maturity on the date falling seven years after financial
close of the proposed transaction. The interest rate charged is
equal to LIBOR plus an applicable margin.
Section 4 - Income Statement Analysis
4.1 Segmental Analysis
Segmental Disclosures and Discontinued Operations
IFRS 8 'Operating Segments' does not provide guidance as to
whether segment disclosures apply to discontinued operations.
During the current period, Cairn has presented segmental
disclosures exclusive of the results of the discontinued
operations, being the sale of Capricorn Norge AS and the disposal
of the Group's operations in Senegal, which both occurred in 2020,
together with the forthcoming disposal of the UK producing assets.
Comparative information has been restated accordingly, as explained
in note 1.3.
The UK producing assets, formerly held within the UK segment,
were classified as held -- for-sale at 8 March 2021, see note
6.2.
Capital expenditure incurred subsequent to the transfer to
held-for-sale is included within the relevant segment, as it has
been reported to the Cairn Energy PLC Board, but is deducted within
the group segment adjustment to agree back to balance sheet
additions.
Operating segments
Cairn's strategy is to create, add and realise value from a
balanced portfolio within a self-funding business model. Each
business unit is headed by a Regional Director (a Regional Director
may be responsible for more than one business unit) and the Board
monitors the results of each segment separately for the purposes of
making decisions about resource allocation and performance
assessment.
Effective 1 January 2021, changes were made to the Group's
business units following the disposal of Senegal and the proposed
sale of the UK producing assets. During the first half of 2021,
Cairn had three reportable operating segments: Eastern and Western
exploration assets and UK producing assets. The Eastern operating
segment includes costs associated with interests in Côte d'Ivoire,
Mauritania and Israel. The Western segment holds continuing UK
North Sea exploration interests, the costs of the Mexican
exploration drilling programme and exploration activity in
Suriname, the latter two both formerly within the LATAM
segment.
The Other Cairn Energy Group segment exists to accumulate the
activities and results of the Parent and other holding companies
together with other unallocated expenditure and net
assets/liabilities including amounts of a corporate nature not
specifically attributable to any of the business units. The
discontinued Senegal and Norway operations are presented in the
Other Cairn Energy Group segment.
Non-current assets as analysed on a segmental basis consist of:
intangible exploration/appraisal assets; property, plant &
equipment -development/producing assets; and other property, plant
& equipment and intangible assets.
Section 4 - Income Statement Analysis (continued)
4.1 Segmental Analysis (continued)
The segment results for the six months ended 30 June 2021 are as
follows:
Other Cairn Energy Group
Eastern Western UK Producing Assets Group adj for segments Total
US$m US$m US$m US$m US$m US$m
---------------------- -------- -------- -------------------- --------------------- ------------------- --------
Revenue - - 256.6 0.5 (256.6) 0.5
Cost of sales - - (81.5) - 81.5 -
Depletion and
amortisation charges - - (35.3) - 35.3 -
Gross profit - - 139.8 0.5 (139.8) 0.5
Pre-award costs (0.1) (1.6) - (6.9) - (8.6)
Unsuccessful
exploration costs (15.1) 0.2 - - - (14.9)
Other operating
income - - - 0.2 - 0.2
Depreciation -
purchased assets - - - (0.1) - (0.1)
Amortisation -
right-of-use assets - (0.1) - (0.9) - (1.0)
Amortisation of other
intangible assets - (0.2) - (2.1) - (2.3)
Other administrative
expenses - (0.3) - (20.9) - (21.2)
Impairment of
disposal group - - (144.6) - 144.6 -
Operating loss (15.2) (2.0) (4.8) (30.2) 4.8 (47.4)
Gain on fair value of
financial assets - - - 3.1 - 3.1
Interest income - - - 0.1 - 0.1
Other finance income - 0.1 - 5.7 - 5.8
Finance costs - - (8.0) (49.0) 8.0 (49.0)
Loss before taxation
from continuing
operations (15.2) (1.9) (12.8) (70.3) 12.8 (87.4)
Tax charge - - - - - -
---------------------- -------- -------- -------------------- --------------------- ------------------- --------
Loss for the period
from continuing
operations (15.2) (1.9) (12.8) (70.3) 12.8 (87.4)
Loss from
discontinued
operations - - - - (12.8) (12.8)
---------------------- -------- -------- -------------------- --------------------- ------------------- --------
Loss attributable
to equity holders
of the Parent (15.2) (1.9) (12.8) (70.3) - (100.2)
---------------------- -------- -------- -------------------- --------------------- ------------------- --------
Balances as at 30
June 2021:
Capital expenditure 7.1 12.8 3.3 0.9 (3.6) 20.5
---------------------- -------- -------- -------------------- --------------------- ------------------- --------
Total assets 28.9 114.7 724.9 370.5 (0.7) 1,238.3
---------------------- -------- -------- -------------------- --------------------- ------------------- --------
Total liabilities 0.9 8.2 408.0 18.8 (0.7) 435.2
---------------------- -------- -------- -------------------- --------------------- ------------------- --------
Non-current assets 26.9 91.4 - 7.9 - 126.2
---------------------- -------- -------- -------------------- --------------------- ------------------- --------
Section 4 - Income Statement Analysis (continued)
4.1 Segmental Analysis (continued)
The segment results for the six months ended 30 June 2020 were
as follows:
UK producing Other Cairn Group
Eastern Western Assets Energy Group adj for Total
(restated) (restated) (restated) (restated) segments (restated)
US$m US$m US$m US$m US$m US$m
----------------------- --------------- ------------ --------------- -------------- --------------- ------------
Revenue - - 214.7 0.2 (214.7) 0.2
Cost of sales - - (70.2) - 70.2 -
Depletion and
amortisation - - (107.5) - 107.5 -
----------------------- --------------- ------------ --------------- -------------- --------------- ------------
Gross profit/(loss) - - 37.0 0.2 (37.0) 0.2
Pre-award costs - (2.0) - (3.5) - (5.5)
Unsuccessful
exploration costs - (67.4) - (0.2) - (67.6)
Depreciation -
Purchased assets - - - (0.1) - (0.1)
Amortisation -
Right-of-use assets - (0.1) - (0.9) - (1.0)
Amortisation of other
intangible assets - (0.1) - (1.6) - (1.7)
Other administrative
expenses - (0.4) - (13.5) - (13.9)
Impairment of
property, plant &
equipment -
development/producing
assets - - (32.7) - 32.7 -
Operating
(loss)/profit - (70.0) 4.3 (19.6) (4.3) (89.6)
Loss on fair value of
financial assets - - - (1.8) - (1.8)
Interest income - - - 0.7 - 0.7
Other finance income - 0.7 10.7 9.6 (10.7) 10.3
Finance costs - - (9.1) (3.4) 9.1 (3.4)
(Loss)/Profit before
taxation from
continuing operations - (69.3) 5.9 (14.5) (5.9) (83.8)
Tax charge - (0.1) - - - (0.1)
----------------------- --------------- ------------ --------------- -------------- --------------- ------------
(Loss)/Profit for the
period from
continuing operations - (69.4) 5.9 (14.5) (5.9) (83.9)
(Loss)/Profit from
discontinued
operations - - - (245.5) 5.9 (239.6)
----------------------- --------------- ------------ --------------- -------------- --------------- ------------
(Loss)/Profit for the
period attributable
to equity holders of
the Parent - (69.4) 5.9 (260.0) - (323.5)
----------------------- --------------- ------------ --------------- -------------- --------------- ------------
Balances as at 30 June
2020:
Capital expenditure 17.1 59.2 32.4 150.0 - 258.7
----------------------- --------------- ------------ --------------- -------------- --------------- ------------
Total assets 45.4 100.1 1,001.9 589.7 (4.3) 1,732.8
----------------------- --------------- ------------ --------------- -------------- --------------- ------------
Total liabilities 2.1 22.9 480.2 42.3 (4.3) 543.2
----------------------- --------------- ------------ --------------- -------------- --------------- ------------
Non-current assets 42.4 69.5 918.7 473.4 - 1,504.0
----------------------- --------------- ------------ --------------- -------------- --------------- ------------
Section 4 - Income Statement Analysis (continued)
4.1 Segmental Analysis (continued)
The segment results for the year ended 31 December 2020 were as
follows:
Other Cairn
UK Producing Energy Group
Eastern Western Assets Group adj for segments Total
(restated) (restated) (restated) (restated) (restated) (restated)
US$m US$m US$m US$m US$m US$m
------------------ ----------------- ------------ ----------------- ------------ ------------------ ------------
Revenue - - 394.3 0.4 (394.3) 0.4
Cost of sales - - (115.5) - 115.5 -
Depletion and
amortisation - - (215.7) - 215.7 -
------------------ ----------------- ------------ ----------------- ------------ ------------------ ------------
Gross profit - - 63.1 0.4 (63.1) 0.4
Pre-award costs (1.6) (3.7) - (6.8) - (12.1)
Unsuccessful
exploration
costs (11.6) (67.2) - - - (78.8)
Other operating
income - - - 1.4 - 1.4
Depreciation -
purchased assets - - - (0.1) - (0.1)
Amortisation -
right-of-use
assets - (0.2) - (1.9) - (2.1)
Amortisation of
other intangible
assets - (0.3) - (4.6) - (4.9)
Other
administrative
expenses - (0.3) - (33.7) - (34.0)
Operating
(loss)/profit (13.2) (71.7) 63.1 (45.3) (63.1) (130.2)
Gain on fair
value of
financial assets - - - 0.1 - 0.1
Interest income - - - 0.8 - 0.8
Finance costs - (0.1) (23.3) (27.8) 23.3 (27.9)
------------------ ----------------- ------------ ----------------- ------------ ------------------ ------------
(Loss)/Profit
before taxation
from continuing
operations (13.2) (71.8) 39.8 (72.2) (39.8) (157.2)
Tax charge - (0.1) - - - (0.1)
(Loss)/Profit for
the year from
continuing
operations (13.2) (71.9) 39.8 (72.2) (39.8) (157.3)
(Loss)/Profit
from
discontinued
operations - - - (276.3) 39.8 (236.5)
(Loss)/Profit
attributable to
equity holders
of the Parent (13.2) (71.9) 39.8 (348.5) - (393.8)
------------------ ----------------- ------------ ----------------- ------------ ------------------ ------------
Balances as at 31
December 2020:
Capital
expenditure 21.2 68.4 39.0 236.2 (5.5) 359.3
------------------ ----------------- ------------ ----------------- ------------ ------------------ ------------
Total assets 39.1 105.8 892.9 598.4 (0.9) 1,635.3
------------------ ----------------- ------------ ----------------- ------------ ------------------ ------------
Total liabilities 3.2 9.9 461.1 36.4 (0.9) 509.7
------------------ ----------------- ------------ ----------------- ------------ ------------------ ------------
Non-current
assets 34.9 78.6 849.8 10.1 - 973.4
------------------ ----------------- ------------ ----------------- ------------ ------------------ ------------
Section 4 - Income Statement Analysis (continued)
4.2 Finance Income
Year
Six months ended ended
Six months ended 30 June 31 December
30 June 2020 2020
2021 (restated) (restated)
US$m US$m US$m
------------------------------------ ------------------- ------------------- -------------
Bank and other interest receivable 0.1 0.7 0.8
Exchange gain 5.8 10.3 -
------------------------------------ ------------------- ------------------- -------------
5.9 11.0 0.8
------------------------------------ ------------------- ------------------- -------------
4.3 Finance Costs
Year
Six months ended ended
Six months ended 30 June 31 December
30 June 2020 2020
2021 (restated) (restated)
US$m US$m US$m
-------------------------------------------------------- ------------------- ------------------- -------------
Loan interest and facility fee amortisation 9.4 3.1 6.4
Other finance charges 0.1 0.1 0.2
Lease interest 0.1 0.2 0.3
Exchange loss - - 21.0
Exchange loss recycled from Other Comprehensive Income 39.4 - -
-------------------------------------------------------- ------------------- ------------------- -------------
49.0 3.4 27.9
-------------------------------------------------------- ------------------- ------------------- -------------
Loan interest and facility fee amortisation costs include
US$7.5m released from prepayments in respect to the Group's
Reserve-Based Lending facility which is not expected to be
drawn.
The foreign exchange loss of US$39.4m on the recycling of
historic translation losses arose on the liquidation of a
subsidiary in 2021. The subsidiary, which was GBP functional,
previously held an interest in the Kraken asset during the
exploration phase.
Section 4 - Income Statement Analysis (continued)
4.4 Earnings per Ordinary Share
Basic and diluted earnings per share are calculated using the
following measures of loss:
Year
Six months ended Six months ended ended
30 June 30 June 31 December
2021 2020 (restated) 2020 (restated)
US$m US$m US$m
----------------------------------------------------------- ------------------ ------------------ -----------------
Loss and diluted loss after taxation from continuing
operations (87.4) (83.9) (157.3)
Loss and diluted loss attributable to equity holders of
the Parent (100.2) (323.5) (393.8)
----------------------------------------------------------- ------------------ ------------------ -----------------
The following reflects the share data used in the basic and
diluted earnings per share computations:
Six months ended Year
Six months ended 30 June ended
30 June 2020 31 December
2021 (restated) 2020
'000 '000 '000
------------------------------------------------------------- ------------------- ------------------- -------------
Weighted average number of shares 504,742 589,780 589,782
Less weighted average shares held by the ESOP and SIP Trusts (6,653) (7,092) (7,041)
------------------------------------------------------------- ------------------- ------------------- -------------
Basic and diluted weighted average number of shares 498,089 582,688 582,741
Potentially issuable shares not included above:
LTIP awards 29,954 18,961 25,818
Approved and unapproved plans 2,523 3,074 2,845
Employee share awards 5,497 4,031 4,620
Number of potentially issuable shares(1) 37,974 26,066 33,283
------------------------------------------------------------- ------------------- ------------------- -------------
(1) potentially issuable shares were all anti-dilutive due to
the loss for each of the three periods presented.
The weighted average number of shares used in the calculations
of earnings per share shown above has been adjusted to reflect the
consolidation of shares which took place in January 2021. The June
2020 weighted average number of shares has been restated
accordingly.
Section 5 - Taxation
5.1 Deferred Tax (Liabilities)/Assets
Reconciliation of movement in deferred tax
(liabilities)/assets:
Temporary difference in
respect of non-current assets Losses Other temporary differences Total
US$m US$m US$m US$m
------------------------------- ------------------------------- -------------- ---------------------------- ------
Deferred tax
(liabilities)/assets
At 1 January 2020 (303.6) 232.0 71.6 -
Deferred tax credit/(charge)
through the Income Statement 28.9 (31.3) 2.4 -
At 30 June 2020 (274.7) 200.7 74.0 -
Deferred tax credit/(charge)
through the Income Statement 24.4 (9.2) (15.2) -
------------------------------- ------------------------------- -------------- ---------------------------- ------
At 31 December 2020 (250.3) 191.5 58.8 -
Deferred tax credit/(charge)
through the Income Statement 238.4 (179.6) (58.8) -
------------------------------- ------------------------------- -------------- ---------------------------- ------
At 30 June 2021 (11.9) 11.9 - -
------------------------------- ------------------------------- -------------- ---------------------------- ------
The deferred tax credit on the temporary difference in respect
of non-current assets of US$238.4m represents the reversal of
deferred tax liabilities on UK producing assets reflecting expected
recovery of the assets through sale rather than continued use. The
release of the deferred tax liability results in the reversal of
offsetting deferred tax assets from tax losses and other temporary
differences, leaving no net tax charge or credit for the
period.
Temporary differences as at 30 June 2021 relate to deferred tax
liabilities on the Group's remaining exploration assets which are
also offset by deferred tax assets through available tax
losses.
Section 6 - Discontinued Operations
6.1 Profit/(Loss) from Discontinued Operations
Sale of Cairn's interest in the Catcher and Kraken Producing
Assets ("UK Producing Assets")
On 8 March 2021, Cairn agreed to sell its interests in the UK
Catcher and Kraken producing assets to Waldorf Production Limited,
subject to approval from joint operation partners and relevant
authorities. Assets and liabilities within the transaction
perimeter have been reclassified as held-for-sale as at that date.
Comparative information for financial performance of the UK North
Sea producing operations has been restated as discontinued
operations for the six-month period ended 30 June 2020 and for the
year ended 31 December 2020.
Consideration under the agreement is an initial cash
consideration of US$425.0m, with further consideration of US$35.0m
due within two to four years, plus additional contingent
consideration dependent principally on oil prices from 2021 to the
end of 2025, which at 30 June 2021 had a risk-weighted fair value
of US$140.6m. The consideration is subject to adjustments for
working capital and other customary interim period adjustments from
the economic effective date of 1 January 2020. As at 30 June 2021,
the interim period and working capital adjustments reduce the
consideration due on completion by US$272.6m.
Impairment tests have been conducted on the disposal group as at
the date of reclassification as held-for-sale and again at the
reporting date. The total impairment charge against the carrying
value of the disposal group to 30 June 2021 was US$144.6m.
Sale of Capricorn Norge AS ("Norway")
Cairn's sale of Capricorn Norge AS to Sval Energi AS completed
on 28 February 2020.
The financial performance of the Norwegian subsidiary was
presented as discontinued operations in the Financial Statements
for the period ended 30 June 2020 and the year ended 31 December
2020.
Sale of Working Interests in Senegal
Cairn disposed of its entire 40% working interest in its Senegal
exploration and development assets in December 2020. Comparative
information for financial performance of the Senegal operations has
been restated as discontinued operations for the six month period
ended 30 June 2020. The Financial Statements for the year ended 31
December 2020 presented the Senegal operations as discontinued
operations.
The financial performance of the discontinued operations is
expanded in the tables below for the periods ended 30 June 2021, 30
June 2020 and 31 December 2020 respectively.
Six months
UK Producing ended
Assets 30 June 2021
US$m US$m
----------------------------------------------- --------------- --------------
Revenue 256.6 256.6
Cost of sales (81.5) (81.5)
Depletion and amortisation (35.3) (35.3)
Gross Profit 139.8 139.8
Impairment of disposal group (144.6) (144.6)
Operating loss (4.8) (4.8)
Finance costs (8.0) (8.0)
----------------------------------------------- --------------- --------------
Loss before tax from discontinued operations (12.8) (12.8)
Taxation - -
----------------------------------------------- --------------- --------------
Loss after tax from discontinued operations (12.8) (12.8)
----------------------------------------------- --------------- --------------
Section 6 - Discontinued Operations (continued)
6.1 Profit/(Loss) from Discontinued Operations (continued)
Six months ended
UK Producing Assets Senegal 30 June
(restated) Norway(1) (restated) 2020
US$m US$m US$m US$m
----------------------------------------------- ---------------------- ------------ ------------ -----------------
Revenue 214.7 - - 214.7
Cost of sales (70.2) - - (70.2)
Depletion and amortisation (107.5) - - (107.5)
Gross Profit 37.0 - - 37.0
Pre-award costs - (1.5) - (1.5)
Administrative expenses - (0.3) (0.2) (0.5)
Impairment of intangible exploration/appraisal
assets - - (144.7) (144.7)
Impairment of property, plant & equipment -
development/producing assets (32.7) - (61.9) (94.6)
Operating profit/(loss) 4.3 (1.8) (206.8) (204.3)
Finance income 10.7 - 0.3 11.0
Finance costs (9.1) (0.3) - (9.4)
----------------------------------------------- ---------------------- ------------ ------------ -----------------
Profit/(Loss) before taxation from
discontinued operations 5.9 (2.1) (206.5) (202.7)
Taxation
Current tax credit - 2.4 - 2.4
Deferred tax credit - 0.2 - 0.2
----------------------------------------------- ---------------------- ------------ ------------ -----------------
Profit/(Loss) after tax from discontinued
operations prior to disposal 5.9 0.5 (206.5) (200.1)
Loss on disposal of discontinued operations - (39.5) - (39.5)
----------------------------------------------- ---------------------- ------------ ------------ -----------------
Profit/(Loss) from discontinued operations 5.9 (39.0) (206.5) (239.6)
----------------------------------------------- ---------------------- ------------ ------------ -----------------
(1) Period ended 28 February 2020
Section 6 - Discontinued Operations (continued)
6.1 Profit/(Loss) from Discontinued Operations (continued)
UK Producing Assets Year ended
(restated) Norway(1) Senegal(2) 31 December 2020
US$m US$m US$m US$m
------------------------------------------------- -------------------- ------------ ----------- ------------------
Revenue 394.3 - - 394.3
Cost of sales (115.5) - - (115.5)
Depletion and amortisation (215.7) - - (215.7)
Gross Profit 63.1 - - 63.1
Pre-award costs - (1.5) - (1.5)
Administrative expenses - (0.3) - (0.3)
Operating profit/(loss) 63.1 (1.8) - 61.3
Finance costs (23.3) (0.3) - (23.6)
------------------------------------------------- -------------------- ------------ ----------- ------------------
Profit/(Loss) before taxation from discontinued
operations 39.8 (2.1) - 37.7
Taxation
Current tax credit - 2.4 - 2.4
Deferred tax credit - 0.2 - 0.2
------------------------------------------------- -------------------- ------------ ----------- ------------------
Profit after tax from discontinued operations
prior to disposal 39.8 0.5 - 40.3
Loss on disposal of discontinued operations - (39.5) (237.3) (276.8)
------------------------------------------------- -------------------- ------------ ----------- ------------------
Profit/(Loss) from discontinued operations 39.8 (39.0) (237.3) (236.5)
------------------------------------------------- -------------------- ------------ ----------- ------------------
(1) Period ended 28 February 2020
(2) Period ended 22 December 2020
Section 6 - Discontinued Operations (continued)
6.1 Profit/(Loss) from Discontinued Operations (continued)
Gross Profit: Revenue and Cost of Sales
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2021 2020 2020
US$m US$m US$m
------------------------------------------------------------------------- ----------- ----------- -------------
Oil sales 244.8 171.6 323.7
Gas sales 0.1 0.5 0.8
(Loss)/Gain on hedge options designated for hedge accounting (note 3.5) (10.0) 33.7 56.0
Loss on hedge options not designated for hedge accounting - - (0.1)
Release of deferred revenue (note 3.6) 21.7 8.9 13.9
------------------------------------------------------------------------- ----------- ----------- -------------
Revenue from oil and gas sales 256.6 214.7 394.3
Production costs (56.4) (33.5) (75.9)
Oil inventory and underlift adjustment (9.0) (30.8) (16.6)
Variable lease charges (16.1) (5.9) (23.0)
Cost of sales (81.5) (70.2) (115.5)
------------------------------------------------------------------------- ----------- ----------- -------------
Depletion and amortisation (note 2.2) (35.3) (107.5) (215.7)
------------------------------------------------------------------------- ----------- ----------- -------------
Gross profit 139.8 37.0 63.1
------------------------------------------------------------------------- ----------- ----------- -------------
During the six months to 30 June 2021 the Group averaged 20,200
boepd (30 June 2020: 23,000 boepd; 31 December 2020: 21,000 boepd).
Average sale prices increased to US$66.90/boe (30 June 2020:
US$39.89/boe; 31 December 2020: US$42.23/boe).
The improving oil price realised in the period to date reflects
the recovery in oil prices in the first six months of 2021 compared
with the oil prices impacted by the COVID-19 pandemic during 2020.
The higher average oil price in the first half of 2021 has led to
realised hedging losses compared with the significant hedging gains
of 2020.
6.2 Assets and Liabilities Held-for-Sale
Impairment of Impairment of At
Transferred to disposal group at date disposal group at 30 30 June
held-for-sale of transfer Movement June 2021 2021
US$m US$m US$m US$m US$m
------------------------- --------------- ------------------------- --------- ------------------------- ---------
Assets held-for-sale
Property, plant &
equipment -
development/producing
assets 814.5 (56.0) 3.3 (88.6) 673.2
Inventory 15.0 - (11.7) - 3.3
Trade and other
receivables 48.7 - (0.3) - 48.4
878.2 (56.0) (8.7) (88.6) 724.9
------------------------- --------------- ------------------------- --------- ------------------------- ---------
Liabilities
held-for-sale
Lease liabilities 227.6 - (13.5) - 214.1
Trade and other payables 29.8 - 2.1 - 31.9
Provisions -
decommissioning 153.9 - (1.0) - 152.9
------------------------- --------------- ------------------------- --------- ------------------------- ---------
411.3 - (12.4) - 398.9
------------------------- --------------- ------------------------- --------- ------------------------- ---------
Section 6 - Discontinued Operations (continued)
6.2 Assets and Liabilities Held-for-Sale (continued)
Following the agreement entered into in March 2021 to sell the
Kraken and Catcher UK North Sea producing assets to Waldorf
Production Limited, the UK North Sea assets and associated
liabilities were reclassified as held-for-sale, forming a single
disposal group. On the date of transfer of the assets and
liabilities into the disposal group, an impairment test was
performed comparing the carrying value of the disposal group
against its realisable value, based on fair value less cost of
disposal (falling within Level 2 of the fair value hierarchy),
resulting in an impairment of US$56.0m, which was allocated to
property, plant & equipment - development/producing assets,
charged to the Income Statement. At the balance sheet date, as the
carrying value exceeded the fair value less costs of disposal of
US$326.0m, a further impairment of US$88.6m was recorded, which was
also allocated to property, plant & equipment -
development/producing assets.
The eventual disposal consideration will be adjusted to account
for revenue received, cash calls and other working capital
adjustments in the period to the transfer date.
At 30 June 2021 Cairn was committed to US$12.5m in respect of
the Kraken and Catcher held-for-sale assets. The residual amount
remaining at the transfer date will be transferred to the purchaser
on completion of the sale.
6.3 Cash Flow Information for Discontinued Operations
Six months ended
30 June
UK Producing assets Norway Senegal 2021
US$m US$m US$m US$m
------------------------------------------------ ---------------------- ---------- ----------- -----------------
Net cash flows from operating activities 132.4 - - 132.4
Net cash flows used in investing activities (6.4) - - (6.4)
Net cash flows used in financing activities (26.3) - - (26.3)
------------------------------------------------ ---------------------- ---------- ----------- -----------------
Net increase in cash and cash equivalents 99.7 - - 99.7
------------------------------------------------ ---------------------- ---------- ----------- -----------------
Six months ended
30 June
UK Producing assets Norway(1) Senegal 2020
US$m US$m US$m US$m
------------------------------------------------ ---------------------- ---------- ----------- -----------------
Net cash flows from/(used in) operating
activities 123.0 1.5 (0.2) 124.3
Net cash flows used in investing activities (21.4) (6.4) (148.6) (176.4)
Net cash flows used in financing activities (26.4) (0.4) - (26.8)
------------------------------------------------ ---------------------- ---------- ----------- -----------------
Net increase/(decrease) in cash and cash
equivalents 75.2 (5.3) (148.8) (78.9)
------------------------------------------------ ---------------------- ---------- ----------- -----------------
Year ended
31 December
UK Producing assets Norway(1) Senegal(2) 2020
US$m US$m US$m US$m
------------------------------------------------ ---------------------- ---------- ----------- -------------------
Net cash flows from/(used in) operating
activities 290.1 1.5 (0.2) 291.4
Net cash flows (used in)/from investing
activities (32.2) (6.4) 284.5 245.9
Net cash flows used in financing activities (55.0) (0.4) (5.4) (60.8)
------------------------------------------------ ---------------------- ---------- ----------- -------------------
Net increase/(decrease) in cash and cash
equivalents 202.9 (5.3) 278.9 476.5
------------------------------------------------ ---------------------- ---------- ----------- -------------------
(1) Period ended 28 February 2020
(2) Period ended 22 December 2020
Section 7 - Share Capital, Return of Cash to Shareholders and
Post Balance Sheet Events
7.1 Share Capital
Number 21/13p ordinary
Number 231/169p '000 231/169p ordinary 21/13p ordinary
ordinary '000 US$m US$m
Allotted, issued and
fully paid ordinary
shares
At 1 January 2020 and 30
June 2020 589,553 - 12.6 -
Issued and allotted for
employee share options 165 - - -
-------------------------- ------------------------- ----------------------- -------------------- ----------------
At 31 December 2020 589,718 - 12.6 -
Issued and allotted for
employee share options
pre consolidation 99 - - -
Consolidation of shares (589,817) 499,076 (12.6) 12.6
Issued and allotted for
employee share options
post consolidation - 192 - -
-------------------------- ------------------------- ----------------------- -------------------- ----------------
At 30 June 2021 - 499,268 - 12.6
-------------------------- ------------------------- ----------------------- -------------------- ----------------
A share consolidation completed on 11 January 2021 where the
existing ordinary shares of 589,816,826 ordinary shares of 231/169
pence each were replaced with 499,075,775 ordinary shares of 21/13
pence each.
7.2 Return of Cash to Shareholders
On 8 January 2021, Cairn received shareholder approval for the
return of cash to shareholders of 32 pence per eligible ordinary
share totalling GBP188.0m. US$250.0m of the proceeds from the sale
of Senegal assets were converted to GBP in December 2020 and the
return was paid to shareholders on 25 January 2021. The total
return to shareholders, after exchange differences from the date of
the conversion from US$ to GBP and associated costs, was
US$257.2m.
7.3 Post Balance Sheet Events
Mexico Farm-in/Farm-down and subsequent oil discovery
In July 2021, Cairn completed the simultaneous farm-down of a
15% interest in Block 9 and farm-in of an equivalent 15% interest
in Block 10, effectively creating a swap. On completion of the
transactions, Cairn settled US$17.8m for interim period adjustments
on Block 10 and received US$23.7m in relation to interim period
adjustments on Block 9. Additional capital commitments of US$10.7m
would have been recorded on Block 10 had the transactions concluded
by 30 June.
On 2 August 2021, the operator announced an oil find on the
Sayulita Exploration Prospect in Block 10. According to preliminary
estimates the new find may contain between 150 and 200Mboe (gross)
in place. The Sayulita discovery is located 15 km away from the
previous Saasken oil discovery that straddles Blocks 9 and 10 and
will be appraised toward year-end.
Arbitration Award Settlement Due from the Government of
India
Updates on progress to resolve the India Tax dispute following
the December 2020 arbitration award in Cairn's favour are provided
in the Financial Review.
Glossary
Bbl - Barrel of oil
Bn - Billion
Boe - Barrels of Oil Equivalent
Boepd - Barrels of Oil Equivalent Per Day
Bopd - Barrels of Oil Per Day
CNH - National Hydrocarbons Commission of Mexico
FlowStream - FlowStream Thruer Ltd
FPSO - Floating Production Storage and Offloading facility
GAAP - Generally Accepted Accounting Principles
IFRS - International Financial Reporting Standards
INR - Indian rupee
JV - Joint Venture
Kboepd - thousand barrels of oil equivalent per day
LATAM - Latin America
M - Million
Mmbbls - Million Barrels of Oil
Mmboe - Million barrels of oil equivalent
OGA - UK Oil & Gas Authority
RBL - Reserves Based Lending (facility)
US$ - US dollar
Waldorf - Waldorf Production UK Limited
WI - Working Interest
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END
IR FQLLBFKLLBBV
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