BackCairn reduces yearly losses, plans more Senegal wells
Cairn says its net cash balance stood at $869 million at the end of 2014
Premium(Cairn Energy said it is engaged with the Indian government to resolve a tax dispute that has stalled sale of its 10% stake in Cairn India Ltd and led to 40% job cuts.)
London: Oil explorer Cairn Energy Plc reported a decline in yearly losses after tax to $381 million and announced it plans to drill at least three more wells this year in Senegal where it made some promising discoveries in 2014.
Cairn, which currently has no revenue as it purely focuses on exploration work, said its net cash balance stood at $869 million at the end of 2014, putting in a solid financial position ahead of expected first sales in 2017.
Cairn has been unable to sell the 10 percent share it holds in Cairn India, worth around $703 million at the end of the year.
Meanwhile, Cairn Energy on Tuesday said it is engaged with the Indian government to resolve a tax dispute that has stalled sale of its 10% stake in Cairn India Ltd and led to 40% job cuts. “We note the comments made by the new BJP (Bharatiya Janata Party) government about the impact of retrospective tax legislation and the negative signal it sends to the international investment community," Cairn chairman Ian Tyler said in the 2014 earnings statement. “Our approach to date has been to focus on engagement with the Government of India and resolving this matter clearly continues to be a high priority," he said.
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