Net oil production averaged ~23,000 bopd, at upper end of guidance (2018: 17,500 bopd)
Oil and gas sales revenue US$504m (2018: US$396m), average realised oil price US$65.70/bbl; average production cost US$17.4/boe
Net cash inflow from oil and gas production US$390m
Capital expenditure was US$242m*
Year end Group cash US$147m, excludes proceeds from sale of Capricorn Norge of ~US$108m, completed in February 2020
Operating profit US$155m (2018: Operating loss US$129m)
Net impairment reversal of US$68m (2018: charge of US$166m): Reversal of US$147m Kraken impairment, offset by US$79m goodwill impairment
Increase 2P reserves by 150% to 142 mmboe
Simon Thomson, Chief Executive Officer, Cairn Energy PLC said:
“Cairn’s strong operational performance in 2019 was delivered through production and cash flow generation at the top end of guidance and the Group ended the year with an increased net cash position and undrawn debt facilities.
A significant milestone was achieved in Senegal with a Final Investment Decision taken for the Sangomar development. Reserve additions were made in both Senegal and the North Sea and the Company encountered exploration success alongside Eni in Mexico.
The sale of Cairn’s Norwegian business, combined with exits from exploration positions in Ireland and Nicaragua, demonstrate continued focus on capital allocation as the company seeks to generate further value for shareholders on a sustainable basis.”