Cairn Energy
Cairn has upgraded its resource estimates for SNE in its H1 results today, by c19% from 473mmbls to 563mmbls. Our RENAV of 225p currently includes 85p for SNE, based on 2C resources of c470mmbbls (gross) for SNE, risked at 65% CoS, so we would expect to increase our RENAV following today’s announcement. We do not yet include any value either for the >1TCF of potential gas resources associated with Senegal. We continue to believe Cairn looks very undervalued.Cairn Energy is an oil and gas exploration and development company. Co. has three groups of business unit: Senegal, which focuses on appraising the discoveries offshore Senegal and to identify further exploration prospects for drilling; U.K and Norway, which includes exploration activities in the North Sea, Norwegian Sea and Barents Sea and management of Co.'s development assets in the U.K. North Sea; and International, which consists of all other regions where Co. holds exploration licenses, including Greenland, Ireland, Morocco, Western Sahara, Mauritania and the Mediterranean. As at Dec 31 2016, Co. had total proved plus probable reserves of 51.5 million barrels of oil equivalent.
Whitman Howard is an independent institutional stockbroking and investment banking business focused on servicing the needs of our corporate clients and institutional investor base.
The company began trading in 2011 with a team of highly experienced market professionals and the goal of building a leading capital markets business in an entrepreneurial environment.
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