RICHARD GRIFFITH | EVOLUTION SECURITIES
Cairn remains a buy on valuation grounds (underpinned by its remaining stake in Cairn India), but it looks increasingly unlikely that the expensive Greenland drilling programme will prove to be the hoped-for exploration bonanza.
CHRIS ALEXANDER | BNP PARIBAS
Net asset value (NAV) drops to around 300p against the current Cairn India read across valuation of 326p... The high cash element provides downside support but the lack of drill success clearly undermines the Cairn investment story.
SANJEEV BAHL | NUMIS SECURITIES
After disappointing results at the Gamma-1 and Delta-1 wells we reduce our NAV from 381p to 304p per share. Two exploration prospects remain.., however, we conservatively assume that the entire programme is written-off.