Cairn sets out spending plan

OIL and gas explorer Cairn Energy said yesterday it was fully funded for all planned exploration and development activities over the next few years.

Over the next five years, Cairn will spend between $1.5bn (£945m) and $2bn on its development assets, plus an annual average of between $250m and $300m on exploration.

The FTSE 250-listed oil firm is currently sitting on $1.6bn of net cash, it said yesterday.

Chief executive Simon Thomson said that its balance sheet strength meant it could also “consider further opportunities”.