Cairn on track for 2013 targets

Suzie Neuwirth
SCOTTISH oil and gas explorer Cairn Energy yesterday announced that its exploration programme is on track to start later this year, targeting 3.5bn barrels of oil in the Atlantic Margin over the next 18 months.

The FTSE 250 company is also expecting approval this year to develop projects in the North Sea.

Cairn expects to spend $1.5bn (£1bn) over the next five years on development assets, part of which will be debt-funded. In addition it plans to spend $250m-300m on exploration and appraisal per year.