ANDREW WHITTOCK LIBERUM CAPITAL
The first-half results are as expected. Cairn has farmed in to offshore exploration acreage in Morocco and emphasised this is one of the three areas for future investment. Otherwise, there is little new in the update.
SANJEEV BAHL NUMIS SECURITIES
The last six months have been very active as management look to re-balance the asset portfolio. Cairn’s recent sale of Cairn India Limited provides the company with sufficient funds to the end of financial year 2014.
SIMON HAWKINS SINGER CAPITAL MARKETS
Cairn’s results today are less about financials and more about progress on strategic milestones. Cairn’s shares have underperformed UK peers by nine per cent, leaving it cheap versus a set of largely liquid underlying assets.