cairn energy plc (CNE) Snapshot

Cairn Energy plc announced interim management statement for the six months to 30 June 2013. The free cash flow from the Company's pre-development interests will be used to fund future exploration programs. Over the next five years, the company expects to spend: up to $1.5 billion on its development assets (which will be partially debt funded); plus a rolling annual program of exploration and appraisal to average between $250 to $300 million (net of any Norwegian tax refunds).

Cairn Energy plc announced it has secured a long term contract with Transocean for the "Cajun Express" drilling unit. The rig, which is on an initial one-year contract, will be used on Cairn's planned multi-well frontier exploration programme in Senegal, Morocco and potentially other areas. Subject to obtaining the necessary approvals the rig will be mobilised to begin operations for Cairn, offshore Morocco on the Foum Draa licence in second half of 2013. The Cajun Express, is a deep-water, 5th Generation, dynamically positioned, semi-submersible drilling rig with shallow mooring capabilities and a 15,000 psi bop stack. The historic performance of the Cajun Express indicates it is a highly efficient rig with low operating downtime.

GreenLight Capital, Inc. is raising its stake in Cairn Energy plc amid the rumors that Cairn Energy could be a bid target for its Indian spin-off. Greenlight Capital has fueled the rumors by raising its stake to 3%.