Cairn shares up 9% after Senegal well test

Shares of Edinburgh-based oil and gas company Cairn Energy rose at least 9% on Wednesday after it announced the successful testing of its SNE-3 appraisal well offshore Senegal. 

Cairn said resource estimates for the SNE field “continue to be revised” and that an update will be announced at the company’s preliminary results on March 15.

“Cairn is delighted with the flow rates from the latest well in the Senegal appraisal programme, which validate the scale and growth potential of the SNE field,” said Cairn Energy chief executive Simon Thomson.

“The results have demonstrated the ability of the upper reservoirs to flow at commercially viable rates and we eagerly look forward to the results of the BEL-1 well which will commence operations shortly.”

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