Cairn Energy shares up amid $313m H1 profit

Shares of Edinburgh-based oil and gas company Cairn Energy rose about 5% on Tuesday after it reported a half-year profit before taxation of $312.8 million versus a $57 million loss at the same stage last year — and delivered promising news on its explorations.

Cairn CEO Simon Thomson said: “Cairn continues to deliver strong progress across the business. 

“In the North Sea, Kraken has commenced production and Catcher is scheduled for first oil later this year. 

“In Senegal, planning work has commenced on the phased development of the world class SNE field.

“Cairn has also added to its exploration portfolio with exciting new opportunities in Norway, Ireland and Mexico creating additional drilling prospects in the near term.

“With a strong balance sheet and imminent cashflows, Cairn remains well funded to create and capture value for our shareholders.”