Cairn Energy shares up after Senegal plan update

Shares of Edinburgh-based international oil and gas company Cairn Energy rose about 6% on Thursday after it said its “development and exploitation plan” for the SNE field offshore Senegal has been submitted on schedule to the government of Senegal, with approval  targeted later this year.

Cairn also announced that joint venture (JV) partner Woodside Energy (Senegal) B.V. has exercised its option to become operator of the SNE field development.

“The Development and Exploitation plan outlines the full multi-phase development of oil and gas,” said Cairn in a stock exchange statement.

“The field will be developed in a series of phases with plans for ~500 million barrels of oil (mmbbls) and gross production of 100,000 barrels of oil per day (bopd) with first oil targeted in 2022.

“Following the establishment of oil production, commercial gas sales to Senegal are expected to commence.”