The company, whose projects stretch from Greenland to Senegal but does not have any producing assets, said it had reduced headcount across its full-time employees and contractors by 40 percent to cut costs.
Chief Executive Officer Simon Thomson said: “The large acreage position in Senegal offers material near-term growth potential with numerous follow-on prospects identified. The joint venture is well-positioned to benefit from the current reduction in industry costs.”
The Edinburgh-based oil explorer has been active in the West African country since last year after making a series of oil discoveries. In October, Cairn together with its joint venture partners announced discovery of oil at the FAN-1 exploration well, offshore Senegal. The well, located in 1,427 metres (m) water depth and approximately 100 kilometres offshore in the Sangomar deep block, has reached a target depth of 4,927 m and was targeting multiple stacked deepwater fans. Also, in November, Cairn announced a discovery of high quality oil in the second well in the Senegal exploration programme. The SNE-1 well is located in 1,100 metres (m) water depth and approximately 100 kilometres (km) offshore in the Sangomar offshore block with a target depth of 3,000 m and targeting the Shelf Edge Prospect.
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