Cairn to review offshore Malta blocks

Cairn Energy has entered an exploration study agreement with the government of Malta.

Offshore staff

EDINBURGH, UK – Cairn Energy has entered an exploration study agreement with the government of Malta. This covers various Maltese blocks in the Sicily Channel, over an area of about 6,000 sq km (2,317 sq mi).

In the Valencia basin offshore Spain in the western Mediterranean, Cairn plans to acquire 3D data during winter 2013/14, subject to approval from Spain’s government.

Elsewhere, the company has built up interests in two permits offshore Morocco extending over 8,500 sq km (3,282 sq mi). If a suitable rig becomes available and pending approvals, the partners aim to start drilling this fall on theFoum Draa and Juby Maritime concessions.

Prospects on Foum Draa have been delineated on 3D seismic, and drilling will target the Lower Cretaceous objective. Over Juby Maritime, Cairn has acquired 680 sq km (262 mi) of 3D seismic targeting exploration prospects close to existing light and heavy oil discoveries with Jurassic carbonate reservoirs.

Offshore Greenland, Cairn says interpretation is well advanced of 3D seismic over its Pitu Baffin Bay block and southern Greenland acreage. The company and partner Statoil aim to start drilling onPitu next year subject to government sanction.

Finally, Cairn expects to participate in various wells in the North Sea this year, including appraisal drilling of theSkarfjell oil discovery. Its firm program currently includes three exploration wells and another appraisal well on the heavy oil Kraken accumulation.

1/22/2013

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