Cairn prepares to explore offshore Spain

Offshore staff

EDINBURGH, UK – Cairn Energy plans to acquire a 1,500-sq km (579-sq mi) 3D seismic survey this year over part of its exploration acreage offshore eastern Spain.

The company won two permits in January 2011 comprising five blocks in the Gulf of Valencia covering a total area of 3,992 sq km (1,541 sq mi), in water depths ranging from 50 m to more than 1,000 m (164-3,281 ft).

Cairn says Spain’s commercial terms are attractive as the authorities are trying to stimulate exploration activity in frontier areas. The company plans to pursue more Spanish acreage, and has opened an office in Madrid to support its activities.

Later this year, Cairn intends to participate with partners CC Energy Development and Cove Energy in bid rounds offshore Lebanon and Cyprus in the eastern Mediterranean, subject to suitable commercial terms.

Bids for the Cyprus round must be submitted in May with awards expected toward year-end.  The Lebanon round, although not yet formally announced, should be staged mid-year.

Cairn adds that it entered the Mediterranean in 2008 because it considered many parts of the basin to be underexplored with potential for new plays.

3/20/2012

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