As markets move higher after Friday’s reasonable US jobs figures, as well as positive Chinese trade data over the weekend, one of the biggest gainers in Cairn Energy.
The exploration group, which currently has no producing assets, has jumped nearly 9% or 13.7p to 171.6p after it announced a second oil discovery off the coast of Senegal. It said it had found oil at its SNE-1 well, close to the FAN-1 well where it made a discovery last month, and suggested it could hold 150m to to 670m barrels of recoverable reserves.
Some traders suggestes that the success could allow the company to sell part of its 40% share of three blocks in Senegal to fund exploration work in Europe and Morocco.
via The Guardian