LONDON: Oil explorer Cairn Energy reported a decline in yearly losses after tax to $381 million and announced it plans to drill at least three more wells this year in Senegal where it made some promising discoveries in 2014.
Cairn, which currently has no revenue as it purely focuses on exploration work, said its net cash balance stood at $869 million at the end of 2014, putting in a solid financial position ahead of expected first sales in 2017.
Cairn has been unable to sell the 10 per cent share it holds in Cairn India, worth around $703 million at the end of the year.
