Shares in Scottish Oil Company Defy Trend up Over 30% in 2016

Shares in Cairn Energy (LSE:CNE) are 31% higher since the start of 2016, following positive results from its appraisal well off the coast of Senegal. The company was delighted with the flow rates from its well, which demonstrates the scale of the economically recoverable potential from the Sangomar offshore block.

The company has great potential in the region, as the anticipated break-even costs are competitive even in today's low cost oil environment. With a projected total cost of less than $40 per barrel, Sangomar is a highly attractive offshore oil play. On the downside, investors have a long wait before the project returns cash to the company -- the first oil will not be produced from Senegal until 2021 at the earliest.

http://www.oilandgaspeople.com/news/7908/shares-in-scottish-oil-company-defy-trend-up-over-30-in-2016/