Cash expenditure was $174m in H2 15 (o/w $85m development, $77m exploration & appraisal); Cairn Energy received a Norwegian tax rebate of $52m related to previous exploration & appraisal operations. The company ended FY2015 with net cash at $603m. The RBL facility (redeterminations in March and September) is undrawn and ready to fund North Sea development capex ($300m). Development expenditure 2016-2017 is expected to be $492m and should bring UK development projects to cashflow gener
