n Q118, invitations to tender commenced, with FPSO and subsea infrastructure contractors. A redeployed FPSO is the preferred development option. FEED will commence in H218. Cairn has said it is targeting an initial production rate of c100kbopd, which is at the mid pt of the guidance given in January (75-125kbopd). Trimming our assumption from 115kbopd to 100kbopd reduces our RENAV slightly from 271p to 262p.