Cairn has announced that the SNE North-1 exploration well, offshore Senegal encountered oil and gas in the primary objective, and oil in the deeper secondary target. Further work is being undertaken in order to establish commerciality, so we don’t change our numbers yet, but note we include 12p risked (18p unrisked) in our RENAV of 281p (using a LT oil price of $70/bbl and a gross resource of 80mmboe for SNE North). Management will provide an update on resources at the H1 results on 22n
