AN analyst has highlighted the progress made at Cairn Energy, saying the company had been transformed in the last five years.
In a research note on the Edinburgh-based oil and gas firm, Kim Fustier at Edison Investment Research flagged up the fact Cairn is developing the giant Kraken and Catcher finds in the UK North Sea and made two discoveries off Senegal last year. The company acquired the acreage concerned under the leadership of Simon Thomson, who became chief executive in 2011. Ms Fustier noted the outcome of the $1.6 billion (£1bn) tax dispute Cairn is embroiled in India could impact on the valuation of the company. But, she added: "In an environment where many independents are struggling to secure funding, Cairn is in the comfortable position of being fully funded until first oil from Catcher and Kraken in mid-2017."
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