Cairn's FY results, page-4

Just finished listening to the call & the Q&A. 9 questions in all. Two issues that Cairn r dealing with, one is India & the other one is the Reserves downgrade for Kraken based on 3 factors one of which is the FPSO performance.

Lots of questions on project finance for Senegal.

- Capex should b under 3bil as the number of wells has dropped from 26 to 23 for Phase-1. Subsequent phases will boost the plateau rates when brought onstream,
- Looking at 50% senior secured debt facility (if possible more) on a JV basis. They didn't disclose the term sheet as the discussions are fairly advanced & confidential with their Lenders. There r also other options to access Capital.
- Sale of equity in SNE after or around FID will b considered if the offers are good, but they wont exit Senegal as the project is too good.

Conf call Transcript should be available in a day or two & should cover all the above.