On 10 September 2019, Cairn reported with its 1st half 2019 results that it has swapped 15% working interest with ENI with ENI entering the CNH-R02-L01-A9.CS/2017 contract operated by Cairn subsidiary Capricorn, and Cairn acquiring a 15% working interest in the ENI operated CNH-R02-L01-A10.CS/2017 contract.Â      Capricorn Energy is operator of      the CNH-R02-L01-A9.CS/2017 contract and held 65% working interest and      Citla Energy held 35% working interest.Â  Cairn reported it now has 50% working      interest, Citla has 35% working interest, and ENI holds 15% working      interest.Â    In the ENI operated CNH-R02-L01-A10.CS/2017      contract, ENI held 80% working interest and Lukoil had a 20% working      interest.Â  ENI now holds a 65%      working interest, Lukoil 20% working interest, and Capricorn holds 15%.Â    The deal is pending formal      approvals.  Capricorn      plans to spud the Alom 1EXP in the CNH-R02-L01-A9.CS/2017 while ENI has      plans to spud the Saasken 1EXP in the CNH-R02-L01-A10.CS/2017 block.Â  Both wells are expected to spud by 4th      quarter 2019.   On 16 May 2019, the CNH approved a modified exploration plan for the Capricorn operated CNH-R02-L01-A9.CS/2017 PSC contract, Area 9 block involving only changes to the drilling schedule of prospects and a change in the proposed budget. From its November 2018 approved exploration plan Capricorn had planned to drill the Bitol-Kukulkan prospect first and the Alom prospect second. Â This has been changed to drilling the Alom prospect first and the Bitol-Kukulkan prospect second. Â The second modification in the exploration plan is an increase in the well drilling budget.Â  The total budget approved for the exploration plan is USD 125.85 million.Â  The estimated drilling expenditures for the two commitment wells increased from USD 105.21 million to USD 113.20 million. Â The Alom prospect is to be drilled first and has an estimated proposed total depth of 3,000 m in a water depth of 140 m.Â  It is targeting stacked, DHI supported Pliocene sandstones starting at 1,550 m.Â  The prospective resources now reported for the Alom prospect is 103 MMboe.Â  The overlapping Bitol and Kukulkan prospects have been merged into one prospect, Bitol-Kukulkan, as reported by the CNH.Â  The NFW will be drilled directionally to an estimated proposed total depth of 5,300 m in a water depth of 180 m.Â  It is targeting stacked Pleistocene, Pliocene, and Upper and Lower Miocene sandstones from 765 m to 3,980 m.Â  The prospective resources now reported for the Bitol-Kukulkan prospect is 261 MMboe. Â Parent company Cairn contracted the âMaersk Developerâ S/S to drill its commitment wells commencing in 3rd quarter 2019.  On 7 May 2019, the CNH approved the drilling permit request submitted by ENI for the CNH-R02-L01-A10.CS/2017 PSC contract, Area 10 block and the Saasken 1EXP directional new-field wildcat (NFW).Â  The Saasken 1EXP is located in the south-western corner of the block and the primary targets are the Lower Pliocene and Lower Miocene with secondary targets in the deeper Oligocene and Eocene. The proposed total depth (PTD) for the NFW is 4,563 m measured depth.Â  Â The âEnsco 8505â J/U will drill the well in a water depth of 354 m.Â  Â The well was scheduled to spud in mid-June 2019.Â  Â The Saasken 1EXP drilling cost is estimated at USD 51.77 million and abandonment costs are estimated to be USD 4.13 million. The prospect trap is reported to be an anticlinal structure related to a salt intrusion with related normal faulting.Â  The operator has the option of drilling to its deeper Oligocene and Eocene targets pending results obtained drilling its primary Pliocene and Miocene targets.   On 14 March 2019, the CNH approved of the working interest exchange between ENI and Lukoil in the CNH-R02-L01-A10.CS/2017 contract and CNH-R02-L01-A12.CS/2017 contract.Â  In the CNH-R02-L01-A10.CS/2017 PSC contract, Area 10 block, ENI previously held a 100% working interest.Â  The new working interest breakdown is ENI operator with 80% working interest and Lukoil with 20% working interest.   On 25 September 2018, the CNH approved the exploration plan presented by ENI for the CNH-R02-L01-A10.CS/2017 PSC contract, Area 10 block from the CNH-R02-L01/2016 Bid Round.
Cairn reported with its 1st half 2019 results that it has swapped 15% working interest with ENI with ENI entering the CNH-R02-L01-A9.CS/2017 contract operated by Cairn subsidiary Capricorn, and Cairn acquiring a 15% working interest in the ENI operated CNH-R02-L01-A10.CS/2017 contract.  Capricorn Energy is operator of the CNH-R02-L01-A9.CS/2017 contract and held 65% working interest and Citla Energy held 35% working interest.  Cairn reported it now has 50% working interest, Citla has 35% working interest, and ENI holds 15% working interest.  In the ENI operated CNH-R02-L01-A10.CS/2017 contract, ENI held 80% working interest and Lukoil had a 20% working interest.  ENI now holds a 65% working interest, Lukoil 20% working interest, and Capricorn holds 15%.