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CRNZF - Cairn Energy: The Case Of Kraken Is Intricate
Cairn Energy Plc Ord New
British E&P company Cairn Energy (CRNCY, CRNZF) had relatively successful 2018 and the twisted start of 2019 overshadowed by Kraken oilfield. In March, it presented FY18 results, which contained a plethora of improvements, combined with disappointing issues. Revenue jumped 12.3x, but profits turned into losses, as impairment at Kraken and write-down of assets in India backstabbed. As a result, in March, it tested investor confidence and confused the market. Since April 2018, share performance has not been particularly inspiring. Cairn fell 25.6%, while the UK oil & gas industry gained 19%;