Oil explorer Cairn Energy said it expected to start drilling operations at its oilfields in Senegal in the fourth quarter.

The British company, which has no revenue as it focuses purely on exploration, posted a loss after tax of $230 million (€207 million) for the first half, compared with $62 million a year earlier, hurt by a $177 million impairment charge.

The company said its group cash position was $725 million, down from $869 million at the end of December.

Reuters