By Ian Walker

LONDON--Cairn Energy PLC (CNE.LN), an oil and gas exploration and development company, reported a smaller net loss last year, after booking a large impairment charge in 2015, and said it expects first oil from its North Sea projects this year.

Cairn's net loss narrowed to $95 million in the year to end-December from $515.5 million in 2015 when it had booked an impairment charge on its remaining investment in Cairn India (532792.BY) of $318.6 million.

The company said at had a total of 51.5 million barrels of oil equivalent in proved proved and probable reserves reserves at Dec. 31.

-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

March 08, 2017 02:40 ET (07:40 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.
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