Cairn delivered an encouraging set of H1 2017 results. The main update was the start-up of Kraken and upgrade of SNE's 2C resources. The company is well funded to execute its 2017 commitments, but delivering its pre-FID projects is the next core priority. Cairn's growth strategy remains exploration-led and capturing new acreage in Mexico supports this objective. Investors are now buying into exploration-led strategies and creating value from Senegal will boost investor confidence in Cairn's strategy.