Cairn Energy PLC Completion of acquisition of Egypt portfolio (8339M)
September 24 2021 - 1:00AM
UK Regulatory
TIDMCNE
RNS Number : 8339M
Cairn Energy PLC
24 September 2021
FOR IMMEDIATE RELEASE 24 September 2021
CAIRN ENERGY PLC ("Cairn")
Completion of acquisition of Western Desert Assets, Egypt
Cairn, together with its consortium partner Cheiron Petroleum
Corporation (Cheiron), is pleased to announce completion of the
acquisition of a portfolio of upstream oil and gas production,
development and exploration interests from Shell Egypt NV and Shell
Austria GmbH (Shell) (the "Assets") in the Western Desert, onshore
The Arab Republic of Egypt.
Capricorn Egypt, a wholly owned subsidiary of Cairn, acquired
50% of the Assets, with the remaining 50% acquired by Cheiron
subsidiaries. The acquisition value, which is subject to completion
adjustments, is US$323 million net to Cairn, with additional
contingent consideration of up to a maximum of US$140 million over
four years net to Cairn if certain requirements are met.
The gas-weighted portfolio, in a region with strong demand
growth, offers low cost production, near-term development, owned
infrastructure and significant exploration potential.
Cairn has appointed Dr Eleanor Rowley as Managing Director,
Egypt. Dr Rowley joins Cairn from TotalEnergies where she was
Vice-President Exploration for the Middle East, Caspian, North
Africa and Southern Europe.
Simon Thomson, Chief Executive of Cairn said:
"The addition of the Western Desert assets to our portfolio is
an important first step in expanding and diversifying our producing
asset base, alongside offering significant exploration
potential.
We look forward to working alongside our partners to deliver the
attractive growth opportunities the assets provide.
I would like to thank the Government of Egypt and the Minister
of Petroleum and Mineral Resources for their approval of the
transaction."
ENDS
Enquiries
Analysts/Investors
David Nisbet, Corporate Affairs Tel: 0131 475 3000
Media
Linda Bain/Jonathan Milne, Corporate Affairs Tel: 0131 475 3000
Patrick Handley/David Litterick, Brunswick Tel: 0207 404 5959
Group LLP
About Cairn Energy PLC
Cairn is one of Europe's leading independent energy companies
and has been listed on the London Stock Exchange for 30 years.
Cairn has explored, discovered, developed and produced oil and gas
in a variety of locations throughout the world as an operator and
partner in all stages of the oil and gas lifecycle.
Cairn's exploration activities have a geographical focus in the
North Sea, North and West Africa and Latin America, underpinned by
interests in production and development assets. Cairn has its
headquarters in Edinburgh, Scotland supported by operational
offices in London, Egypt, Mexico and Mauritania.
For further information on Cairn please see:
www.cairnenergy.com
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END
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