Cairn has completed a farm-out agreement to Dyas UK Ltd. for the sale of a 10% interest in the Catcher development and adjacent acreage in the U.K. North Sea for a carry of Cairn’s exploration and development costs up to $182 million, Cairn said in a news release.
The Catcher development is on track for first oil from 2017. The agreement has an effective date of Jan. 1, 2014. As a result of the transaction, Cairn has reduced its forward capex to the end of 2017 by about $380 million, the release said.
Cairn retains a 20% working interest in the Catcher license.
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