Cairn has entered into a farm-out agreement for the sale of a 10% interest in the Catcher development and adjacent acreage in the U.K. North Sea, the company said in a press release. With an effective date of Jan. 1, 2014, Dyas UK Ltd. will acquire 10% in each of the following U.K. Continental Shelf licenses by funding Cairn’s exploration and development costs in respect of the licenses up to a cap of $182 million: P1430, P2040, P2070, P2077 and P2086.
Following this transaction, Cairn will retain a 20% interest in the Catcher license (P1430) and a reduced interest in each of the remaining licenses—36% in P2070, 36% in P2077, 10% in P2040, and 10% in P2086.
The transaction remains subject to U.K. Department of Energy and Climate Change, partner and third-party approvals.
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