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Cairn completes sale of stakes in Catcher and Kraken fields

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Oilfield Technology,


Cairn Energy has announced the completion of the sale of its interests in the UK Catcher and Kraken fields to Waldorf Production Ltd, first announced in March 2021.

The firm consideration payable to Cairn is US$455 million, to be adjusted for working capital and interim period cashflows from the economic date of 1 January 2020.

Additional, uncapped contingent consideration will be payable to Cairn when Brent exceeds US$52/bbl on average in any of the five years 2021 to 2025. Assuming production is in line with Cairn forecasts, this contingent consideration is expected to generate approximately a further US$100 million at US$60/bbl Brent prices, US$175 million at US$70/bbl Brent prices, and US$240 million at US$80/bbl Brent prices.


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Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/03112021/cairn-completes-sale-of-stakes-in-catcher-and-kraken-fields/

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