Cairn completes sale of stakes in Catcher and Kraken fields
Published by Nicholas Woodroof,
Editor
Oilfield Technology,
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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