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Cairn Energy sells interests in Catcher and Kraken North Sea fields to Waldorf

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Oilfield Technology,

Cairn Energy has entered into an agreement that will result in the sale of its interests in the UK Catcher and Kraken fields to Waldorf Production Ltd for a cash consideration of US$460 million plus additional contingent consideration dependent principally on oil prices from 2021 to the end of 2025.

The interests to be sold are Cairn's entire 20% interest in the Catcher field and 29.5% interest in the Kraken field. Completion is currently expected in 2H21.

Simon Thomson, Chief Executive of Cairn said: “The divestment of our UK producing assets as they move into decline phase, will further strengthen our ability to pursue Cairn’s strategic goals and position the company robustly for the decade ahead.”

Erik Brodahl, CEO of Waldorf Production, said: “We are excited to acquire Cairn’s interests in the high-quality Catcher and Kraken producing fields. This is a transformational transaction for the company, with average production from the combined company growing to c.22 000 – 25 000 boe per day and 2P reserves of 43 million boe. We also continue our close partnership with Ithaca with the announced farm-in to the Fotla exploration well. If successful, the discovery can potentially be swiftly tied-back to the Alba oilfield.

Waldorf sees the North Sea as uniquely suited for disciplined small-cap E&P companies such as ourselves with well-managed, long-life assets available at attractive valuations. We continue to look for further growth opportunities in the near-term.”

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