| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: OIL & GAS PRODUCERS |
Cairn takes full control of exploration subsidiary |
|
Mon 30 Nov 2009
|
LONDON (SHARECAST) - Oil and gas firm Cairn Energy is to make Capricorn a wholly owned subsidiary by buying out minority shareholder Dyas BV.
Cairn is acquiring Dyas’s 9.99% stake in the exploration focused Capricorn for$95m, to be satisfied through a mixture of newly issued shares and cash.
Cairn will also hand over 15% of the interests held by Capricorn in Tunisia and Albania to Dyas. Assuming the hand-over is cleared by the authorities, this will give Dyas a 15% interest in the Louza Permit and a 7.5% stake in the Nabeul Permit in Tunisia, and a 15% interest in Block Joni-5 in Albania.
The deal recognises a change of plan as regards Capricorn, which Cairn no longer intends to demerge from the company.
‘Given the materiality of our exploration position in Greenland to the group as a whole, there is no longer an intention to demerge Capricorn. Dyas have therefore agreed to exchange their holding in Capricorn for a holding in Cairn,’ said Sir Bill Gammell, chief executive of Cairn.
|
|
| |
|
 |
Archived Stories |
 |
|
Front Page Stories |
|
|
