Cairn sells 10% interest in Nova development for $59.5m

Cairn Energy said it was selling a 10% interest in the Nova development offshore Norway to ONE-Dyas Norge for $59.5m.

The oil explorer said it would keep a participating interest of 10% in the development and reduce its capital expenditure to the end of 2021 in the Nova area by around $110m. Cairn said it would use the deal proceeds to fund group exploration and development activities.