Cairn Energy plc has completed its acquisition of a portfolio of upstream oil and gas production, development and exploration interests in the Western Desert, onshore Egypt.
VALUE
The company and its consortium partner Cheiron Petroleum Corporation completed the purchase from Shell Egypt NV and Shell Austria GmbH (Shell).
Cairn’s subsidiary, Capricorn Egypt, acquired 50% of the assets and Cheiron’s subsidiaries acquired the remaining 50%.
Subject to completion adjustments, the acquisition’s value is US$323 million net to Cairn, with additional contingent consideration of up to $140m over four years if certain requirements are met.