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.
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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.
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