Key Developments: Cairn Energy PLC (CRNCY.PK)
8.70USD
17 May 2013
$0.05 (+0.58%)
$8.65
$8.67
$8.70
$8.67
341
20,739
$9.90
$7.61
Latest Key Developments (Source: Significant Developments)
North Energy ASA Spuds PL 299 Frode Well in License Shared with Talisman Energy Inc, Cairn Energy PLC and Dong E&P Norge
North Energy ASA announced that the exploration drilling begun on May 10, 2013 on the Frode oil prospect in production license 299 in the North Sea shared with Talisman Energy Inc, Cairn Energy PLC and Dong E&P Norge. Located about 16 kilometers south-east of the Gyda field, well 2/1-16 S is being drilled by the Maersk Giant jackup. Partners in the license are Talisman Energy Inc (operator with 31.5%), Capricorn Norge (wholly owned subsidiary of Cairn Energy PLC, 28.5%), Dong E&P Norge (20%) and North Energy (20%). North Energy signed a purchase and sale agreement on 3 May with Spike Exploration Holding AS covering the sale of a 10 per cent holding in PL 299. This deal is awaiting government approval. Full Article
Cairn Energy PLC Announces Farm-in as Operator to Two Licences Offshore West of Ireland in Porcupine Basin
Cairn Energy PLC announced that a farm-in as Operator to two licences offshore West of Ireland in the Porcupine Basin, which contains the undeveloped Spanish Point gas condensate and Burren oil discoveries, and six adjacent licensing option blocks. The two licences - FEL 2/04 (which includes the Spanish Point and Burren discoveries) and FEL 4/08, together cover an area of 1,242 square kilometers - are currently operated by Chrysaor (60% Working Interest (WI)) with Providence Resources (32% WI) and SOSINA Exploration Ltd (8% WI). The six adjacent licensing option blocks, known as Licensing Option (LO) 11/2, cover an area of 1,511 square kilometers and can be converted to a FEL from October 2013. The Company will acquire, subject to regulatory and partner approval, a 38% WI and Operatorship by paying a pro-rated share of back costs amounting to USD 4.1million (as at December 31, 2012) and 63.33% of future exploration and appraisal costs for up to two wells, subject to a cap. Costs in excess of the cap will be shared by the parties according to their equity interests. Based on the Company’s estimate of the expected well cost, it anticipates it will be contributing about 55% of the cost of each well. Full Article
Subsidiaries of Bridge Energy ASA, Cairn Energy PLC and JX Nippon Oil & Energy Corporation Agree on Farm-Down of P1763 License
Bridge Energy ASA announced that it has through its wholly owned subsidiary, Bridge Energy (CNS) Limited, completed the agreement (Transaction) with Agora Oil & Gas (UK) Limited (Agora), a 100% owned by Cairn Energy PLC and JX Nippon Exploration & Production (UK) Limited (JX Nippon), a subsidiary of JX Nippon Oil & Energy Corporation, for the farm-down of a 16.5% working interest in the P1763 Aragon prospect in the United Kingdom Northern North Sea. As a result of the Transaction, all parties have agreed to participate in drilling a well to test the Aragon prospect prior to the first quarter of 2015. Subject to Transaction approval from the Department of Energy and Climate Change, Bridge will then hold a revised interest of 13.5%, with MPX North Sea Limited 22.5% (Operator), Agora Oil & Gas (UK) Limited 30%, JX Nippon Exploration & Production (UK) Limited 25% and Sorgenia E&P (UK) Limited 9%. Full Article
Atlantic Petroleum P/F, Cairn Energy PLC, Serica Energy Plc, Parkmead Group PLC, Faroe Petroleum Plc and Maersk Petroleum Announce Spaniards East Well Spud
Atlantic Petroleum P/F announced the spudding of the 15/21(a)-60 Spaniards East exploration well on UK (United Kingdom) License P1655 in the Moray Firth. The well is being drilled with the Wil Phoenix semi-submersible rig in a water depth of about 460 feet, near to the producing Scott and Telford fields. The well will target Upper Jurassic reservoirs and is expected to take around 41 days to complete. The well is operated by Premier who holds a 28% interest in the license. Atlantic Petroleum P/F has a carried 3.25% interest resulting from a farm-in deal negotiated in 2011. Other partners are Cairn Energy PLC, Serica Energy Plc, Parkmead Group PLC, Faroe Petroleum Plc and Maersk Petroleum. Full Article
Bridge Energy ASA and Cairn Energy PLC's Agora Oil & Gas AS Sign Agreement on Farm-Down on PL497/PL497B
Bridge Energy ASA announced that the Company through its wholly owned subsidiary Bridge Energy Norge AS has completed the agreement with Agora Oil & Gas AS (Agora) which is 100% owned by Cairn Energy PLC for the farm-down of a 15% working interest in production licences PL497 and PL497B on the Norwegian Continental Shelf. After the transaction Bridge holds a 15% interest in the licences. Agora, will as a consideration for the transaction carry a substantial share of the Company's well cost. The licences contain the Geite prospect, which will be tested by the ongoing exploration well 7/11-13. Full Article
Cairn Energy PLC Announces Sale Of Shares In Cairn India Limited
Cairn Energy PLC announced that shareholders authorised the Board to dispose of all or part of Cairn's residual interest in Cairn India. Cairn announced that, on September 24, 2012, it reached an agreement with Citi to complete an on-market sale of a total of 152,629,500 shares in Cairn India, representing approximately an 8% shareholding in Cairn India. Cash proceeds from the sale are expected to be approximately $910 million (after transaction costs). The proceeds will be used to fund Cairn's ongoing capital requirements, which include the development of discovered resources in the North Sea as well as Cairn's wider exploration led growth strategy. Full Article
Cairn Energy PLC's Capricorn Exploration and Development Company Limited Joins Serica Energy Plc's Serica Foum Draa B.V., San Leon Offshore Morocco B.V. To Explore Foum Draa Offshore In Morocco
Serica Energy Plc announced that, subject to the consent of the Moroccan Authorities , Cairn through its subsidiary Capricorn Exploration and Development Company Limited (Capricorn ) will be joining Serica's wholly owned subsidiary Serica Foum Draa B.V. (Serica) and its partners, San Leon Offshore Morocco B.V. and Longreach Oil and Gas Ventures Limited (respectively San Leon and Longreach), in the exploration of the set of permits which comprise the Foum Draa Offshore area (Foum Draa) in Morocco. Under the transaction, Cairn will acquire a 50% operated equity interest in Foum Draa, pro rata from each of the Foum Draa Participants according to its equity interest. In return Cairn will pay its equity interest share of past costs, being US1.5 million (US$500,000 net to Serica) and the first US$60 million towards the drilling of the commitment well required in the First Extension Period (including the costs relating to the ONHYM carried interest), As a result of the farm-out, Serica will hold an ongoing interest of 8.3333% in the Foum Draa permits with San Leon and Longreach holding 14.1667% and 2.5% respectively. The partnership has already informed the Moroccan authorities of their intention to proceed into the First Extension Period, which entails the drilling of a commitment well targeted for 2013. Full Article
North Energy ASA Spuds Well at License Shared with Cairn Energy PLC's Subsidiary and Others
North Energy ASA announced that an exploration well was spudded on the Kakelborg oil prospect in production license (PL) 370 in the northern part of Norway's North Sea sector shared with Cairn Energy PLC's subsidiary and others on July 5, 2012. This prospect is close to existing infrastructure north-west of the Statfjord and Snorre fields. The well is being drilled by the Borgland Dolphin rig, and plans call for it to reach its total measured depth in the first half of August 2012. Wintershall is the operator with a 40% per cent interest. The other partners are Agora (100% subsidiary of Cairn Energy PLC), Concedo and North Energy, with holdings of 30%, 20% and 10% respectively. The Kakelborg well is the first of four planned wells with North Energy involvement over the next six months starting from July 2012. The next well in line is planned to be drilled in the third quarter of 2012 on the Jette gas/condensate prospect in PL 385 in the Norwegian Sea, with Statoil as operator. Full Article
Cairn Energy PLC's Cairn UK Aims To Raise $372 Million By Selling Part Of Cairn India Limited-DJ
Dow Jones reported that Cairn Energy PLC plans to raise up to $372 million by selling part of its stake in unit Cairn India Limited. Cairn UK Holdings Ltd. is looking to sell 66.8 million Cairn India shares in a price band of INR307.4 to INR317.5 a piece. Cairn UK Holdings' stake will come down to 18.3% after the sale, from 21.8% now. Full Article
Cairn Energy PLC's Wholly Owned Subsidiary Capricorn Energy Ltd Announces Recommended Cash Offer For Nautical Petroleum Plc
Cairn Energy PLC and Nautical Petroleum plc announced that they have reached agreement on the terms of a recommended cash offer to be made by Capricorn for the entire issued and to be issued share capital of Nautical. It is intended that the Offer will be effected by way of a Court sanctioned scheme of arrangement under Part 26 of the Companies Act. Under the terms of the Offer, Nautical Shareholders will be entitled to receive 450 pence in cash for each Nautical Share held. The Offer values the issued and to be issued share capital of Nautical at approximately GBP414 million. The Offer Price represents a premium of approximately 51.1% to the closing price of 297.8 pence per Nautical Share on June 12, 2012, the Business Day immediately prior to the date of this announcement; and 45.3% to the average closing price of 309.8 pence per Nautical Share over the three month period ended June 12, 2012. The Nautical Directors are been advised by Investec Bank Plc. N M Rothschild & Sons Limited is acting exclusively for Cairn and Capricorn as advisors. The cash consideration payable under the terms of the Offer will be funded using Capricorn's existing cash resources. The Scheme is expected to become effective in August 2012. Full Article
Cairn to operate licences off west of Ireland
* Announces farm-in as operator to two licences offshore west of ireland in the porcupine basin
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