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Cairn Energy completes sale of Senegal assets to Woodside
StockMarketWire.com
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Oil and gas company Cairn Energy has sold its entire stake in offshore oil blocks in Senegal to Australia's Woodside Energy.
Cairn Energy subsidiary Capricorn Senegal has completed the sale of its entire participating interest in the Rufisque offshore, Sangomar offshore and Sangomar Deep offshore joint venture to Woodside Energy.
The purchase price was $300 million plus a working capital adjustment of approximately $225 million, which included a reimbursement of Cairns development capital expenditure incurred since 1 January 2020.
Additional payments of up to $100 million are contingent on commodity prices and timing of first oil.
Woodside chief executive Peter Coleman said: The development of Sangomar is being executed according to schedule. The Senegal team recently achieved another milestone, with the award of the contract for the operations and maintenance of the floating production storage and offloading vessel which is targeted for delivery and first oil production in 2023.
The completion of the transaction with Cairn has simplified the structure of the joint venture ahead of our planned equity sell-down in 2021. The Sangomar development is an attractive, de-risked asset that offers near-term production to potential buyers.
At 1:16pm: (LON:CNE) Cairn Energy PLC share price was 0p at 143.1p
Story provided by StockMarketWire.com
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