Cairn sells share of India company to focus on North Sea, Greenland and Mediterranean
EDINBURGH -- Cairn has reached an agreement with Citi to complete an on-market sale of nearly 67 million shares in Cairn India, representing approximately a 3.5% shareholding in Cairn India.
Cairn expects to receive from this disposal a cash of approximately $360 million which will be used to help fund Cairn’s stated strategy and provide greater operational flexibility. At the General Meeting of the Company held on 17 May 2012, shareholders authorized the board to dispose of all or part of Cairn’s residual interest in Cairn India.
Cairn, through its subsidiary, Capricorn, operates 11 blocks offshore Greenland. A total of 14 exploration wells have been drilled offshore Greenland to date, five of which were drilled in the 1970s, one in 2000, three in 2010 by Cairn Energy and five by Cairn Energy in 2011.
In North West Europe, Cairn owns 100% of Agora Oil & Gas, which is focusing on mature parts of the North Sea in areas of low-moderate geological and operational risk. In the Mediterranean, Cairn is in the early stages of carrying out frontier exploration in Spain and expects to participate in the offshore Lebanon bid round later this year with consortium partners in the current bid round offshore Cyprus.