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  • Cairn : proposed acquisition of Western Desert interests, Arab Republic of Egypt
    édité le 30/06/2021 - Plus de news de "CAIRN" - Voir la fiche entreprise de "CAIRN"


Cairn : proposed acquisition of Western Desert interests, Arab Republic of Egypt
Cairn will publish a shareholder Circular (the “Circular”) relating to the proposed acquisition of production, development and exploration interests in the Western Desert, the Arab Republic of Egypt, from Shell Egypt NV and Shell Austria GmbH (Shell), following approval of the Circular from the Financial Conduct Authority.

On 9 March 2021, Cairn announced, together with Cheiron (its consortium partner), the proposed acquisition of Shell’s Western Desert assets for a purchase price of US$646 million (US$323 million net to Cairn), with additional contingent consideration of up to US$280 million (US$140 million net to Cairn) if certain requirements are met. The proposed acquisition is in line with Cairn’s strategy of seeking to grow, diversify and extend its production base. The portfolio offers low cost production, near-term development and exploration potential, provides immediate operating cashflow contribution and adjusts Cairn’s overall hydrocarbon split towards gas. Under the UK Listing Rules, the transaction constitutes a Class 1 transaction and is therefore conditional on the approval of Cairn’s shareholders, by a simple majority of votes cast. The transaction is also conditional, inter alia, on the approval of the Minister of Petroleum and Mineral Resources in The Arab Republic of Egypt and the Egyptian General Petroleum Corporation (EGPC).

The Circular contains further details on the transaction and a notice convening a General Meeting of Cairn to be held at 50 Lothian Road, Edinburgh EH3 9BY at 9 a.m. (BST) on 19 July 2021 (“the General Meeting”) to consider and approve the transaction. Restrictions on Shareholder attendance are noted below. Shareholders are strongly encouraged to ensure that their votes are counted at the General Meeting by appointing the Chair of the General Meeting as their proxy.

About Cairn Energy PLC

Cairn is one of Europe's leading independent energy companies and has been listed on the London Stock Exchange for 30 years. Cairn has explored, discovered, developed and produced oil and gas in a variety of locations throughout the world as an operator and partner in all stages of the oil and gas lifecycle.

Cairn's exploration activities have a geographical focus in the North Sea, West Africa and Latin America, underpinned by interests in production and development assets. Cairn has its headquarters in Edinburgh, Scotland supported by operational offices in London and Mexico.

About Royal Dutch Shell plc

Royal Dutch Shell plc (LSE: RDSA) is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects.


Origine : Communiqué CAIRN

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