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  • Cairn : Updated sale and purchase agreement following exercise of pre-emption rights
    édité le 07/09/2020 - Plus de news de "CAIRN" - Voir la fiche entreprise de "CAIRN"


Cairn : Updated sale and purchase agreement following exercise of pre-emption rights
Cairn has entered into a conditional agreement to sell to Woodside its entire participating interest in the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) Production Sharing Contract together with a corresponding proportion of the rights, obligations and liabilities under the RSSD Joint Operating Agreement. The agreement is pursuant to the exercise by Woodside of its pre-emption rights and is on the same terms and conditions as the Sale and Purchase Agreement entered into with LUKOIL on 24 July 2020.

Cairn will publish a shareholder circular later today relating to the proposed sale to Woodside (the “Circular”), having received approval of the Circular from the Financial Conduct Authority.

On 27 July 2020, Cairn announced that it had entered into an agreement with LUKOIL relating to the proposed sale of Cairn’s entire interest in the RSSD Contract Area, including the Sangomar development, offshore Senegal. On 17 August 2020, Cairn announced that Woodside had exercised its right to pre-empt the transaction on the same terms and conditions.

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. Completion of the transaction is also subject to the approval of the Government of Sénégal.

The Circular contains further details on the transaction and a notice convening a general meeting of Cairn to be held at 4th Floor, Wellington House, 125 Strand, London WC2R 0AP at 12.00 noon (BST) on 23 September 2020 (“the General Meeting”) to consider and approve the transaction. There is enclosed with the Circular a form of proxy for use in connection with the General Meeting. As explained in more detail attached, the General Meeting will be held as a closed meeting and, accordingly, shareholders are strongly encouraged to submit Forms of Proxy to ensure their votes are counted.

About Cairn Energy PLC

Cairn is one of Europe's leading independent oil and gas exploration and development 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, Senegal and Mexico.

About Woodside

Woodside (ASX: WPL, OTC: WOPEY) is Australia’s largest independent oil and gas company, with a proud history of safe and reliable operations spanning decades.
As the largest operator of oil and gas in Australia, Woodside produces around 900,000 barrels of oil equivalent each day from a portfolio of facilities which we operate on behalf of some of the world’s major oil and gas companies.


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