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 in the UK North Sea. Cairn has its headquarters in Edinburgh, Scotland, supported by operational offices in London and Mexico.
Cairn is pleased to announce that all Government and third-party approvals required under the Sale and Purchase Agreement in relation to the sale of all of its interests in Senegal to Woodside have been received and completion is expected to take place prior to the end of the year. Under the terms of the agreement, cash received by Cairn at completion is expected to be approximately US$525 million, comprising the US$300m acquisition consideration and a US$225 million reimbursement of expenditure incurred on the sale assets since 1 January 2020.
A further payment of up to US$100 million will be payable to Cairn if certain conditions are met relating to the date of first production from the Sangomar development and the prevailing oil price at that time.