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Cairn Energy - Disposal of Senegal assets

September 2020

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Cairn has announced that it has entered an agreement with Russian group Lukoil to sell its entire 40% interest in its Senegal assets for up to US$400m cash, plus reimbursement of development capital expenditure. These assets, which were acquired in 2013, comprise the Sangomar and FAN fields, where several discoveries have been made. The deal completes in Q4 after which Cairn will return at least US$250m to shareholders. Following its disposal, Cairn will be left with its interests in the producing assets of Kraken and Catcher in the North Sea; a potential US$1.4bn claim against the Indian Government in a tax dispute (now due to be heard this autumn) and several other exploration interests in Mexico, Israel, Suriname and Ivory ...

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