Cairn Energy to Sell Senegal Project to Woodside Petroleum for up to $400 Million
By Ian Walker
Cairn Energy PLC said Monday that it is selling its 40% interest
in the Rufisque, Sangomar and Sangomar Deep project in Senegal to
Woodside Petroleum Ltd. for up to $400 million.
Cairn said the sale followed Woodside's confirmation that it
would exercise its pre-emption rights over the project. Cairn had
initially agreed to sell the project to Lukoil PJSC, subject to
Woodside not exercising its option.
The sale is conditional upon consent from the Government of
Senegal and shareholder approval.
The company plans to publish a circular to shareholders Monday,
and the deal is expected to complete in the fourth quarter of this
Write to Ian Walker at firstname.lastname@example.org
(END) Dow Jones Newswires
September 07, 2020 03:15 ET (07:15 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.