Cairn completes Catcher farm-out

Cairn Energy plc has completed the farm-out agreement to Dyas UK Ltd. for the sale of a 10% interest in the Catcher development and adjacent acreage in the UK North Sea for a carry of Cairn’s exploration and development costs up to a cap of US$182 million, effective Jan. 1, 2014.

The Catcher development is on track for first oil from 2017.

As a result of the transaction, Cairn has reduced its forward capital expenditure to the end of 2017 by US$380 million. Cairn retains a 20% working interest in the Catcher license.

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