CRNCY Capricorn Energy PLC (PK)

By Jaime Llinares Taboada

Cairn Energy PLC on Tuesday said its consortium with Cheiron Petroleum Co. has acquired Shell's Western Desert assets in Egypt for $646 million.

The FTSE 250 energy said Western Desert will expand and diversify its producing asset base, as the deal is expected to add 33,000-39,000 barrels of oil equivalent a day in 2021--of which 66% is gas. Cairn will acquire 50% of the assets and pay 50% of the price.

In addition, the company said it has agreed on the sale of its interest in the U.K. Catcher and Kraken fields for $460 million plus contingencies to Waldorf Production Ltd.

Cairn said it hasn't yet received a $1.2 billion damages award from India's government. The company said it is taking all necessary steps to ensure access to the award.

The company reported a net loss of $394 million for 2020, swinging from a $94 million net profit a year earlier. Lower production and energy prices hurt its performance during the year, it said.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

March 09, 2021 02:44 ET (07:44 GMT)

Capricorn Energy (PK) (USOTC:CRNCY)
Historical Stock Chart
From May 2024 to Jun 2024

Capricorn Energy (PK) (USOTC:CRNCY)
Historical Stock Chart
From Jun 2023 to Jun 2024