EDINBURGH (dpa-AFX) - Cairn Energy plc (CNE.L) reported that, further to its announcement in July of the proposed sale of the company's interests in the Sangomar field offshore Senegal to Lukoil, Woodside has exercised its right to pre-empt on the same terms and conditions. If no other JV parties pre-empt prior to the deadline of 26 August 2020 then Woodside will acquire Cairn's entire interest in the project.
On July 27, Cairn said it entered into an agreement to sell its entire 40% interest in the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore Contract Area, including the Sangomar development, offshore Senegal, to LUKOIL (LUKOY.PK) for a cash consideration of up to $400 million plus reimbursement of development capital expenditure incurred since 1st January 2020.
Copyright RTT News/dpa-AFX