22nd Feb 2016 07:32
LONDON (Alliance News) - Cairn Energy PLC and EnQuest PLC on Monday said they increased their holdings in the Kraken oil project in the UK North Sea, buying out the third partner on the project.
Cairn said it has increased its stake in the project to 29.5% after it bought a further 4.5% interest in the project from First Oil PLC. It acquired the stake through its Nautical Petroleum Ltd subsidiary and paid a nominal cash consideration for the stake, though as part of the deal Cairn will waive its right to reclaim around USD3.0 million in cash calls paid on behalf of First Oil.
EnQuest said it had bought another 10.5% stake in the project to raise its total holding to 70.5%. It also paid a nominal consideration and will waive its rights to reclaim around USD7.0 million in cash calls paid to First Oil.
By Sam Unsted; [email protected]; @SamUAtAlliance
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