7th Sep 2007 07:01
Cairn Energy PLC07 September 2007 EMBARGOED FOR RELEASE AT 0700 7 September 2007 Cairn Energy PLC ("Cairn") Dyas BV ("Dyas") Acquires 10% Stake in Capricorn Energy Limited ("Capricorn") Cairn announces today that Dyas, an active investor in oil and gas jointventures, has agreed to acquire a 10% holding in Cairn's exploration focusedsubsidiary Capricorn, for a total consideration of approximately US$90m. Capricorn is currently reviewing a number of new exploration opportunities,which could be partly funded with the proceeds of the Dyas investment. Capricornis also planning a high impact exploration drilling programme offshoreBangladesh, which is scheduled to commence in October 2007. On completion of the transaction, Dyas has the right to appoint a Capricorndirector. Attached to this announcement is a summary of the equity structure of the CairnGroup post the Dyas transaction. Dr Mike Watts, Exploration and New Business Director of Cairn, and ChiefExecutive of Capricorn, commented: "We are delighted to welcome Dyas as a strategic partner in Capricorn. Wealready have an excellent long term relationship with the Dyas management teamand look forward to working together with them as we grow the Capricornbusiness." Alexander Berger, General Manager of Dyas, commented: "Having worked with Cairn on previous occasions we are very pleased to becomepart of Capricorn right from the start, as this opportunity is fully in linewith our strategy to grow our business outside the North Sea. Capricorn givesDyas exposure to strategic and high quality worldwide exploration opportunities.Given the outstanding track record of the Capricorn management team and ourintent to play a committed investor role we are confident that this partnershipwill deliver excellent results." Enquiries to: Analysts/InvestorsCapricorn Management Team: Mike Watts, Exploration & New Business Director of Cairn and Tel: 0131 475 3000Chief Executive of Capricorn Jann Brown, Finance Director of Cairn and Capricorn Simon Thomson, Legal and Commercial Director of Cairn and Capricorn Media Tel: 0207 404 5959Brunswick Group LLP:Patrick Handley, Mark Antelme, Phoebe Buckland Notes to Editors: Capricorn Capricorn is a subsidiary of Cairn Energy PLC based in Edinburgh. Its currentassets are located in Bangladesh, Nepal and Northern India. The Capricorn groupis focused on exploration and is currently assessing a number of opportunitiesto grow its existing asset base. Dyas Dyas is a wholly owned subsidiary of the largest privately owned conglomerate inThe Netherlands, SHV Holdings N.V. and an active partner, as non operator, inoil and gas exploration, development and production joint ventures. Net UK & NLdeveloped reserves are some 43 million boe and daily production is 24 thousandboe/d. Dyas is aiming to grow these production levels, by participating inauctions, focused strategic alliances and diversifying its reserves base outsidethe North Sea arena. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Capricorn Energy PLC