Cairn Energy has entered into a farm out agreement for the sale of a 10% interest in the Catcher development and adjacent acreage in the UK North Sea. Effective 1 January 2014, Dyas UK will acquire 10% in UK Continental Shelf licenses P1403 (Catcher), P2040, P2070, P2077, and P2086 by funding Cairn’s exploration and development costs with respect to the licenses up to a cap of USD 182 million. After the transaction, Cairn will retain 20% interest in Catcher and the following interests in each of the other licenses—36% in P2070, 36% in P2077, 10% in P2040, and 10% in P2086.
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