Cairn sells Senegal assets to Lukoil with eye on acquisitions

FINANCIAL TIMES 🔒| Cairn Energy has sold it assets in Senegal to Russia’s Lukoil for up to $400m, in a deal that will result in a special dividend and bolster its war chest for acquisitions at a time of depressed oil and gas prices.

The Edinburgh-based exploration and production company, which helped kickstart the west African nation’s burgeoning deepwater energy sector with discoveries in 2014, plans to pay out at least $250m to shareholders under the deal. Its shares rose 7 per cent to 133.6p in early trading in London.

To read the full article, click here (subscription required).

  • LinkedIn
  • Twitter

© 2020 Energen. This website represents a proof of concept of the future platform