UK independent oil and gas company Cairn Energy reported Wednesday that it has completed the farm out to Dyas UK Limited of a 10-percent interest in the Catcher development and its adjacent acreage in the UK North Sea. The deal will see Cairn have its exploration and development costs for Catcher up to a cap of $182 million effective January 1, 2014.
As a result of the transaction Cairn has reduced its forward capital expenditure to the end of 2017 by $380 million.
The Catcher development is on track for first oil in 2017. Cairn will retain a 20-percent working interest in the Catcher license.
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