Cairn Completes Catcher Farm-out to Dyas UK

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.

Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  Aker Solutions to Buy Brazilian C.S.E (Oct 21)
 -  Sea Trucks Group Secures Work Offshore... (Oct 21)
 -  Shell Divests Non-Core Oil, Gas Proper... (Oct 21)
 -  Petrofac Appoints New CFO (Oct 21)
 -  Wheatstone LNG Development Start-Up in... (Oct 20)

Most Popular Articles

From the Career Center
Jobs that may interest you
Technical Coordinator
Expertise: Client Representative|Process Management|Technical Writing
Location: Houston, TX
Executive Assistant
Expertise: Executive|Secretarial or Administrative
Location: United States
Regional Manager - Saybolt
Expertise: Executive|Operations Management
Location: Linden, NJ
search for more jobs

Brent Crude Oil : $51.38/BBL 2.44%
Light Crude Oil : $50.43/BBL 2.26%
Natural Gas : $3.14/MMBtu 0.94%
Updated in last 24 hours