Recommended Cash Offer for Plectrum Petroleum
Agreement has been reached with the Board of Plectrum on the terms of a recommended cash offer by Capricorn for the whole of the issued share capital of Plectrum. The terms of the offer values the entire existing issued share capital of Plectrum at approximately £23.4m. Plectrum holds a 50% equity interest in the Nabeul permit offshore Tunisia and in addition has interests in Australia, Peru and the UK (West of Shetlands).
Recommended Cash Offer for MedOil
An agreement has been reached with the Board of MedOil on the terms of a recommended cash offer by Capricorn for the whole of the issued share capital of MedOil. The terms of the offer values the entire existing issued share capital of MedOil at approximately £12.4m. MedOil holds a 100% interest in the Louza permit offshore Tunisia and in addition has pending licenses offshore Albania, Spain and Sicily.
The combined acreage of Plectrum and MedOil provides Capricorn with a potentially material oil exploration position in Tunisia. These transactions are not however inter-conditional. Appendix 1 to this announcement contains a map providing a summary of the Tunisian acreage positions.
Dyas BV, an active investor in oil and gas joint ventures, has agreed, pre the above offers, to acquire a 10% shareholding in Capricorn for a total consideration of approximately US$90m. Appendix 2 to this announcement summarizes the equity structure of the Cairn Group post the Dyas transaction.
Dr Mike Watts, Exploration and New Business director of Cairn, and Chief Executive of Capricorn, commented:
"I am delighted to announce, through these recommended cash offers, the first steps towards building a portfolio of assets with material positions offering high impact exploration potential. At the same time, I am pleased that Dyas has demonstrated its confidence in Capricorn's future by investing directly for a 10% shareholding."
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