Cairn has entered into binding Heads of Terms with Petronas International Corporation Ltd, (PICL), the overseas arm of Petroliam Nasional Berhad (Petronas), on the following terms:
The total consideration to be paid by PICL in respect of the above transactions is US $310 million. These funds will be targeted for additional investment in Greenland exploration.
Sir Bill Gammell, Chief Executive Officer, Cairn Energy PLC said, "We are delighted that Petronas is joining with us in Greenland as we take forward our leading exploration position. The acquisition of additional CIL shares by Petronas reflects our shared belief in the continuing growth potential of Rajasthan while giving Cairn increased financial and operational flexibility in line with our growing confidence in Greenland."
Most Popular Articles
From the Career Center
Jobs that may interest you