EDINBURGH, UK – Cairn Energy subsidiary Capricorn has made an agreed offer for London-based independent Nautical Petroleum. The proposed share transaction values Nautical at around £414 million ($644 million).
Cairn recently moved into the North Sea by acquiring Norway’s Agora Oil & Gas.
Nautical’s assets include:
- A 15% interest in UK central North Sea license PL1430, including the Catcher, Burgman, Carnaby and Varadero oil discoveries, and where Agora holds a 15% stake
- A 25% interest in the EnQuest-operated Kraken heavy oil development
- A 6% interest in the Mariner oil field development operated by Statoil, which is moving closer to the sanction stage
- A minimum 50% interest in block 9/1a (license P1759) and the associated Ketos prospect.
The offer is subject to approval from Nautical shareholders.