Cairn makes offer for Nautical

Offshore staff

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’sAgora 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-operatedKraken heavy oil development

• A 6% interest in theMariner 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.

6/13/2012