Dyas completes North Sea Catcher farm-in
Cairn Energy has completed the farm-out of a 10% interest in the Catcher development and adjacent acreage in the UK North Sea to Dyas UK.
Under the agreement, Dyas will carry Cairn’s exploration and development costs up to a cap of $182 million effective Jan. 1, 2014. As a result, Cairn will reduce its forward capex to the end of 2017 by up to $380 million. The company retains a 20% interest in the Catcher license.
The Premier-operatedCatcher development is expected to deliver first oil in 2017.