Cairn to Take Control of Capricorn Oil

29 November 2009 (Last Updated November 29th, 2009 18:30)

UK-based oil and gas company Cairn Energy announced it will take full ownership and control of its exploration subsidiary, Capricorn Oil. Cairn will acquire the 9.99% stake from Dyas BV in return for 1.8m shares, certain interests in Albania and Tunisia and a small proportion of cash. T

UK-based oil and gas company Cairn Energy announced it will take full ownership and control of its exploration subsidiary, Capricorn Oil.

Cairn will acquire the 9.99% stake from Dyas BV in return for 1.8m shares, certain interests in Albania and Tunisia and a small proportion of cash. The overall deal value is estimated to be $95m.

The acquisition comprises Dyas' entire holding in the Capricorn Group, including all assets and cash balances.

On completion, Dyas will hold a 15% interest in the Louza Permit and a 7.5% interest in the Nabeul Permit in Tunisia and a 15% interest in Block Joni-5 in Albania.