Cairn: Completion of acquisition of Western Desert Assets, Egypt

Capricorn Egypt, a wholly owned subsidiary of Cairn, acquired 50% of the Assets, with the remaining 50% acquired by Cheiron subsidiaries. The acquisition value, which is subject to completion adjustments, is US$323 million net to Cairn, with additional contingent consideration of up to a maximum of US$140 million over four years net to Cairn if certain requirements are met.

The gas-weighted portfolio, in a region with strong demand growth, offers low cost production, near-term development, owned infrastructure and significant exploration potential.

Cairn has appointed Dr Eleanor Rowley as Managing Director, Egypt. Dr Rowley joins Cairn from TotalEnergies where she was Vice-President Exploration for the Middle East, Caspian, North Africa and Southern Europe.