Cairn, an Edinburgh, Scotland-based independent oil company has completed the farm out agreement to Dyas UK Limited for the sale of a 10% interest in the Catcher development and adjacent acreage in the UK North Sea for a carry of Cairn’s exploration and development costs up to a cap of $182 million.
The Premier Oil-operated Catcher field, to be developed using an FPSO, is on track for first oil from 2017.
Cairn has, as a result of farm-out, reduced its forward capital expenditure to the end of 2017 by ~US$380m. Cairn retains a 20% working interest in the Catcher licence.
Furthermore, the company has informed that it has, through its subsidiary Capricorn Norge AS, has been non-operated interests in five licences in the Norwegian 2014 APA Licensing Round.