EDINBURGH (dpa-AFX) - Cairn Energy Plc. (CNE.L), a British oil and gas company and its consortium partner Cheiron Petroleum Corporation, have announced the completion of the acquisition of a portfolio of upstream oil and gas production, development, and exploration interests from Shell Egypt NV and Shell Austria GmbH (Shell) in the Western Desert of onshore Egypt.
Capricorn Egypt, a wholly-owned subsidiary of Cairn, acquired 50 percent of the assets, with the remaining 50 percent bought by Cheiron subsidiaries.
The acquisition value is estimated at $323 million net to Cairn, with additional contingent consideration of up to a maximum of $140 million over four years net to Cairn, if certain requirements are met.
Meanwhile, Cairn has appointed Eleanor Rowley as Managing Director of the Egyptian arm. Rowley joins Cairn from TotalEnergies where she was Vice-President Exploration for the Middle East, Caspian, North Africa, and Southern Europe.
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