We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
RSS FeedChange Management

Cairn Energy makes £280.7 million acquisition

FTSE250 company buys Agora Oil & Gas

Article comments

Oil explorer Cairn Energy agreed a £280.7 million to buy Agora Oil & Gas, it announced on Tuesday.

The FTSE250 company bought Agora in an attempt to increase its drilling activity in the UK and Norway.

Cairn said it would pay for the deal through a combination of approximately 43 percent cash and 57 percent Cairn shares, subject to regulatory approval.

The energy company said it would pay a total consideration of £280.7 million when including the net working capital of £46.8 million. It put the enterprise value of the proposed acquisition at £234 million, including £36.1 million of potential tax shelter in Britain and Norway.

"This is an important first step in establishing balance in the Cairn portfolio," chief executive Simon Thomson said. "This acquisition secures a building block in areas where we see the opportunity to build cash flow from near term, lower risk exploration, development or producing properties.

"Agora possesses attractive core assets and significant exploration potential both in 2012 and beyond in an area offering future organic growth."


Recommended Articles


Cairn Energy makes £280.7 million acquisition
Change Management

Ocado: Online food is not our bread and butter

Ocado: Online food is not our bread and butter

ComputerworldUK meets Ocado CTO Paul Clarke to find out why the company believes it is a tech company, not a retailer, at heartmore ..

Big increase in UK online sales tracked by IMRG Capgemini

Estimated £8.1 billion spent onlinemore ..

BHP Billiton names CFO Graham Kerr boss of new demerger business

BHP Billiton announced plans to separate its main business to simplify the group and boost shareholder valuemore ..

Online retailers to benefit from superfast broadband

Government hopes that 95 percent of the population will have superfast broadband by 2017more ..

How new technologies are 'disrupting' shared services

A whole new model with less staff, more focus on intellectual capabilities and localised staffing is evolvingmore ..

Car industry’s greatest challenge is the shift to software

BMW’s outage illustrates the minefield manufacturers are navigating in light of the connected carmore ..

Send to a friend

Email this article to a friend or colleague:

PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.

In Depth
Can finance rise to the challenge of major transformation?

Can finance rise to the challenge of major transformation?

Outdated finance processes, systems and competencies leave too many questions unanswered more ..

In Depth
Interim CFO or consultant? The pros and cons

Interim CFO or consultant? The pros and cons

Ed Harding offers an insight into the life of an interim CFO and the advantages in driving transformation more ..


* *