Edinburgh-based Cairn Energy Plc today said it has completed the acquisition of Agora Oil and Gas, a Norwegian company with oil and gas exploration assets in the UK and Norwegian North Sea.
“Cairn is pleased to announce that, further to the announcement made on April 3, 2012, it has received all required approvals and today completed the acquisition of Agora Oil & Gas AS. Agora is now part of the Cairn group of companies,” a company statement said.
The $450 million deal would be funded through a combination of 43.3% cash ($196 million) and 56.7% Cairn shares (47.66 million).
Agora’s portfolio is made up of interests in 11 licences in the North Sea basin, with an active drilling programme in 2012.
In April, Agora struck oil at its Skarfjell Prospect in the Norwegian North Sea, which it found very good quality upper Jurassic reservoir sandstone containing light oil over a 168m gross interval.
Cairn Energy Chief Executive Simon Thomson said: “The value of the acquisition of Agora has already been demonstrated with the significant light oil Skarfjell discovery in the Norwegian North Sea.
“This is an important initial transaction for Cairn, demonstrating our intention to build a balanced portfolio. The Agora team’s experience and proven track record in identifying opportunities in a relatively mature basin, has the potential to add significant value for Cairn.
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