Cairn Energy sale of stake in North Sea fields to Waldorf on track to complete in H2

Cairn Energy sale of stake in North Sea fields to Waldorf on track to complete in H2

Oil company Cairn Energy said it continued to expect to complete the sale of its UK Catcher and Kraken fields to Waldorf Production in the second half of the year.

‘Divestment of our interests in our Catcher and Kraken producing assets in the UK North Sea comes at the right point in the cycle and allows us to retain exposure to oil price and reservoir performance upside, whilst further supporting our ability to pursue our strategic goals,’ it added.

Production from the Waldorf production assets is expected ‘within our annual guidance for 2021 of 16,000-19,000 barrels of oil per day, it added.

Source: StockMarketWire.com

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Published: 11-05-2021