2009-08-19-2007-10-01-2007-10-01

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
$72.6MM
Description

Bought companies, gaining assets offshore UK, western Australia, Peru and Tunisia.

Capricorn Energy Ltd., a subsidiary of Cairn Energy Plc, Edinburgh, Scotland, (London, CNE) plans to acquire Aberdeen, Scotland-based Plectrum Petroleum Plc and London-based MedOil Plc for a combined US$72.6 million. The Plectrum deal is for approximately US$47.5 million. The assets consists of a 50% interest and operatorship of the 3,352-square-kilometer Nabeul Block, offshore Tunisia; a joint venture with Gold Oil Plc in Block Z-34, offshore Peru; petroleum exploration permits for the WA-379-P and WA-380-P frontier areas within the Bremer sub-basin, Bight Basin, offshore Western Australia; and a promote seaward production license West of Shetlands blocks 214/19 and 214/20 offshore the U.K. The MedOil deal is for approximately US$25.2 million. The assets consists of 100% of the 2,500-square-kilometer Joni-5 production-sharing contract offshore Albania, two contiguous permits in the Sicily channel area, offshore Italy; and the 4,100-square-kilometer Louza permit offshore Tunisia. The combined acreage of Plectrum and MedOil provides Capricorn with a potentially material oil exploration position in Tunisia.