Cairn Sinks $644M Into Another North Sea Oil Co.

Law360, New York (June 13, 2012, 12:04 PM EDT) -- British oil explorer Cairn Energy PLC will buy North Sea-focused Nautical Petroleum PLC for £414 million ($644 million), the company said Wednesday — its second acquisition since April to shift from Greenland, where a two-year search for oil has come up empty.

Cairn will pick up 86 million barrels of probable reserves across four development projects, all of which are likely to start commercial production by 2016. The deal bolsters the company’s footprint in the Catcher and Kraken fields — the biggest North Sea discoveries in...
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