Cairn Adds North Sea Oil Wells With $450M Agora Buy

Law360, New York (April 3, 2012, 1:23 PM EDT) -- U.K. oil company Cairn Energy PLC will pay $450 million for Norway's Agora Oil & Gas AS to add more North Sea wells already close to production and shift away from Greenland, where a two-year search for oil has come up dry, Cairn said Tuesday.

The deal is Cairn's first step toward its strategy of rebalancing its portfolio toward lower-risk, cash-generating holdings, which it unveiled in detail last month.

The plan also includes selling a 30 percent stake in some Greenland blocks to Statoil ASA and...
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