Cairn Energy PLC, Edinburgh, agreed to acquire Agora Oil & Gas AS, a private Stavanger, Norway-based company with nonoperated assets in the North Sea, in a cash and stock deal valued at $450 million.
Closing of the transaction remains subject to UK and Norwegian regulatory approvals.
Currently, RIT Capital Partners PLC and Jacob Rothschild's family own most of Agora.
Agora plans to drill up to nine wells this year. Cairn said the acquisition provides it with near-term, lower-risk exploration, development, and producing properties.