By OGJ editors
HOUSTON, Oct. 14 -- Cairn Energy PLC has agreed to sell Petronas International Corp. Ltd., (PICL) the overseas arm of Petroleum Nasional Bhd., a 10% interest in Cairn Energy's six operated blocks off western and southern Greenland.
Cairn Energy plans to target the $310 million purchase price toward further investment in Greenland exploration (see map, OGJ, Aug. 24, 2009, p. 38).
PICL has the option to boost its interest to 20% in any development in the blocks in return for further consideration to reflect a market valuation of the additional 10% interest at the time.
Cairn and PICL agreed to cooperate on an 80-20 basis in any other open door or bid round initiatives in Greenland.
PICL also acquired from Cairn Energy 43.6 million shares or 2.3% of Cairn India Ltd., bringing PICL's stake in Cairn India to 14.94%.
Permian Resources Corp.
Photo from Standard Lithium.
