Cairn to acquire Agora in $450 million deal

April 4, 2012

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.

Paula Dittrick

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.

About the Author

Paula Dittrick | Senior Staff Writer

Paula Dittrick has covered oil and gas from Houston for more than 20 years. Starting in May 2007, she developed a health, safety, and environment beat for Oil & Gas Journal. Dittrick is familiar with the industry’s financial aspects. She also monitors issues associated with carbon sequestration and renewable energy.

Dittrick joined OGJ in February 2001. Previously, she worked for Dow Jones and United Press International. She began writing about oil and gas as UPI’s West Texas bureau chief during the 1980s. She earned a Bachelor’s of Science degree in journalism from the University of Nebraska in 1974.