Cairn Energy sells Senegal interests to Russia’s Lukoil
Shares rise as the oil and gas producer says it will pay at least $250m as a special dividend
27 July 2020 - 23:10
Bengaluru — Oil and gas producer Cairn Energy said on Monday it will sell its Senegal interests to Russia's Lukoil for up to $400m and intends to return at least $250m as a special dividend after sale completion, sending its shares up 5%.
Cairn said it will sell its entire 40% interest in the Rufisque, Sangomar and Sangomar Deep (RSSD) contract area and added that the sale and special dividend was consistent with its “disciplined approach” to portfolio management and capital allocation...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.