Capricorn acquires stake in North Sea gas field
Capricorn Energy, the Edinburgh-based explorer, will acquire a stake in the North Sea’s Columbus gas field under a revised deal with Waldorf Production UK.
The company, formerly known as Cairn Energy, sold stakes in the Catcher and Kraken fields in 2021 and will now acquire Waldorf’s 25% non-operated working interest in Columbus in the central North Sea, as well as $72.5 million.
An initial payment of $48m will be paid this month, with $2m handed over in the first quarter of next year and the remainder in January 2025.
“The acquisition of the Columbus field allows the company to maintain its presence in the UK North Sea where it has been active over the last decade through continuous exploration and production activities,” Capricorn said in an update.
Columbus should deliver consistent cash flows upon its transfer into Capricorn’s hands on 1 January, the company added.
Capricorn also said it had agreed to release $48 million of restricted cash held by Waldorf “related to a residual liability on the Kraken field”.