Cairn has completed farm out agreement to Dyas UK Limited for the sale of a 10% interest in the Catcher development and adjacent acreage in the UK North Sea for a carry of Cairn's exploration and development costs up to a cap of US$182 million (m) effective 1 January 2014. The Catcher development is on track for first oil from 2017.

As a result of the transaction, Cairn has reduced its forward capital expenditure to the end of 2017 by ~US$380m. Cairn retains a 20% working interest in the Catcher licence.

Tags: Cairn Energy PLC