Deal Insight
Cairn Energy acquires Nautical Petroleum for US$534 million
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Report summary
Cairn is to acquire Nautical Petroleum for US$534 million (£344 million), net of working capital. Cairn's £4.50 per share offer represents a 51% premium to Nautical's closing share price on the day prior to the deal announcement. Nautical's portfolio is dominated by interests in three UK probable developments: Kraken (25%), the Greater Catcher Area (15%) and Mariner (6%), as well as acreage in the UK, France and Ireland.For Cairn, the deal marks a second UK-focused ...
Table of contents
- Executive summary
- Transaction details
-
Upstream assets
- Greater Catcher Area
- Kraken
- Mariner
- Other assets
- Exploration acreage
-
Deal analysis
- Potential upsides
-
Strategic rationale
- Cairn Energy's Perspective
- Nautical Petroleum's Perspective
- Oil & gas pricing and assumptions
Tables and charts
This report includes 6 images and tables including:
- Wood Mackenzie NPV estimates by asset (including Kraken Low scenario) vs. comparable deal valuations
- Deal analysis: Table 1
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- Kraken (25%) NPV sensitivity analysis under Base price scenario (including cost carry)
- Wood Mackenzie forecasts for Cairn Energy production and capex, post Agora and Nautical deals
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