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
    • Greater Catcher Area
    • Kraken
    • Mariner
    • Other assets
    • Exploration acreage
    • Potential upsides
    • Cairn Energy's Perspective
    • Nautical Petroleum's Perspective
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 6 images and tables including:

Tables

  • Deal analysis: Table 1
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2

Images

  • Wood Mackenzie NPV estimates by asset (including Kraken Low scenario) vs. comparable deal valuations
  • 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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