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Cairn to sell Senegal interest to Lukoil for up to $400 million

Christian Fernsby |
Cairn announced that it has entered into an agreement to sell to Lukoil its entire 40 per cent interest in the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) Contract Area, including the Sangomar development, offshore Senegal, for a cash consideration of up to $400 million plus reimbursement of development capital expenditure incurred since 1st January 2020.

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Following Completion, Cairn intends to return at least $250m to shareholders.

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