Cairn Energy offloads stake in Pitu block

25 January 2012: Edinburgh-based explorer Cairn Energy plc has offloaded 30.6 per cent stake in Pitu block in the Baffin Bay Basin off the west coast of Greenland to Norway's oil and gas major Statoil ASA for an undisclosed amount.

Under the terms of the agreement Statoil will acquire a working interest of 30.625 per cent in the Pitu licence. Cairn will retain exploration operatorship, with a 56.875 per cent interest in the block, while Statoil will operate any future development. Nunaoil has an ongoing 12.5 per cent interest in the block. The deal is subject to the approval of the Greenland Government.

Source: BusinessStandards