Cairn sells 40% share to Lukoil, page-54

Cosmo, Cairn are the Parent Company. They r selling the Holding company Capricorn Senegal to Lukoil's Holding company in Senegal which is called LukOil Upstream Senegal BV. This entity was registered in Amsterdam just last week (20th July). WPL BV r also based out of Amsterdam. FAR would do the same with their Holding company if someone makes an offer, unless they choose to forfeit their 15%.

Simon made it clear that PE rights exist & if a JV partner matches the current offer, then they can have it. Dodged the question on FAR being in default, as its not their problem.

Also this sale by Cairn is not generating any earth-shattering profit, as the Assets till Dec 2019 were USD 522mil, plus expenses for 2020 of ~USD330mil. Net 2P-2C is around 200mmbbls for the USD300m cash they r getting in the current climate. So they've decided to pull the pin now to conserve future capital costs on Sangomar rather then spend USD1.4 bil net Capex for Phase-1 first oil in 2023/'24.

USD 250 mil divi will keep their shareholders quite as the company focusses on the Nth Sea assets. Both Simon & James kept saying that the sale was in line with Analyst estimates for Ph-1 costs.