Cairn buys control of two exploration licenses offshore Ireland, 09 May 2013 13:52

UK independent Cairn Energy has acquired operatorship of two exploration licenses off the west coast of Ireland which contain two undeveloped fields and significant exploration potential, the company said Tuesday. Under the deal, Cairn will acquire a 38% equity stake in the FEL 2/04 and FEL 4/08 licenses in the Porcupine Basin from privately-held block operators Chrysaor and its partner Sosina Exploration. Ireland's Frontier Exploration License 2/04, which lies some 200 km off the Ireland coast in 400 meters of water, contains the Spanish Point gas condensate discovery and the Burren oil discovery.

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