Cairn Energy to pay special dividend after $400 million Senegal interests sale [Reuters]
CAPRICORN ENERGY UNSP/ADR (CRNCY)
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Source: Reuters
Cairn Energy to pay special dividend after $400 million Senegal interests sale (Reuters) - Oil and gas producer Cairn Energy ( CNE.L ) said on Monday it will sell its Senegal interests to Russia’s LUKOIL ( LKOH.MM ) for up to $400 million and intends to return at least $250 million as a special dividend after sale completion, sending its shares up 5%. Cairn said it will sell its entire 40% interest in the Rufisque, Sangomar and Sangomar Deep (RSSD) contract area and added that the sale and special dividend was consistent with its “disciplined approach” to portfolio management and capital allocation. Shares in Cairn Energy rose 5.2% to 133.5 pence by 0723 GMT. The sale comes at a time when the industry is reeling from declining demand in the face of the COVID-19 pandemic and a dramatic slide in crude prices. Earlier this year, Cairn had said it was assessing “substantial initiatives to reduce and re-phase” investment in the $4.2 billion Sangomar oil development project, along with
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