Cairn Energy buys half-share in Moroccan block

Oil and gas explorer Cairn Energy is to acquire a half-share in the Foum Draa block in Morocco, diluting the stakes of San Leon Energy, Serica Energy, Longreach Oil and Gas Ventures.

Oil and gas explorer Cairn Energy is to acquire a half-share in the Foum Draa block in Morocco, diluting the stakes of San Leon Energy, Serica Energy, Longreach Oil and Gas Ventures.

Cairn will pay its equity interest share of past costs and the first $60m towards the costs of an exploration well, which will be drilled in the fourth quarter of 2013 at the earliest. Two key prospects on the block have been identified.

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