Cairn has received all required approvals and completed the acquisition of Agora Oil & Gas AS ('Agora'). Agora is now part of the Cairn group of companies.
Agora is a Norwegian company with non-operated exploration, appraisal and development assets in the UK and Norwegian North Sea. Agora's portfolio is made up of interests in 11 licenses in the North Sea basin, with an active drilling programme in 2012.
The total consideration is approximately US$453 million, satisfied through a combination of approximately 43.3% / US$196m cash and 56.7% / 47,662,603 Cairn shares (which are expected to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market at 8am today). Following the issue of these shares, the total issued share capital of Cairn will be 602,375,300 shares.