London-listed E&P midcap Cairn Energy has exercised an option with French major Total to take 40% of Mauritania’s deepwater Block C7. Subject to government approval, Total’s 90% operator’s stake will drop to 50% with state firm ONHYM’s share remaining at 10%.
Cairn’s would-be 40% stake is 10 percentage points higher than a previous agreement which set the the firm’s farm-in option at 30% (MEES, 14 September 2018). (CONTINUED - 389 WORDS)