Cairn Energy exits Bangladesh

4th Nov 2010 11:57

Cairn Energy has ended its links with Bangladesh, the country that established it as a major oil and gas group, with the sale of its stake in the Sangu field to Aussie firm Santos.Santos will acquire the entire issued share capital of Cairn Energy Sangu Field Limited ("CESFL"), which holds a 37.5% interest in the producing Sangu gas field, offshore Bangladesh, and a 50% interest in Block 16 exploration acreage. CESFL is the operator of the Sangu gas field. No details on the consideration were released.For the year ended 31 December 2009 CESFL generated revenue of $13.2m and reported a loss before tax of $3.7m.Santos is an Adelaide-based oil and gas exploration and production company listed on the Australian Stock Exchange.