Cairn Energy lines up $250 million special divi following sale of Senegal assets StockMarketWire.com - Oil and gas exploration and development company Cairn Energy said it would return $250 million to shareholders via a special dividend as it edged closer to completing its Senegal assets sale to Woodside by year-end after receiving regulatory and third-party approvals.
Following the completion of the sale, Cairn would pay a special dividend of 32 pence per share, amounting to a return of approximately US$250m or £188m to shareholders.
The special dividend was expected to be paid on 25 January 2021 to those on the register on 8 January 2021.
Under the terms of the agreement, cash received by Cairn at completion was expected to be approximately US$525 million.
A further payment of up to US$100 million would be payable to Cairn should certain conditions be met relating to the date of first production from the Sangomar development and the prevailing oil price at that time, the company said.