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Kraken Stream (UK North Sea, Oil)

The Asset

  • Operated by EnQuest (70.5%) with Cairn as JV partner (29.5%)
  • Expected by the operator to produce over 130 million barrels of oil
  • The operator is targeting a field plateau production rate of over 50 thousand barrels of oil per day
  • Field development plan based on a leased FPSO with 13 producers and 12 water injectors

The Counterparty (Cairn)

  • Cairn is one of Europe’s leading independent oil and gas exploration and development companies and is listed on the London Stock Exchange
  • Cairn has discovered and developed oil and gas reserves in a variety of locations around the world
  • US$1.4bn market capitalisation as of March 2017 when FlowStream entered into the stream
  • Cairn is one of the best capitalised independents with US$335m of net cash and a fully undrawn US$575m RBL at the time of the transaction
  • Kraken will be Cairn’s key near term producing asset

The Deal

  • FlowStream entered into a stream agreement with Cairn in March 2017
  • FlowStream provided US$75 million of cash to Cairn in return for a percentage of Cairn’s production from the Kraken field

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