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    RDSA   GB00B03MLX29

ROYAL DUTCH SHELL PLC

(RDSA)
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Shell Completes Sale of Egyptian Assets to Cairn, Cheiron

09/24/2021 | 03:30am EDT

By Jaime Llinares Taboada

Royal Dutch Shell PLC said Friday that it has completed the sale of its Western Desert assets onshore Egypt to Cairn Energy PLC and Cheiron Petroleum Corporation for up to $926 million.

The price includes a base consideration of $646 million and up to $280 million subject to oil price and exploration milestones between 2021 and 2024.

Cairn and Cheiron have acquired interests in 13 concessions which averaged net production of 83,000 oil-equivalent barrels a day in 2020, of which 63% was gas, and 226 million barrels of oil-equivalent 2P (proven and probable) reserves.

Shell said that the transaction refocuses its business in Egypt and that it remains a leading player in the country. The completion of the sale, which was first announced in March, comes days after Shell signed another deal to sell its U.S. Permian Basin oil production business to ConocoPhillips for $9.5 billion.

Cairn Energy said that the acquisition of Shell's gas-weighted portfolio offers low-cost production, near-term development, owned infrastructure and significant exploration potential in a region with strong gas demand growth.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

09-24-21 0329ET

Stocks mentioned in the article
ChangeLast1st jan.
CAIRN ENERGY PLC -0.05% 193.7 Delayed Quote.-21.80%
ROYAL DUTCH SHELL PLC 0.42% 21.28 Real-time Quote.45.61%
WTI -0.16% 83.423 Delayed Quote.71.11%
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Financials (USD)
Sales 2021 279 B - -
Net income 2021 19 440 M - -
Net Debt 2021 55 395 M - -
P/E ratio 2021 10,6x
Yield 2021 3,39%
Capitalization 192 B 191 B -
EV / Sales 2021 0,88x
EV / Sales 2022 0,79x
Nbr of Employees 87 000
Free-Float 99,0%
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Mean consensus BUY
Number of Analysts 12
Last Close Price 24,80 $
Average target price 27,21 $
Spread / Average Target 9,72%
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Managers and Directors
Bernardus Cornelis Adriana Margriet van Beurden Chief Executive Officer & Executive Director
Jessica Rodgers Uhl Chief Financial Officer & Director
Andrew Stewart Mackenzie Chairman
Harry Brekelmans Director-Technology & Projects
Gerrit Zalm Independent Non-Executive Director
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