Predict your next investment

ENERGY & UTILITIES | Oil & Gas Production & Exploration
agoraoil.com

See what CB Insights has to offer

Stage

Acquired | Acquired

Valuation

$0000 

About Agora Oil and Gas

Agora Oil and Gas is a private Norwegian company with oil and gas assets in the United Kingdom and Norwegian North Sea.In April 2012, RIT Capital Partners exited its investment in Agora Oil and Gas, selling the company to Cairn Energy. The valuation of Agora Oil and Gas was $450 million.

Agora Oil and Gas Headquarter Location

Veritasbygget Rosenberggaten 99

04007,

Norway

+47 417 89 560

Latest Agora Oil and Gas News

RIT Capital Partners Sells Agora Oil and Gas

Apr 3, 2012

RIT Capital Partners Sells Agora Oil and Gas April 3, 2012 By Angela Sormani UK investment trust RIT Capital Partners has sold Agora Oil and Gas, a private Norwegian company to Cairn Energy. The proposed sale of the business is for $450 million. RIT’s co-investors in Agora include Lord Rothschild’s family interests & philanthropic foundation, as well as Agora’s management & employees. PRESS RELEASE RIT Capital Partners plc (“RIT”) announces the proposed sale of Agora Oil and Gas (“Agora” or the “Company”), a private Norwegian company with oil and gas assets in the United Kingdom and Norwegian North Sea to Cairn Energy PLC (“Cairn”). The proposed sale of the Agora business is for total consideration of $450 million (m) to be satisfied in cash and Cairn shares. RIT’s co-investors in Agora include Lord Rothschild’s family interests & philanthropic foundation, as well as Agora’s management & employees. RIT’s anticipated cash proceeds from the transaction will be £114m, against its investment of £41m. This represents a total profit of £73m, and an increase of £47m from the carrying value. RIT backed the experienced Agora team in November 2009. The team has over 250 years of accumulated exploration experience from the North Sea Basin and a proven ability to create and identify new play concepts and prospects. In the two years since RIT’s initial investment, Agora has participated in 10 low-risk exploration and appraisal wells to date, resulting in only 1 dry hole, building up reserves and resources of 22 million barrels 2C contingent resources (95% oil weighted) and 55 million barrels (mean risked) prospective resources. Lord Rothschild, the Chairman of RIT said: “Agora was only established just over 2 years ago. The achievement of the management team since then has been a remarkable one. We’re proud and delighted to have been their founding partner, and wish them every possible success in the next phase of their development with Cairn.” The transaction is subject to approval from the relevant regulatory authorities in the UK and Norway. ENDS

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

CB Insights uses Cookies

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.