Cairn Energy confirms sale of Senegal assets to Woodside

Cairn Energy on Monday confirmed that it had agreed to sell its entire stake in offshore oil blocks in Senegal to Woodside.

The deal will be put to shareholders on September 23. Cairn last month said Woodside had exercised pre-emptive rights to buy its 40% share in the assets for up to $400m after initially agreeing in July to sell the stake to the joint venture partner Lukoil on the same terms.