The London-listed explorer said it would gain 38% stakes in Porcupine Basin pair Frontier Exploration Licence (FEL) 2/04 and FEL 4/08 under the deal, as well as six adjacent licensing option blocks.
After the pending farm-in Cairn Energy will hold a 38% stake, Providence Resources 32%, Chrysaor 26% and Sosina 4%.
In return, Cairn Energy will pay $4.1 million in pro-rated back costs and carry 63.33%
