RIT sells Agora Oil and Gas for $450m to Cairn Energy

The total sales price of $450m will be paid in cash and Cairn Energy shares.

Cash proceeds amount to £114m, with a profit of £73m for RIT. The investor originally provided £41m in 2009.

Co-investors were Lord Rothschild's family interest and philanthropic foundation and Agora's management.

The deal is awaiting approval from Norwegian and British regulators.

Company
Agora is an oil and gas exploitation company with assets in the UK and Norway. The company was founded in 2009 and has been backed by RIT since then. 

Agora has been building up reserves and resources of 22 million barrels 2C contingent resources and 55 million barrels prospective resources.

People
Lord Rothschild, chairman, led the deal on behalf of RIT.

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