Key highlights:
- Tullow Oil had explored a merger with Kosmos Energy, but talks ultimately fell through.
- The company has been working to reduce debt, which stood near $1.5 billion in late 2023
- Tullow recently sold its oil interests in Kenya’s Lokichar Basin to Gulf Energy for at least $120 million.
Africa- focused independent oil and gas company, Tullow Oil plc has announced the sale of its subsidiary Tullow Gabon Limited to Gabonese national oil company, Gabon Oil Company, for a total cash consideration of $300 million net of tax, subject to customary adjustments.
The acquisition covers Tullow’s entire Gabonese portfolio assets, representing approximately 10,000 barrels of oil per day of 2025 production guidance and approximately 36 million barrels of 2P reserves.
A statement from Tullow highlighted the need for fulfilling conditions precedent to the transaction’s completion, including necessary government and regulatory approvals and receipt of funds expected around mid-year.
Richard Miller, Chief Financial Officer and Interim Chief Executive Officer of Tullow, commented: “We continue to make strong progress toward completing this strategic, value-accretive divestment of our Gabon assets. The proceeds will materially reduce our net debt and strengthen our balance sheet.”
Source:https://energynewsafrica.com
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