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  • Tullow : Completion of Sale of Assets in Equatorial Guinea
    édité le 31/03/2021 - Plus de news de "Tullow Oil" - Voir la fiche entreprise de "Tullow Oil"


Tullow : Completion of Sale of Assets in Equatorial Guinea
Tullow Oil plc (Tullow) is pleased to announce that the sale of its assets in Equatorial Guinea to Panoro Energy ASA (Panoro) has now completed. Earlier today, Tullow received a payment of $88.8 million from Panoro.

As previously disclosed, this transaction also includes contingent cash payments of up to $16 million which are linked to asset performance and oil price. The closing of this transaction follows the satisfaction of all completion conditions, including the approval from the Government of Equatorial Guinea and Tullow and Panoro shareholders and other customary third-party approvals.

Although Tullow will continue to have a financial link to the assets in Ceiba and Okume fields, the closing of this transaction marks Tullow’s exit from its licences in Equatorial Guinea after 18 years. On receipt of funds, Tullow has net debt of c. $2.3 billion and liquidity headroom of c. $1 billion.

The sale of the Dussafu Asset in Gabon to Panoro is expected to complete in the second quarter of 2021. A further $5 million consideration is due be paid to Tullow after both transactions with Panoro have completed.

About Tullow Oil plc

Tullow is a leading independent oil & gas, exploration and production group, quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW). The Group has interests in over 70 exploration and production licences across 14 countries in Africa and South America.

About Panoro Energy

Panoro Energy ASA (OSE ticker: “PEN”) is an independent E&P company based in London and listed on the Oslo Stock Exchange with ticker PEN. The Company holds high quality production, exploration and development assets in Africa, namely the Dussafu License offshore southern Gabon, OML 113 offshore western Nigeria, and the TPS operated assets, Sfax Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia.


Origine : Communiqué Tullow Oil

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