Tullow Oil PLC Completion of Sale of Assets in Equatorial Guinea (1586U)
March 31 2021 - 8:30AM
UK Regulatory
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RNS Number : 1586U
Tullow Oil PLC
31 March 2021
TULLOW OIL PLC
completion of sale of assets in equatorial guinea
31 March 2021 - 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.
CONTACTS
=========================================== ===================
Tullow Oil plc Murrays
(London) (Dublin)
(+44 20 3249 9000) (+353 1 498 0300)
George Cazenove (Media) Pat Walsh
Matthew Evans and Chris Perry (Investors) Joe Heron
=========================================== ===================
Notes to editors
Tullow is an independent oil & gas, exploration and
production group which is quoted on the London, Irish and Ghanaian
stock exchanges (symbol: TLW) and is a constituent of the FTSE250
index. The Group has interests in over 50 exploration and
production licences across 10 countries including Ghana where it
operates the Jubilee and TEN fields. In March 2021, Tullow
committed to becoming Net Zero on its Scope 1 and 2 emissions by
2030.
For further information, please refer to our website at
www.tullowoil.com
Follow Tullow on:
Twitter: www.twitter.com/TullowOilplc
YouTube: www.youtube.com/TullowOilplc
Facebook: www.facebook.com/TullowOilplc
LinkedIn: www.linkedin.com/company/Tullow-Oil
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END
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