Tullow Completes Sale of Dussafu Asset in Gabon

Source: www.gulfoilandgas.com 6/9/2021, Location: Africa

Tullow Oil plc (Tullow) is pleased to announce that the sale of its Dussafu Marin permit asset in Gabon to Panoro Energy ASA (Panoro) has now completed.

Earlier today, Tullow received a payment of $39 million from Panoro for the Dussafu asset and $5 million of contingent consideration relating to the Equatorial Guinea transaction. As previously disclosed, this transaction also includes contingent cash payments of up to $24 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 Gabon and Panoro shareholders and other customary third-party approvals. Tullow continues to have a substantial non-operated position in Gabon and is currently planning its future investment in its Gabonese portfolio.

Rahul Dhir, Chief Executive Officer, Tullow Oil plc, commented:
"The completion of this transaction is the final step of our asset sale programme in Uganda , Equatorial Guinea and Gabon . These sales have provided over $700 million in liquidity and have helped both lower our cost base and support our comprehensive refinancing. With no significant debt maturities until 2025, Tullow has the financial stability to deliver on its business plan."


United Kingdom >>  7/29/2021 - Amber Infrastructure (‘Amber’), is pleased to advise that Transmission Capital Partners, the consortium comprising Amber, International Public Partner...
United States >>  7/29/2021 - Mosman Oil and Gas Limited (MSMN) the oil exploration, development, and production company, has agreed to acquire an additional 25% working interest (...

Venezuela >>  7/29/2021 - Equinor and state-owned Petroleos de Venezuela (PdVSA) have completed a transaction whereby Equinor will transfer its 9.67% non-operated interest in t...
Malaysia >>  7/28/2021 - PETRONAS has awarded Block SK437 offshore Sarawak, Malaysia to PETRONAS Carigali Sdn Bhd (PCSB), Sarawak Shell Berhad (SSB), and Petroleum Sarawak Exp...

United Kingdom >>  7/28/2021 - United Oil & Gas Plc, the growing oil and gas company with a portfolio of production, development, exploration and appraisal assets, announces the sig...
United States >>  7/27/2021 - WEC Energy Group has agreed to acquire a 90% ownership interest in the Sapphire Sky Wind Energy Center. Located in McLean County, Illinois, the projec...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.