TIDMTLW TIDMTTM TIDMTTM

RNS Number : 3490B

Tullow Oil PLC

09 June 2021

TULLOW OIL PLC

TULLOW completes sale of THE DUSSAFU ASSET in GABON

9 June 2021 - 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 today:

"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."

 
 CONTACTS 
===========================  =================== 
 Tullow Oil plc               Murrays 
  (London)                     (Dublin) 
  (+44 20 3249 9000)           (+353 1 498 0300) 
  Nicola Rogers (Investors)    Pat Walsh 
  Matthew Evans (Investors)    Joe Heron 
  George Cazenove (Media) 
===========================  ===================

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

DISSSAFSUEFSEIM

(END) Dow Jones Newswires

June 09, 2021 07:30 ET (11:30 GMT)

Tullow Oil (LSE:TLW)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Tullow Oil Charts.
Tullow Oil (LSE:TLW)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Tullow Oil Charts.