Angus Energy plc has reduced its debt to Trafigura from around £26 million to £22.7m after making its first ‘cash sweep’, following its financial restructuring agreed in June of this year. The company, which owns the Saltfleetby gas field in East Lincolnshire, has repaid in full the £1.95m overriding royalty interest (ORRI), and made a […]
Tag: debt reduction
Harbour begins $250m share buyback
Harbour Energy plc today started to buy back its own ordinary shares for up to a maximum aggregate value of $250 million (£185.6m). The company announced the news in its 2026 half year results, which showed “excellent” operational performance and record production of more than 500,000 barrels per day. Outlook for its free cash flow […]
Tullow completes sale of Gabon assets
Tullow Oil plc has completed the sale of its Gabon assets to the Gabon Oil Company and received the full proceeds of US$307 million. OPERATIONS The transaction covers exploration, development and production activities in non-operated fields. Proceeds from the sale will reduce Tullow’s debt and mark the company’s exit from Gabon after 21 years. Chief […]
Tullow signs SPA for Kenya assets
Tullow Oil plc has signed a sale and purchase agreement for a minimum US$120 million in cash for its Kenya assets with Auron Energy E&P Ltd, an affiliate of Gulf Energy Ltd. PRIORITY The portfolio, comprising four onshore blocks in the South Lokichar Basin, represents circa 463 million barrels of 2C resources. Payment, in three […]
Vermilion exits USA to focus on Europe-Canada
Vermilion Energy Inc. has agreed a CA$120 million (£64.7m) sale of its remaining United States assets to reduce its debt and focus on its core gas-weighted assets in Canada and Europe. PRIORITY The transaction has an effective date of 1 January 2025 and is expected to close during the third quarter. The company anticipates net debt to […]
Tullow signs SPA for Gabon assets
Tullow Oil plc has signed a sale and purchase agreement to sell all the shares in its Gabonese subsidiary to Gabon Oil Company for US$300 million cash, net of tax. DEBT The move, covering all of Tullow’s non-operated working interests in Gabon, follows the binding heads of terms signed in March. Payment is due following […]