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 […]
Tag: Gabon licences
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 […]
Tullow to sell Gabon assets for £300m
Tullow Oil plc has signed a binding heads of terms agreement to sell its non-core Gabon assets to Gabon Oil Company for £300 million in cash net of tax. OPTIMISATION The sale comprises non-operated assets of 10 thousand barrels of oil per day of 2025 production guidance and c.36 million barrels of 2P reserves. Tullow […]
Tullow Oil signs $400m debt facility with Glencore
Tullow Oil plc has secured a $400 million five-year debt facility and off-take contracts with Glencore Energy UK Ltd. BUSINESS PLAN The Africa-focused company will be able to draw down funds over a period of 18 months to manage its senior notes maturing in March 2025. Tullow has also signed oil marketing and offtake contracts with Glencore for […]
Tullow granted more time for Gabon licences
Tullow Oil plc has increased its resource base in Gabon with the extension of several of its licences until 2046. TCHATAMBA The company said that government approval will add some 5mmbbls net 2P reserves that will deliver 100% 2P reserves replacement this year. “This activity is in line with the group’s strategy to focus on […]
Tullow signs cashless swap for Gabon assets
Tullow Oil plc has signed a cashless asset swap agreement with Perenco Oil for certain licences in Gabon on the Atlantic coast of Central Africa. GROWTH Tullow Gabon will transfer its existing participating interests of the Limande, Turnix, Moba, Oba and Simba assets to Perenco. Tullow will retain 40% in Simba. Perenco will transfer certain […]