Tullow Oil plc has completed the sale of its entire working interest in the South Lokichar Basin in Kenya to Auron Energy E&P Ltd, an affiliate of Gulf Energy Ltd. PRIORITIES The company has received the full tranche A proceeds of US$40 million (£30m) of the total minimum $120m. “The successful completion of this transaction marks a […]
Tag: South Lokichar Basin – Kenya
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 […]
Tullow to sell Kenya oil assets for at least $120m
Tullow Oil plc has agreed to sell its entire working interests in four blocks in the South Lokichar Basin, Kenya for a “minimum” of $120 million cash. VALUE The heads of terms agreement follows the company’s attempts in 2023 to secure a farm-out after its then partners exited the project. Buyer Gulf Energy Ltd will […]
Tullow’s partners exit Kenya JV
Tullow Oil plc’s partners TotalEnergies and Africa Oil have withdrawn from the South Lokichar Basin joint venture in Kenya for “differing internal strategic reasons”. OPTIONALITY Tullow said it expected net project 2C contingent resources to increase from 231 mmboe to 461 mmboe, and the group’s total contingent resources from 605 mmboe to 836 mmboe. The […]