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 significant milestone for the company and the achievement of another one of our key 2025 strategic priorities,” said chief executive officer Ian Perks.
“The use of proceeds helps to further strengthen our balance sheet and I would like to thank the team for their hard work and commitment, which have helped position the company strongly as we look to refinance our capital structure this year.“