IN BRIEF: Tullow Oil seals USD120 million deal for Kenya assets sale
22nd Jul 2025 06:59
Tullow Oil PLC - oil and gas producer in West African countries of Ghana and Ivory Coast - Signs agreement for sale of its Kenyan assets to Gulf Energy Ltd for a minimum of USD120 million in cash. The disposal was first agreed back in April. The portfolio of all of Tullow's assets in Kenya have a total of 463 million barrels of best estimate contingent resources. Tullow will receive USD40 million upon completion, USD40 million by June next year, and USD40 million over five years from the third quarter of 2028. Tullow also may receive royalty payments. It has a back-in right for a 30% participation in potential future developments. The deal remains conditional on approval by the Competition Authority of Kenya. Read More