9th Jun 2021 13:53
Tullow Oil PLC - London-based oil and gas explorer - Completes sale of Dussafu Marin permit asset in Gabon to Panoro Energy ASA. Tullow receives payment of USD39 million from Panoro. It also receives USD5 million of contingent consideration relating to its Equatorial Guinea deal. In late March, sold Equatorial Guinea assets to Panoro for USD88.8 million. The deal also includes contingent cash payments of up to USD24 million that are linked to asset performance and oil price.
Chief Executive Rahul Dhir says: "The completion of this transaction is the final step of our asset sale programme in Uganda, Equatorial Guinea and Gabon. These sales have provided over USD700 million in liquidity and have helped both lower our cost base and support our comprehensive refinancing. With no significant debt maturities until 2025, Tullow has the financial stability to deliver on its business plan."
Current stock price: 60.21 pence, up 3.3% on Wednesday
Year-to-date change: doubled from 29.58p
By Paul McGowan; [email protected]
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