{"id":14778,"date":"2025-03-25T14:18:06","date_gmt":"2025-03-25T14:18:06","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=14778"},"modified":"2025-03-25T14:19:34","modified_gmt":"2025-03-25T14:19:34","slug":"gabon-tullow-agrees-sale-of-assets-to-gabon-oil-company-for-300","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-tullow-agrees-sale-of-assets-to-gabon-oil-company-for-300\/","title":{"rendered":"GABON: Tullow Agrees Sale of Assets to Gabon Oil Company for $300M"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Tullow Oil has announced that it has signed a binding heads of terms agreement with Gabon Oil Company for the sale of Tullow Oil Gabon SA, which holds 100% of Tullow\u2019s working interests in Gabon for cash consideration of $300 million net of tax.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This disposal of a portfolio of non-core assets is accretive to both equity and leverage and accelerates the deleveraging process as referred to in our January Trading Statement and Operational Update.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This Transaction will constitute a significant transaction for the purposes of UKLR 7 of the UK Listing Rules (as came into effect on 29 July 2024). Further announcements will be made in due course upon full form transaction documentation being entered into by the parties.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Transaction highlights<\/em><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Total cash consideration payable of $300 million net of tax.<\/li>\n\n\n\n<li>Corporate sale of Tullow\u2019s entire Gabonese portfolio of assets, representing c.10 kbopd of 2025 production guidance and c.36 million barrels of 2P reserves (independently audited at year end 2024).<\/li>\n\n\n\n<li>Effective date for the Transaction is 1 January 2025.<\/li>\n\n\n\n<li>On a pro forma basis the Transaction will reduce Tullow\u2019s net debt to $1.15 billion, as of the effective date.<\/li>\n\n\n\n<li>Entering into the full sale and purchase agreement (SPA) is targeted for the second quarter of 2025.<\/li>\n\n\n\n<li>Conditions precedent for the completion of the Transaction include all necessary approvals (including from government ministries), CEMAC Competition Commission approval and Tullow\u2019s processing of the 2024 dividend in compliance with Gabonese requirements.<\/li>\n\n\n\n<li>Completion of the Transaction and receipt of funds is expected around the middle of year.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Richard Miller, Chief Financial Officer and Interim Chief Executive Officer of Tullow, commented:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cThis value accretive transaction with Gabon Oil Company (GOC) aligns with our strategic priorities to materially accelerate deleveraging and is an important step as we progress our refinancing plans this year. Together with GOC, we are focussed on finalising the full suite of documentation and driving the transaction to swift completion.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cOur strengthened balance sheet, repayment of our 2025 senior notes and imminent return to drilling at Jubilee, combined with production optimisation activities in the first quarter of 2025, demonstrates our continued delivery against our business objectives and positions the Company strongly for the year ahead.\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tullow Oil has announced that it has signed a binding heads of terms agreement with Gabon Oil Company for the sale of Tullow Oil Gabon SA, which holds 100% of &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/gabon-tullow-agrees-sale-of-assets-to-gabon-oil-company-for-300\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":13295,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[944,11862,2571],"class_list":["post-14778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-gabon","tag-gabon-oil-company","tag-tullow-oil","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/02\/Tullow-Oil.jpg?fit=713%2C476&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3Qm","jetpack-related-posts":[{"id":15027,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-tullow-signs-sale-and-purchase-agreement-spa-with-gabon-oil-company-for-the-sale-of-100-of-the-shares-in-tullow-oil-gabon-s-a\/","url_meta":{"origin":14778,"position":0},"title":"GABON: Tullow Signs Sale and Purchase Agreement (SPA) with Gabon Oil Company for the sale of 100% of the shares in Tullow Oil Gabon S.A","author":"","date":"May 15, 2025","format":false,"excerpt":"Tullow Oil has announced that Tullow Gabon Limited, a wholly owned subsidiary of Tullow, has signed a sale and purchase agreement (SPA) with Gabon Oil Company for the sale of 100% of the shares in Tullow\u2019s subsidiary, Tullow Oil Gabon S.A. (TOGSA), which holds all of Tullow\u2019s non-operated working interests\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":10425,"url":"https:\/\/www.oilnewskenya.com\/index.php\/equitorial-guinea-gabon-tullow-completes-sale-of-the-dussafu-asset\/","url_meta":{"origin":14778,"position":1},"title":"EQUATORIAL GUINEA\/ GABON: Tullow Completes Sale of the Dussafu Asset","author":"","date":"June 10, 2021","format":false,"excerpt":"Tullow received a payment of $39 million from Panoro for the Dussafu asset and $5 million of contingent consideration relating to the Equatorial Guinea transaction. As previously disclosed, this transaction also includes contingent cash payments of up to $24 million which are linked to asset performance and oil price. The\u2026","rel":"","context":"In &quot;Central Africa&quot;","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13612,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-tullow-signs-asset-swap-agreement-with-perenco-to-optimise-portfolio\/","url_meta":{"origin":14778,"position":2},"title":"GABON: Tullow signs asset swap agreement with Perenco to optimise portfolio","author":"","date":"April 28, 2023","format":false,"excerpt":"Transaction Highlights Simplifies and equalises Tullow\u2019s equity ownership across key fields in Gabon, creating better alignment between the participating interest partners and streamlining processes. Enables Tullow to leverage its technical skills and focus on more material positions in key fields and places the Tchatamba facilities as a core hub for\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":10151,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-completes-the-sale-of-its-assets-in-equatorial-guinea-to-panoro-energy\/","url_meta":{"origin":14778,"position":3},"title":"Tullow Oil Completes the Sale of its Assets in Equatorial Guinea to Panoro Energy","author":"","date":"April 1, 2021","format":false,"excerpt":"Tullow Oil plc has announced that the sale of its assets in Equatorial Guinea to Panoro Energy has now completed. Earlier today, Tullow received a payment of $88.8 million from Panoro. As previously disclosed, this transaction also includes contingent cash payments of up to $16 million which are linked to\u2026","rel":"","context":"In &quot;Central Africa&quot;","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2019\/02\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2019\/02\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2019\/02\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2019\/02\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":9855,"url":"https:\/\/www.oilnewskenya.com\/index.php\/west-africa-tullow-agrees-us180-million-sale-of-assets-to-panoro\/","url_meta":{"origin":14778,"position":4},"title":"West Africa: Tullow Agrees US$180 million Sale of Assets to Panoro","author":"","date":"February 10, 2021","format":false,"excerpt":"Transaction Structure Tullow has signed two separate sale and purchase agreements with Panoro, pursuant to which Tullow has agreed to the sale to Panoro of its entire interest in Equatorial Guinea through the sale of Tullow Equatorial Guinea Limited and its entire interest in the Dussafu Marin Permit Exploration and\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":15047,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-focusses-on-ghana-drilling-campaign-on-improved-balance-sheet\/","url_meta":{"origin":14778,"position":5},"title":"Tullow Focusses on Ghana drilling campaign on Improved Balance Sheet","author":"","date":"May 23, 2025","format":false,"excerpt":"Tullow Oil is embarking on the next Ghana drilling campaign with the first well having already commenced on one producer using the Noble Venturer at the Jubilee field which is expected to come onstream in the third quarter of 2025. The drilling follows the completion of the 4D seismic survey\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=700%2C400 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14778","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=14778"}],"version-history":[{"count":2,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14778\/revisions"}],"predecessor-version":[{"id":14780,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14778\/revisions\/14780"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/13295"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=14778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=14778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=14778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}