{"id":15027,"date":"2025-05-15T14:27:56","date_gmt":"2025-05-15T14:27:56","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=15027"},"modified":"2025-05-15T14:28:00","modified_gmt":"2025-05-15T14:28:00","slug":"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","status":"publish","type":"post","link":"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\/","title":{"rendered":"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"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">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 in Gabon for a total cash consideration of US$300 million net of tax.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Transaction highlights<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Corporate sale of Tullow&#8217;s 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>The total cash consideration of US$300 million net of tax (subject to customary adjustments) due on Completion.<\/li>\n\n\n\n<li>The conditions precedent to be met in advance of Completion of the Transaction include all necessary government and regulatory approvals.<\/li>\n\n\n\n<li>Completion of the Transaction, satisfaction of conditions precedent and receipt of funds is expected around the middle of the year.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Richard Miller, Chief Financial Officer and Interim Chief Executive Officer, Tullow, commented:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cWe continue to make strong progress towards completing this strategic, value accretive divestment of our Gabon assets, with the signing of the SPA. The proceeds, expected in the coming months, will materially reduce our net debt and strengthen our balance sheet, which positions us well as we look to optimise our capital structure.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>&#8220;Looking ahead, the Transaction enables Tullow to continue to deliver against our business objectives to unlock value from our high-margin, self-funded assets to grow our reserve base and create value for all stakeholders.\u201d<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 &hellip; <a href=\"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\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":13411,"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":[7442,11,7444],"tags":[944,11862,2571,11994],"class_list":["post-15027","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-top-news","category-west-africa","tag-gabon","tag-gabon-oil-company","tag-tullow-oil","tag-tullow-oil-gabon-s-a","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/Tullow-Oil.jpg?fit=713%2C476&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3Un","jetpack-related-posts":[{"id":14778,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-tullow-agrees-sale-of-assets-to-gabon-oil-company-for-300\/","url_meta":{"origin":15027,"position":0},"title":"GABON: Tullow Agrees Sale of Assets to Gabon Oil Company for $300M","author":"","date":"March 25, 2025","format":false,"excerpt":"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. This disposal of a portfolio of\u2026","rel":"","context":"In \"Gabon\"","block_context":{"text":"Gabon","link":"https:\/\/www.oilnewskenya.com\/index.php\/tag\/gabon\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/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\/2023\/02\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/02\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/02\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":13939,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-operations-unaffected-by-political-crisis-tullow-oil\/","url_meta":{"origin":15027,"position":1},"title":"GABON: Operations Unaffected by Political Crisis &#8211; Tullow Oil","author":"","date":"September 13, 2023","format":false,"excerpt":"Tullow Oil has reported that its production activities from its fields in Gabon remains unaffected by the ongoing political activity in the country and the Group continues to work closely with the operators of its fields to ensure the safe continuation of operations. Net production from the non-operated portfolio averaged\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\/2023\/09\/gabon-blocks-August-2021-scaled.jpg?fit=848%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/09\/gabon-blocks-August-2021-scaled.jpg?fit=848%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/09\/gabon-blocks-August-2021-scaled.jpg?fit=848%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/09\/gabon-blocks-August-2021-scaled.jpg?fit=848%2C1200&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":13612,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-tullow-signs-asset-swap-agreement-with-perenco-to-optimise-portfolio\/","url_meta":{"origin":15027,"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":13861,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-tullow-oil-receives-license-extensions\/","url_meta":{"origin":15027,"position":3},"title":"GABON: Tullow Oil Receives License Extensions","author":"","date":"August 9, 2023","format":false,"excerpt":"Tullow has announced that it has gained approval from the Government of Gabon for the extension of several of its Gabon licences to 2046. The licence extensions increase the value of Tullow\u2019s resource base through the addition of c.5mmbbls net 2P reserves that will deliver c.100% 2P reserves replacement in\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\/2023\/08\/Tullow-Gabon.png?fit=625%2C730&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/08\/Tullow-Gabon.png?fit=625%2C730&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/08\/Tullow-Gabon.png?fit=625%2C730&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":9855,"url":"https:\/\/www.oilnewskenya.com\/index.php\/west-africa-tullow-agrees-us180-million-sale-of-assets-to-panoro\/","url_meta":{"origin":15027,"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":15027,"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\/15027","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=15027"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/15027\/revisions"}],"predecessor-version":[{"id":15028,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/15027\/revisions\/15028"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/13411"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=15027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=15027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=15027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}