Tullow Oil has successfully completed the sale of its assets in Gabon to the Gabon Oil Company (GOC) following satisfaction of all conditions precedent under the Sale and Purchase Agreement (SPA), with the full proceeds now received by Tullow. The transaction represents the sale of 100% of the shares in Tullow’s subsidiary Tullow Oil Gabon, which holds all of Tullow’s non-operated working interests in Gabon, for a total cash consideration of US$307 million net of tax and customary adjustments.
The sale of its Gabon assets marks Tullow’s exit from its licences in Gabon after 21 years. The transaction proceeds will be used to strengthen Tullow’s balance sheet by materially reducing Tullow’s net debt.
Richard Miller, Chief Financial Officer and Interim Chief Executive Officer of Tullow, commented:
'Today’s news represents another key milestone that accelerates the deleveraging of Tullow. I am pleased with the momentum we have at Tullow, and I look forward to this continuing in the weeks and months ahead. Our immediate focus is on successfully completing the Kenya transaction in 2025 and the current Ghana drilling campaign with the first well, a Jubilee producer, now onstream.'
Source: Tullow
