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UK: Tullow completes Thames acquisition and sells onshore operations

01 Dec 2003

Tullow Oil, the independent international oil and gas exploration and production company, said today, Monday that it has completed the purchase from Eni UK Limited, a wholly-owned affiliate of Eni S.p.A., of its 23.33% equity in the Thames gas fields and the associated licence interest, P037 (Block 49/28). Originally agreed to by both parties in July this year, the transaction was completed on November 27th and increases the Tullow interest to 66.66% in Thames. The total consideration for the transaction is £5.2 million, with an effective date of Jan. 1 2002. In a separate transaction, Tullow also said it has completed the sale to Viking Petroleum U.K. Limited of its remaining UK onshore interests, principally comprising a 60% equity in the North Yorkshire gas fields and operatorship of the Knapton Power Station on behalf of ScottishPower. The consideration for the transaction was $8.3 million with an effective date of October 1st 2003. Tullow's other onshore UK interest, in the West Firsby oil field in Lincolnshire, was sold earlier in 2003. Aidan Heavey, Chief Executive of Tullow said: "Our exit from the onshore UK is part of an ongoing rationalisation programme relating to non-core areas and we are delighted that our North Yorkshire assets have been purchased by a company with exciting plans for the area."

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