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LONDON - Tullow Oil plc has completed the sale of its entire working interest in Kenya to Gulf Energy Ltd for a minimum cash consideration of $120 million, the company announced Thursday.
Tullow has received the first tranche payment of $40 million following satisfaction of all conditions precedent under the Sale and Purchase Agreement announced on July 21, 2025. The transaction involves the sale of 100% of shares in Tullow’s subsidiary Tullow Kenya BV, which holds the company’s entire working interests in the country.
Despite exiting Kenya after 14 years of operations, Tullow will retain royalty payments subject to certain conditions and a no-cost back-in right for a 30% participation in potential future development phases.
"The successful completion of this transaction marks a significant milestone for the company and the achievement of another one of our key 2025 strategic priorities," said Ian Perks, Chief Executive Officer of Tullow, who was appointed to the role on September 15.
Paul Limoh, Chief Executive Officer of Gulf Energy Ltd, stated that the project "will play an important role in advancing Kenya’s domestic energy sector" and support "the country’s long-term energy security."
The proceeds from the sale will be used to strengthen Tullow’s balance sheet as the company looks to refinance its capital structure this year.
This transaction follows Tullow’s recent sale of its assets in Gabon to the Gabon Oil Company for $307 million, which was completed on July 29, 2025.
Tullow Oil is listed on both the London and Ghanaian stock exchanges under the symbol TLW.
The information in this article is based on a press release statement from Tullow Oil plc.
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