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LONDON - Tullow Oil (LON:TLW) plc has completed the sale of its assets in Gabon to the Gabon Oil Company (GOC) for a total cash consideration of $307 million net of tax and customary adjustments, the company announced Tuesday.
The transaction involves the sale of 100% of the shares in Tullow’s subsidiary Tullow Oil Gabon S.A., which holds all of Tullow’s non-operated working interests in Gabon. This marks Tullow’s exit from its licenses in the country after 21 years of operations.
Tullow stated that the proceeds from the sale will be used to strengthen its balance sheet by reducing the company’s net debt. Following the transaction completion, Tullow will apply part of the proceeds to repay in full and cancel its Revolving Credit Facility, which was extended to October 31, 2025, at reduced commitments of $150 million.
Richard Miller, Chief Financial Officer and Interim Chief Executive Officer of Tullow, said the company’s immediate focus is on completing its Kenya transaction in 2025 and the current Ghana drilling campaign.
On July 21, Tullow signed an agreement to sell its entire working interests in Kenya to Auron Energy E&P Ltd, an affiliate of Gulf Energy Ltd, for a minimum cash consideration of $120 million, subject to customary adjustments.
The company also received an extension of the field development plan review period for blocks 10BB and 13T in the South Lokichar Basin to December 31, 2025.
Tullow Oil is listed on both the London and Ghanaian stock exchanges.
The information is based on a press release statement from the company.
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