Tullow Oil agrees on preliminary conditions for the sale of Kenyan assets of $ 120 million

Tullow Oil has reached a Kenyan Kenya’s abstraction agreement to GULF ENERGY for a minimum of $ 120 million (90.48 million pounds).

The deal has been signed by Tullow Tullow Offeas Holdings.

The treatment structure includes the transaction of $ 40 million at the completion, or 40 million dollars due by June 30, 2026, or with the approval of the field development plan, which comes first, and 40 million final dollars is paid over five years, starting from the third quarter of 2028.

In addition, Tullow maintains the right to pay kings, depends on certain conditions, and a rear option to obtain a 30 % stake in any future development stages without any cost.

This deal not only accumulates on tullow scales for shares and leverage, but also accelerates the company’s wrong efforts.

This deal will be categorized as an important treatment under the UK’s listing rules (UKLR), specifically UKLR 7 as it was updated on July 29, 2024.

“Today’s announcement is another step forward on the trolley of the accelerating reduction of Tolo with cash receipts in the near term of $ 80 million, and I reduce the great capitalist exposure, while maintaining a material option in the future development of the project. Strongly to successfully re -financing,” said Richard Miller, CEO of Toulu’s Financial Director, said.

“We look forward to working with GULF Energy, who have the funding required to complete the transaction and they are a strong and reliable party, and by doing this, open the value of the materials for Kenya people.”

Last month, Tullow Oil agreed Gabon assets sell To Gabon Oil Company for $ 300 million, net taxes.

The deal includes Tullow Gabonese assets, which are expected to produce 10,000 barrels of oil per day by 2025 and include about 36 million barrels of installed reserves.

“Tullow Oil agrees on initial conditions in exchange for selling Kenyan assets of $ 120 million” that were originally created and published Marine technologyThe brand owned by Globaldata.

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