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Tullow completes sale of Equatorial Guinea assets to Panoro Energy

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Oilfield Technology,

Tullow Oil has announced that the sale of its assets in Equatorial Guinea to Panoro Energy ASA has now completed, with Tullow receiving a payment of US$88.8 million from Panoro.

The transaction also includes contingent cash payments of up to US$16 million which are linked to asset performance and oil price. The closing of this transaction follows the satisfaction of all completion conditions, including the approval from the Government of Equatorial Guinea and Tullow and Panoro shareholders and other customary third-party approvals.

Although Tullow will continue to have a financial link to the assets in the Ceiba and Okume offshore fields, the closing of this transaction marks Tullow’s exit from its licences in Equatorial Guinea after 18 years. On receipt of funds, Tullow has net debt of c. US$2.3 billion and liquidity headroom of c.US$1 billion.

The sale of the Dussafu asset in Gabon to Panoro is expected to complete in 2Q21. A further US$5 million consideration is due be paid to Tullow after both transactions with Panoro have completed.

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