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Tullow Oil announces sale of UK gas assets


Published May 1, 2014
Tullow Oil offshore Norway

Tullow Oil plc announces that its subsidiary Tullow Oil SK Limited has entered into an agreement to sell 53.1% of its Schooner unit interest (currently 93.1%) and 60% of its Ketch asset (currently owned 100%) in the UK Southern North Sea to Faroe Petroleum (U.K.) Limited ("Faroe").

The total consideration is the equivalent of US$75.6 million plus a royalty on future Schooner developments, subject to the terms of the sale and purchase agreement. Of the US$75.6 million total consideration, US$58.8 million will be paid on completion of the sale with the balance payable on the achievement of cumulative production milestones.

The purchase has an effective date of 1 January 2014 and is expected to complete by the end of the year at which point operatorship of Schooner and Ketch will transfer to Faroe.

Tags: Tullow Oil plc




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