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13 May 2025 - Following the announcement on 24 March 2025, Tullow Oil plc (Tullow) is pleased to announce that Tullow Gabon Limited (the “Seller”), a wholly owned subsidiary of Tullow, has signed a sale and purchase agreement (SPA) with Gabon Oil Company (the “Purchaser”) for the sale of 100% of the shares in Tullow’s subsidiary, Tullow Oil Gabon S.A. (TOGSA), which holds all of Tullow’s non-operated working interests in Gabon (the “Disposed Assets”) for a total cash consideration of US$300 million net of tax (the “Transaction”), subject to customary adjustments.
READ THE FULL ANNOUNCEMENT HERE
Transaction highlights
- Corporate sale of Tullow's entire Gabonese portfolio of assets, representing c.10 kbopd of 2025 production guidance and c.36 million barrels of 2P reserves (independently audited at year-end 2024).
- The total cash consideration of US$300 million net of tax (subject to customary adjustments) due on Completion.
- The conditions precedent to be met in advance of Completion of the Transaction include all necessary government and regulatory approvals.
- Completion of the Transaction, satisfaction of conditions precedent and receipt of funds is expected around the middle of the year.
Richard Miller, Chief Financial Officer and Interim Chief Executive Officer, Tullow, commented:
“We continue to make strong progress towards completing this strategic, value accretive divestment of our Gabon assets, with the signing of the SPA. The proceeds, expected in the coming months, will materially reduce our net debt and strengthen our balance sheet, which positions us well as we look to optimise our capital structure.
"Looking ahead, the Transaction enables Tullow to continue to deliver against our business objectives to unlock value from our high-margin, self-funded assets to grow our reserve base and create value for all stakeholders.”
Contacts
| Tullow Investor Relations | Camarco (Media) |
|---|---|
|
ir@tullowoil.com |
(+44 20 3757 4980) |
Notes to editors
Tullow is an independent energy company that is building a better future through responsible oil and gas development in Africa. Tullow's operations are focused on its core producing assets in Ghana. Tullow is committed to becoming Net Zero on its Scope 1 and 2 emissions by 2030, with a Shared Prosperity strategy that delivers lasting socio-economic benefits for its host nations. The Group is quoted on the London and Ghanaian stock exchanges (symbol: TLW). For further information, please refer to: www.tullowoil.com.
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LinkedIn: www.linkedin.com/company/Tullow-Oil
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This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 (as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019). Upon publication of this announcement, this inside information will be considered to be in the public domain. The person responsible for arranging the release of this announcement on behalf of Tullow is Adam Holland, Company Secretary.
This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, subscribe for or otherwise acquire, or to sell, transfer or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction, whether pursuant to this announcement or otherwise.
The release, publication or distribution of this announcement in, into or from jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.
Important Notices
Peel Hunt LLP (“Peel Hunt”), which is authorised and regulated by the Financial Conduct Authority in the UK, is acting as corporate broker exclusively for Tullow and for no one else and will not be responsible to anyone other than Tullow for providing the protections afforded to its clients or for providing advice in relation to the matters referred to in this announcement. Neither Peel Hunt, nor any of its affiliates, owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Peel Hunt in connection with this announcement, any statement contained herein or otherwise.