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KrisEnergy has purchased 100% of the share capital of Tullow Bangladesh Limited (TBL). The consideration is $42.35 million with an effective date of 1 January 2013. The consideration is $42.35 million with an effective date of 1 January 2013.

Tullow has a 30% interest in and operates Block 9 on behalf of partners Niko Resources (60%) and Bangladesh Petroleum Exploration and Production Company (BAPEX) (10%). The 1,770 sq km block includes the Bangora gas producing facility and the Lalmai discovery. During 2012, gross production from the Bangora field averaged around 100 mmscfd and 300 barrels of condensate per day.

The sale is conditional upon receipt of Government of Bangladesh and Petrobangla approvals and consents.

AIDAN HEAVEY, CHIEF EXECUTIVE OFFICER OF TULLOW OIL PLC, COMMENTED TODAY:

“I am pleased that the sale and purchase agreement of Tullow’s Bangladesh assets has successfully been signed. This follows the announcement of our plans to sell our Asian assets in March 2012. After 16 years of successful operations in Bangladesh, I wish the new owners of these assets and their staff well.

This sale is part of a process of portfolio management and asset monetisation, which forms a key part of our exploration-led strategy. This process continues with the proposed sale of gas assets in Pakistan and the UK and Dutch North Sea.”

Contacts

Tullow Investor Relations Camarco (Media)

ir@tullowoil.com
Matthew Evans

(+44 20 3757 4980)
Billy Clegg
Georgia Edmonds
Rebecca Waterworth

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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