for the sale of 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.”