NAIROBI, Kenya, July 22 – Auron Energy E&P Limited, an affiliate of Kenya’s Gulf Energy, will purchase Tullow Oil Kenyan property after signing a sale and buy settlement.
The deal, which was signed by Tullow Overseas Holdings BV, the dad or mum firm of the native entity, is valued at $120 million (Sh15.5 billion).
Payments have been cut up into two tranches, with an preliminary settlement of $40 million due on completion, $40 million payable on the earlier of Field Development Plan (FDP) approval or June 30, 2026, and $40 million payable in 2028.
“We are happy to announce the signing of the Kenyan SPA, marking one other step nearer to completion of the Transaction with Gulf Energy. For a complete consideration of not less than US$120 million, the Transaction helps our strategic precedence to strengthen the stability sheet, with the primary two funds totalling US$80 million anticipated earlier than the tip of the 12 months,” Richard Miller, Chief Financial Officer and Interim Chief Executive Officer, Tullow, mentioned.
“Furthermore, we’re happy to retain a probably materials zero-cost worth choice to take part in future improvement phases,” he added.
“We proceed to advance plans to optimise our capital construction throughout 2025. Coupled with the sale of our Gabonese property, the disposal of those non-core property is anticipated to supply money proceeds of US$380 million in 2025.”
