Tullow Oil in asset swap deal with Perenco

28th Apr 2023 08:08

(Sharecast News) - Tullow Oil has signed an asset swap agreement with Perenco Oil and Gas to optimise its equity ownership across key fields in Gabon through a cashless asset swap, the company said on Friday.

The deal will involve an exchange of participating interests held by both parties in certain licences in Gabon.

Tullow will hand over its existing percentage participating interests in the Limande, Turnix, Moba and Oba assets and part of its existing percentage of the Simba assets to Perenco, which will in return transfer part of its participating interests in each of the Kowe (Tchatamba) and DE8 assets, resulting in post-completion holdings of 40% for Tullow's Gabon subsidiary.

Tullow's 2023 group production guidance of 58,000 to 64,000 barrels of oil per day and cash flow guidance of $200m at $100 per barrel remains unchanged.

Reporting by Frank Prenesti for Sharecast.com