Tullow Oil plc, via subsidiary Tullow Oil Gabon SA, signed a cashless asset swap agreement with Perenco Oil and Gas Gabon SA for participating interests held by both companies in certain licenses in Gabon.
In a release Apr. 28, Tullow said the swap would equalize its equity ownership across key fields in Gabon, creating better alignment between interest partners, and enabling Tullow to focus on more material positions in key fields, placing Tchatamba infrastructure in the DE8 license as a core hub.
The deal would see assignment and transfer by Tullow Gabon of its existing percentage participating interests in Limande, Turnix, Moba, and Oba assets and part of its existing percentage of Simba assets to Perenco.
Perenco would assign and transfer part of its existing percentage participating interests in Kowe (Tchatamba) and DE8 assets to Tullow Gabon, resulting in post-completion holdings of 40% for Tullow Gabon.
Tullow’s 2023 group production guidance of 58,000-64,000 bo/d and cash flow guidance of $200 million at $100/bbl remains unchanged.
The deal is subject to certain market-standard conditions, including customary government and regulatory approvals, with an expected completion date by end-2023 with an economic date of Feb. 1.