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Tullow Oil PLC - Africa and South America-focused oil and gas exploration company - Signs an asset swap deal with Perenco Oil and Gas Gabon SA. Says the deal will optimise Tullow’s equity ownership across key fields in Gabon. This is achieved through a ‘cashless asset swap involving the proposed exchange of participating interests held by both parties in certain licences in Gabon’, Tullow says. Expects the transaction to complete by the end of 2023. Under the transaction, Tullow Oil says Perenco will have interest in its Limande, Turnix, Moba and Oba assets. Adds that Tullow’s 2023 group production guidance of 58,000 to 64,000 barrels of oil remains unchanged. Chief Executive Officer Rahul Dhir says: ‘This deal is an example of Tullow’s strategy in action as we continue to take proactive steps to optimise our portfolio to focus on high return producing assets and growth opportunities around existing infrastructure. Our Gabon assets are a valuable and important part of our asset base, and this transaction enhances our exposure to preferred fields. We look forward to working closely with our Partner to maximise their full potential.’ Current stock price: 26.79 pence each, up 0.3% on Friday morning in London 12-month change: down 52% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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