Tullow Oil Completes Sale of Dussafu Asset in Gabon to Panoro
Tullow Oil plc announced that the sale of its Dussafu Marin permit asset in Gabon to Panoro Energy ASA has now completed. Tullow received a payment of USD 39 million from Panoro for the Dussafu asset and USD 5 million of contingent consideration relating to the Equatorial Guinea transaction. As previously disclosed, this transaction also includes contingent cash payments of up to $24 million which are linked to asset performance and oil price.
The closing of this transaction follows the satisfaction of all completion conditions, including the approval from the Government of Gabon and Panoro shareholders and other customary third-party approvals. Tullow continues to have a substantial non-operated position in Gabon and is currently planning its future investment in its Gabonese portfolio.