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An update from Tullow Oil ( (GB:TLW) ) is now available.
Tullow Oil has agreed to sell its Kenyan assets to Gulf Energy for $120 million, with near-term cash receipts of $80 million and an option to participate in future development phases at no cost. This transaction is part of Tullow’s strategy to accelerate its deleveraging process, reduce capital exposure, and position the company for successful refinancing, while transferring all past and future liabilities to the buyer.
More about Tullow Oil
Tullow Oil is an independent energy company focused on responsible oil and gas development in Africa, with operations primarily in West Africa, including Ghana, Gabon, and Côte d’Ivoire, and a significant resource base in Kenya. The company is committed to achieving Net Zero on its Scope 1 and 2 emissions by 2030 and aims to deliver socio-economic benefits to its host nations. Tullow is listed on the London and Ghanaian stock exchanges.
YTD Price Performance: -38.90%
Average Trading Volume: 7,187,607
Technical Sentiment Signal: Buy
Current Market Cap: £191.2M
See more insights into TLW stock on TipRanks’ Stock Analysis page.