Tullow Oil completes partial sale of UK Schooner and Ketch gas assets

abarrelfullabarrelfull wrote on 14 Oct 2014 05:52
Tags: europe tullow uk upstream

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Tullow Oil plc (“Tullow” or “the Group”) announces today that its subsidiary Tullow Oil SK Limited has completed the sale of 53.1% of its Schooner unit interest and 60% of its Ketch asset in the UK Southern North Sea to Faroe Petroleum (U.K.) Limited (“Faroe”). Operatorship of Schooner and Ketch will now transfer to Faroe.

The Group continues to market its remaining Southern North Sea gas assets in the UK. In the Netherlands an agreement to sell operated and non-operated L12/L15 block interests and non-operated Q4 and Q5 block interests to AU Energy B.V., a subsidiary of Mercuria Energy Group Limited, for a consideration of $81.1 million, was announced in September. In July, the Group also announced the sale of its interests in the Brage field in Norway to Wintershall for a cash consideration of 45million NOK ($7.5m).

These transactions, the sale of Tullow’s gas assets in Bangladesh, and the agreement to sell the Pakistan business, is aligned with Group’s strategy of active portfolio management and monetisation of assets.

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