Sale of Tullow Bangladesh to KrisEnergy

RNS Number : 8613B

Tullow Oil PLC

09 April 2013

 



News Release

Sale of Tullow Bangladesh to KrisEnergy

 9 April 2013 - Tullow Oil plc (Tullow) through its subsidiary, Tullow Oil International Limited, has signed an agreement with KrisEnergy Asia Holdings BV, a subsidiary of KrisEnergy Asia Limited, for the sale of 100% of the share capital of Tullow Bangladesh Limited (TBL). The consideration is $42.35 million with an effective date of 1 January 2013.

Tullow has a 30% interest in and operates Block 9 on behalf of partners Niko Resources (60%) and Bangladesh Petroleum Exploration and Production Company (BAPEX) (10%). The 1,770 sq km block includes the Bangora gas producing facility and the Lalmai discovery. During 2012, gross production from the Bangora field averaged around 100 mmscfd and 300 barrels of condensate per day.

The sale is conditional upon receipt of Government of Bangladesh and Petrobangla approvals and consents.

Aidan Heavey, Chief Executive Officer of Tullow Oil plc, commented today,  

"I am pleased that the sale and purchase agreement of Tullow's Bangladesh assets has successfully been signed. This follows the announcement of our plans to sell our Asian assets in March 2012. After 16 years of successful operations in Bangladesh, I wish the new owners of these assets and their staff well.

This sale is part of a process of portfolio management and asset monetisation which forms a key part of our exploration-led strategy. This process continues with the proposed sale of gas assets in Pakistan and the UK and Dutch North Sea."

FOR FURTHER INFORMATION CONTACT:

Tullow Oil plc (London) ([phone]) Chris Perry (Investor Relations) James Arnold (Investor Relations) George Cazenove (Media Relations)

Citigate Dewe Rogerson (London) ([phone]) Martin Jackson Jack Rich

Murray Consultants (Dublin) ([phone]) Joe Murray Joe Heron

KrisEnergy (Singapore) ([phone]) Richard Lorentz Tanya Pang

Notes to Editors

Tullow Oil plc

Tullow is a leading independent oil & gas, exploration and production group, quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW) and is a constituent of the FTSE 100 Index. The Group has interests in over 150 exploration and production licences across 25 countries which are managed as three regional business units: West & North Africa, South & East Africa and Europe, South America and Asia.

KrisEnergy Ltd.

KrisEnergy Ltd. is an independent upstream company focused on the exploration for, and the development and production of oil and gas in Asia. The Group's strategy is to acquire assets in countries and basins where its technical team has knowledge and experience acquired over decades. Since 2009, it has built a portfolio of 15 contract areas in Indonesia, Thailand, Vietnam and Cambodia, spanning the entire exploration-to-production life cycle. These assets provide a solid foundation from which the Group intends to grow its business in Southeast Asia and beyond. For more information, visit www.krisenergy.com.

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Facebook: www.facebook.com/TullowOilplc                 LinkedIn: www.linkedin.com/company/Tullow-Oil 

IR App: http://bit.ly/TullowIRapp    

For further information please refer to the Tullow website at www.tullowoil.com.

 

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