Tullow has received a payment of $88.8 million from Panoro.
This transaction also includes contingent cash payments of up to $16 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 Equatorial Guinea and Tullow and Panoro shareholders and other customary third-party approvals.
Although Tullow will continue to have a financial link to the assets in the Ceiba and Okume fields, the closing of this transaction marks the company’s exit from its licenses in Equatorial Guinea after 18 years.
The sale of the Dussafu asset in Gabon to Panoro is expected to be completed in 2Q 2021.
A further $5 million consideration is due be paid to Tullow after both transactions with Panoro are completed.
