REG - Tullow Oil PLC - Tullow completes sale of Kenya assets

Tullow OilAnnouncement

25/09/2025 15:15

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RNS Number : 8742A  Tullow Oil PLC  25 September 2025

Tullow Oil plc

Tullow completes sale of Kenya assets to Gulf Energy Ltd

25 September 2025 - Tullow Oil plc (Tullow) is pleased to announce that it has
successfully completed the sale of its entire working interest in Kenya to
Auron Energy E&P Limited, an affiliate of Gulf Energy Ltd, following
satisfaction of all conditions precedent under the Sale and Purchase Agreement
(SPA) announced on 21 July 2025. Tullow has received the full proceeds of
Tranche A (US$40 million) under the terms of the SPA. The transaction
represents the sale of 100% of the shares in Tullow's subsidiary Tullow Kenya
BV, which holds Tullow's entire working interests in Kenya, for a minimum cash
consideration of US$120 million, subject to customary adjustments. The
transaction proceeds will be used to strengthen Tullow's balance sheet.

The sale of its Kenya subsidiary marks Tullow's exit from the country after 14
years. Tullow retains royalty payments, subject to certain conditions, and a
no cost back-in right for a 30% participation in potential future development
phases.

Ian Perks, Chief Executive Officer of Tullow, commented:

"The successful completion of this transaction marks a significant milestone
for the company and the achievement of another one of our key 2025 strategic
priorities. The use of proceeds helps to further strengthen our balance sheet
and I would like to thank the team for their hard work and commitment, which
have helped position the company strongly as we look to refinance our capital
structure this year.

On behalf of everyone at Tullow, I extend our best wishes to the people and
Government of Kenya and wish Gulf Energy every success as they advance this
project."

Paul Limoh, Chief Executive Officer, Gulf Energy Ltd, commented:

"We are delighted to complete this transaction and to bring these assets under
the stewardship Gulf Energy Ltd. This project will play an important role in
advancing Kenya's domestic energy sector, creating opportunities for growth
and development in the Turkana region, as well as supporting the country's
long-term energy security. We thank Tullow for its years of investment and
commitment, and we look forward to building on that foundation as we work with
partners and stakeholders to take the project forward."

 

Further information

On 29 July 2025, Tullow announced that it had successfully completed the sale
of its assets in Gabon to the Gabon Oil Company following satisfaction of all
conditions precedent under the SPA with the full proceeds received on
completion (the "Gabon Transaction"). The Gabon Transaction represents the
sale of 100% of the shares in Tullow's subsidiary Tullow Oil Gabon S.A., which
holds all of Tullow's non-operated working interests in Gabon, for a total
cash consideration of US$307 million net of tax and customary adjustments.

On 5 September 2025, Tullow announced the appointment of Ian Perks as Tullow's
new Chief Executive Officer (CEO). Ian took up the role of CEO and joined the
Board on 15 September 2025. Following the appointment, Richard Miller, who is
currently Chief Financial Officer (CFO) and held the position of Interim CEO,
returned to his role as CFO.

Other than the disclosures above in respect to the Gabon Transaction and the
appointment of Ian Perks as Tullow's new CEO, Tullow confirms that there has
been no material change affecting any matter contained in Tullow's
announcement of the Transaction on 21 July 2025 under UK Listing Rules 7.3.1R
or 7.3.2R, "material" for these purposes having the meaning given to it in UK
Listing Rule 7.3.14R.

Defined terms used in this announcement have the same meaning given to them in
Tullow's announcement dated 21 July 2025, unless otherwise defined herein.

 

 CONTACTS
 Tullow Investor Relations                    Camarco (Media)

                                            (+44 20 3781 9244)
 ir@tullowoil.com (mailto:ir@tullowoil.com)

                                            Billy Clegg
 Matthew Evans

                                              Georgia Edmonds

                                              Rebecca Waterworth

 

Notes to editors

Tullow is an independent energy company that is building a better future
through responsible oil and gas development in Africa. The Company's
operations are focused on its core producing assets in Ghana and Tullow is
committed to becoming Net Zero on its Scope 1 and 2 emissions by 2030 and has
a Shared Prosperity strategy that delivers lasting socio-economic benefits for
its host nations. The Group is quoted on the London and Ghanaian stock
exchanges (symbol: TLW). For further information, please refer to:
www.tullowoil.com (http://www.tullowoil.com/) .

 

Gulf Energy Limited is an indigenous oil, gas and electric power player with
focus on East Africa. The company has the largest refined products trading
position in East and Central Africa and is a key player in Kenya's power
generation and oil infrastructure sectors. For further information, please
refer to: https://gulfenergy.co.ke/ (https://gulfenergy.co.ke/)

 

Follow Tullow on:

LinkedIn: www.linkedin.com/company/Tullow-Oil
(http://www.linkedin.com/company/Tullow-Oil)

X: www.X.com/TullowOilplc (http://www.X.com/TullowOilplc)

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No 596/2014 (as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018 as amended by virtue
of the Market Abuse (Amendment) (EU Exit) Regulations 2019). Upon publication
of this announcement, this inside information will be considered to be in the
public domain. The person responsible for arranging the release of this
announcement on behalf of Tullow is Adam Holland, Company Secretary.

 

This announcement is not intended to, and does not, constitute or form part of
any offer, invitation or the solicitation of an offer to purchase, subscribe
for or otherwise acquire, or to sell, transfer or otherwise dispose of, any
securities or the solicitation of any vote or approval in any jurisdiction,
whether pursuant to this announcement or otherwise.

 

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jurisdictions outside the United Kingdom may be restricted by law and
therefore persons into whose possession this announcement comes should inform
themselves about, and observe, such restrictions. Any failure to comply with
the restrictions may constitute a violation of the securities law of any such
jurisdiction.

 

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