REG - Tullow Oil PLC Tullow Oil PLC - FP Tullow Oil PLC - NP - Result of Arbitration with HiTec Vision

Tullow OilAnnouncement

15/02/2022 15:15

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RNS Number : 7724B  Tullow Oil PLC  15 February 2022

 

TULLOW OIL PLC

 

Result of Arbitration with HiTec Vision

 

15 February 2022 - Tullow Oil plc (Tullow) announces that a panel of
arbitrators, working under the jurisdiction of Norwegian law, has delivered an
award in favour of HiTec Vision (HiTec) in relation to its dispute with Tullow
(Award). The panel had been asked to adjudicate as to whether discoveries made
in the PL-537 Licence (Offshore Norway) between 2013 and 2016 had triggered a
further payment under the SPA between Tullow and HiTec regarding the purchase
of Spring Energy in 2013. With the Award, the panel has decided by way of
split decision that conditions for a further payment outlined in the SPA were
met. The Tribunal has ruled that Tullow should pay c.$76 million within the
next 14 days. This amount also includes interest and costs. The Award is final
and binding. Tullow will pay the Award from its current cash balances.

 

 

FOR FURTHER INFORMATION CONTACT:

 

 Tullow Oil plc            Murray Consultants

 (London)                  (Dublin)

  (+44 20 3249 9000)        (+353 1 498 0300)

 George Cazenove (Media)   Pat Walsh

Nicola Rogers

                         Joe Heron
 Matthew Evans

(Investors)

 

This announcement contains inside information for the purposes of Article 7 of
Regulation 2014/596/EU which is part of domestic UK law pursuant to the Market
Abuse (Amendment) (EU Exit) Regulations (SI 2019/310) ("UK MAR"). Upon the
publication of this announcement, this inside information (as defined in UK
MAR) is now considered to be in the public domain. This announcement is being
made on behalf of Tullow by Adam Holland, Company Secretary.

 

Notes to Editors

Tullow is an independent oil & gas, exploration and production group,
quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW). The
Group has interests in over 30 exploration and production licences across
eight countries. In March 2021, Tullow committed to becoming Net Zero on its
Scope 1 and 2 emissions by 2030.

Follow Tullow on:

Twitter: www.twitter.com/TullowOilplc (http://www.twitter.com/TullowOilplc)

YouTube: www.youtube.com/TullowOilplc (http://www.youtube.com/TullowOilplc)

Facebook: www.facebook.com/TullowOilplc (http://www.facebook.com/TullowOilplc)

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

 

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