Tullow Oil sells Tullow Bangladesh to KrisEnergy for $42.35 million

4/9/2013

Tullow Oil sells Tullow Bangladesh to KrisEnergy for $42.35 million

BY RAZAK MUSAH BABA

LONDON -- Tullow Oil through its subsidiary, Tullow Oil International, has signed an agreement with KrisEnergy Asia Holdings, for the sale of Tullow's share capital of Tullow Bangladesh, for $42.35 million with an effective date of January 1, 2014.

Tullow has a 30% interest in and operates Block 9 on behalf of partners Niko Resources (60%) and BAPEX (10%). The sale is conditional upon receipt of Government of Bangladesh and Petrobangla approvals and consents. This sale is part of a process of portfolio management and asset monetization which forms a key part of Tullow's exploration led strategy. This process continues with the proposed sale of gas assets in Pakistan and the United Kingdom and Dutch North Sea.

Dow Jones Newswires

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