Tullow Sells Dutch Gas Assets to Mercuria Energy

UK-based independent Tullow Oil reported Friday that it has agreed to sell its gas assets in Netherlands blocks L12, L15, Q4 and Q5 for $81.1 million to AU Energy – a subsidiary of Mercuria Energy Group Limited.

The transaction will include the sale of subsidiary Tullow Netherlands BV, which at the time of the completion of the sale will hold all of Tullow's L12/L15 and Q4 and Q5 interests. The assets comprises a suite of seven license interests and six developed fields that produce 1,500 barrels of oil equivalent per day net to Tullow.

Tullow Chief Executive Aidan Heavey commented in a company statement:

"The sale of the Tullow's interests in Blocks L & Q is a further step towards the group's planned divestment of our North Sea gas assets in order to focus our business on conventional light oil. The previously announced agreement to sell part of our interests in the UK Schooner and Ketch unit to Faroe Petroleum for a total consideration of $75.6 million is on track to complete before the end of the year, and the divestment of our remaining UK and Dutch gas assets is progressing well."   

Tullow is principally focused on Africa, but also holds assets in Europe, South America and Asia.



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