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Tullow Agrees to Sell Netherlands Blocks L&Q
Tullow Agrees to Sell Netherlands Blocks L&Q.
About this update from Tullow Oil Plc
[{"type":"text","content":"\n \nRNS Number : 9329Q Tullow Oil PLC 05 September 2014 \n \n\nNews Release\nTullow agrees gas assets sale in Netherlands Blocks L&Q\n \n5 September 2014 - Tullow Oil plc (\"Tullow\" or \"the Group\") announces that its subsidiary Tullow Exploration & Production B.V., has entered into an agreement to sell its operated and non-operated L12/L15 block interests and non-operated Q4 and Q5 block interests to AU Energy B.V., a subsidiary of Mercuria Energy Group Limited for a consideration of €62.7 million (US$81.1 million). The transaction involves the sale of a subsidiary, Tullow Netherlands B.V., which will, at the time of completion, hold all Tullow Oil L12/L15 and Q4 and Q5 interests. The transaction has an effective date of 1 January 2014 and completion, expected during early 2015, is conditional upon ministerial consent of the intra-group transfer of the L12/L15 and Q block non-operated licence interests to Tullow Netherlands B.V.\n \nThe Tullow L12/L15 and Q block portfolio comprises a suite of seven licence interests and six developed fields producing 1,500 boepd net to Tullow. Tullow's guidance for North Sea production will be revised appropriately when this sale completes.\n \nAidan Heavey, Chief Executive of Tullow Oil plc, commented today, \n\"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\nUS$75.6 million is on track to complete before the end of the year, and the divestment of our remaining UK & Dutch gas assets is progressing well.\" \n \nFOR FURTHER INFORMATION CONTACT:\n\n\n\n\nTullow Oil plc \n(London)\n(+44 20 3249 9000)\nChris Perry (Investor Relations)\nJames Arnold (Investor Relations)\nGeorge Cazenove (Media Relations)\n\n\nCitigate Dewe Rogerson\n(London) \n(+44 207 638 9571) \nMartin Jackson\nShabnam Bashir\n\n\nMurray Consultants \n(Dublin)\n(+353 1 498 0300) \nPat Walsh\nJoe Heron\n\n\n\n\n \nNotes to Editors \nTullow Oil plc\nTullow is a leading ind...