Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/tullow-oil-announces-sale-of-uk-gas-assets.shtmlTullow Oil announces sale of UK gas assets
Tullow Oil plc announces that its subsidiary Tullow Oil SK Limited has entered into an agreement to sell 53.1% of its
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Tullow Oil plc announces that its subsidiary Tullow Oil SK Limited has entered into an agreement to sell 53.1% of its Schooner unit interest (currently 93.1%) and 60% of its Ketch asset (currently owned 100%) in the UK Southern North Sea to Faroe Petroleum (U.K.) Limited ("Faroe").
The total consideration is the equivalent of US$75.6 million plus a royalty on future Schooner developments, subject to the terms of the sale and purchase agreement. Of the US$75.6 million total consideration, US$58.8 million will be paid on completion of the sale with the balance payable on the achievement of cumulative production milestones.
The purchase has an effective date of 1 January 2014 and is expected to complete by the end of the year at which point operatorship of Schooner and Ketch will transfer to Faroe.
