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Tullow sell North Sea assets for E62.7m

Friday, September 05 10:20:31

Irish-owned energy prospector, Tullow Oil, this morning said it has sold its North Sea Dutch assets for E62.7m as part of a re-focusing of activities on its African projects.

It said it sold its Dutch subsidiary to AU Energy, a subsidiary of the Swiss commodity group Mercuria Energy, with the deal expected to be completed next year.

Aidan Heavey, Tullow's chief executive, said the sale was "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," he said. "The divestment of our remaining UK and Dutch gas assets is progressing well."

Tullow announced plans to pull out of North Sea production in 2012. The area has boosted growth over the past decade but no longer forms a significant part of Tullow's business.

The Tullow L12/L15 and Q block portfolio comprises a suite of seven licence interests and six developed fields producing1, 500 boepd (barrels of oil equivalent per day) net to Tullow. Tullow's guidance for North Sea production will be revised appropriately when this sale completes.

"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 USD75.6 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," Mr Heavey added.

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