Tullow Oil agrees preliminary terms for $120m Kenyan asset sale [Yahoo! Finance]
TULLOW OIL PLC UNSP/ADR (TUWOY)
NASDAQ:AMEX Investor Relations:
tullowoil.com/investors
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Source: Yahoo! Finance
The deal was signed by its own subsidiary Tullow Overseas Holdings. The transaction's payment structure includes an initial $40m upon completion, another $40m due by 30 June 2026, or with the approval of the field development plan, whichever comes first, and the final $40m to be paid over five years, starting from the third quarter of 2028. Additionally, Tullow retains the right to a royalty payment, contingent on certain conditions, and a back-in option for a 30% stake in any future development phases at no cost. This deal is not only accretive to Tullow's equity and leverage metrics but also expedites the company's deleveraging efforts. This transaction will be classified as a significant transaction under the UK Listing Rules (UKLR), specifically UKLR 7 as updated on 29 July 2024 . Tullow interim chief executive officer and chief financial officer Richard Miller said: “Today's announcement marks another step forward in Tullow's accelerated deleveraging journey with near-
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