Auron Energy E&P Ltd purchased Tullow Oil Plc's complete Kenya assets for at least $120 million. The London-listed company announced Friday the transaction first disclosed in July. Tullow Kenya BV transferred all shares through this acquisition deal. The British energy firm exits Kenya after fourteen years of regional operations.
Gulf Energy's affiliate paid $40 million as the initial installment amount. Tullow retains royalty rights and maintains a thirty percent back-in option for future development. Sale proceeds will strengthen the company's financial position substantially. This disposal achieves major strategic goals for the 2025 business plan.
Gulf Energy assumes leadership of Kenya's primary Turkana oil project. The new management will advance domestic energy production throughout the region. Tullow began exploration work in this area starting in 2011. Both companies expressed positive views about completing this strategic transaction.
Gulf Energy's affiliate paid $40 million as the initial installment amount. Tullow retains royalty rights and maintains a thirty percent back-in option for future development. Sale proceeds will strengthen the company's financial position substantially. This disposal achieves major strategic goals for the 2025 business plan.
Gulf Energy assumes leadership of Kenya's primary Turkana oil project. The new management will advance domestic energy production throughout the region. Tullow began exploration work in this area starting in 2011. Both companies expressed positive views about completing this strategic transaction.
