Tullow Oil has formally signed an agreement with Gabon Oil Company to sell 100% of its working interests in Gabon for total cash consideration of $300 million (USD). The agreement follows an announcement made in March 2025 discussing terms of the deal.
“We continue to make strong progress towards completing this strategic, value accretive divestment of our Gabon assets, with the signing of the SPA,” commented Richard Miller, Tullow’s Chief Financial Officer and Interim CEO. “The proceeds, expected in the coming months, will materially reduce our net debt and strengthen our balance sheet, which positions us well as we look to optimize our capital structure.
“Looking ahead, the transaction enables Tullow to continue to deliver against our business objectives to unlock value from our high-margin, self-funded assets to grow our reserve base and create value for all stakeholders.”
Tullow noted that the transaction is in the best interest of its shareholders and Tullow as a whole, as it focuses on its core producing assets in Ghana.
