Oil & gas company Tullow Oil completes sale of its interest in Dussafu Marin to Panoro Energy

GABON – Tullow Oil, an Oil and gas company, has completed the sale of its 10% working interest in the Dussafu Marin permit asset in Gabon to Oslo-listed Panoro Energy.

Tullow Oil announced that it had already received a payment of US$39 million for the Dussafu asset earlier in the day as well as a U$5 million contingent consideration relating to the Equatorial Guinea transaction.

Following the completion, Panoro-Gabon holds a 17.4997% non-operated working interest in the Dussafu Marin permit.

“We are extremely pleased to have completed the acquisition of an additional 10% working interest in the Dussafu Marin permit, offshore Gabo,” John Hamilton CEO of Panoro said.

“This increased participation is consistent with Panoro’s strategy to expand in Gabon, where we see significant opportunities to achieve our ambitious in-country growth objectives. We look forward to continuing to work with our partners BWE, GOC, and the Republic of Gabon.”

The completion consideration for this transaction is USD 39 million following customary adjustments, Panoro said.

In addition, completion of this acquisition satisfies the condition, under the sale and purchase agreement relating to the acquisition of Tullow Equatorial Guinea Limited in March 2021, for the payment by Panoro of US$5 million to Tullow.

“The payments have been funded by a drawdown of US$35 million under the US$90 million debt facility, arranged by Trafigura and with the Mauritius Commercial Bank as mandated lead arranger and facility agent, and the balance from equity funds,” Panoro said.

Rahul Dhir, Chief Executive Officer, Tullow Oil plc, said: “The completion of this transaction is the final step of our asset sale program in Uganda, Equatorial Guinea and Gabon.

“These sales have provided over US$700 million in liquidity and have helped both lower our cost base and support our comprehensive refinancing. With no significant debt maturities until 2025, Tullow has the financial stability to deliver on its business plan.”

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