February 13, 2021 -
On the 9th of February 2021, Tullow Oil plc (Tullow) announced that it has signed two separate sales and purchase agreements with Panoro Energy ASA (Panoro) for all of Tullow’s assets in Equatorial Guinea (the EG Transaction) and the Dussafu asset in Gabon (the Dussafu Transaction).
Tullow has signed two separate sale and purchase agreements with Panoro, pursuant to which Tullow has agreed to the sale to Panoro of its entire interest in Equatorial Guinea through the sale of Tullow Equatorial Guinea Limited and its entire interest in the Dussafu Marin Permit Exploration and Production Sharing contract in Gabon, in each case with an effective date of 1 July 2020.
The EG Transaction constitutes a Class 1 transaction under the UK Listing Rules and is subject to the approval of Tullow’s shareholders. The Dussafu Transaction constitutes a Class 2 transaction and therefore does not require shareholder approval. Completion of the EG Transaction and the Dussafu Transaction are not inter-conditional. However, both transactions are subject to the approval by Panoro’s shareholders of a proposed equity fundraising, to part-finance the transactions by Panoro, and also customary government and other approvals.
Panoro’s two largest shareholders, Sundt AS, and Kistefos AS have committed to subscribe to new ordinary shares in Panoro, representing an amount of NOK 100 million (approximately US$11.6 million) and NOK 86 million (approximately US$10 million) respectively, in Panoro’s equity fundraising. In addition, members of Panoro’s board and executive management team, including its Chairman, Julien Balkany, and its CEO, John Hamilton, are participating in the placing.
Completion of both transactions and receipt of funds is expected in the first half of 2021.
Source: www.tullowoil.com
