Tullow Oil announced that its subsidiary Tullow Exploration & Production has agreed to sell its operated and non-operated L12/L15 block interests and non-operated Q4 and Q5 block interests to AU Energy, a subsidiary of Mercuria Energy Group, for €62.7 million (US$81.1 million).
The transaction involves the sale of a subsidiary, Tullow Netherlands, which will, at the time of completion, hold all Tullow Oil L12/L15 and Q4 and Q5 interests. The deal is expected to complete early 2015.
The L12/L15 and Q block portfolio comprises a suite of seven license interests and six developed fields producing 1500boe/d net to Tullow.
Aidan Heavey, Tullow's CEO, said: “The sale of the Tullow’s interests in Blocks L & Q is a further step towards the Group’s planned divestment of our North Sea gas assets in order to focus our business on conventional light oil. The previously announced agreement to sell part of our interests in the UK Schooner and Ketch unit to Faroe Petroleum for a total consideration of $75.6 million is on track to complete before the end of the year, and the divestment of our remaining UK and Dutch gas assets is progressing well.”
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