IN BRIEF: Tullow Oil completes USD307 million Gabon assets sale

Tullow Oil PLC - oil and gas producer in West African countries of Ghana and Ivory Coast - Completes USD307 million sale of Gabon assets to Gabon Oil Co following satisfaction of all conditions under sale and purchase agreement inked back in May. Receives full proceeds from the transaction. Notes the asset sale marks its exit from Gabon licences after 21 years. Proceeds are earmarked to strengthen the balance sheet and to "materially" reduce net debt.

"Today's news represents another key milestone that accelerates the deleveraging of Tullow. I am pleased with the momentum we have at Tullow, and I look forward to this continuing in the weeks and months ahead. Our immediate focus is on successfully completing the Kenya transaction in 2025 and the current Ghana drilling campaign with the first well, a Jubilee producer, now onstream," says Tullow Oil Chief Executive Richard Miller.

Current stock price: 15.00 pence, closed down 1.1% on Tuesday in London

12-month change: down 50%

By Christopher Ward, Alliance News reporter

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