Oil and gas firm Tullow Oil plc (TLW.L, TUWOY.PK, TUWLF.PK) through its unit, Tullow Oil International Ltd., has reached a deal with KrisEnergy Asia Holdings BV, a subsidiary of KrisEnergy Asia Ltd., for the sale of 100% of the share capital of Tullow Bangladesh Ltd. or TBL. The consideration is $42.35 million with an effective date of January 1, 2013.
Tullow has a 30% stake in and operates Block 9 on behalf of partners Niko Resources (60%) and Bangladesh Petroleum Exploration and Production Company or BAPEX (10%). The 1,770 sq km block comprises of the Bangora gas producing facility and the Lalmai discovery. Gross production from the Bangora field in 2012 averaged nearly 100 mmscfd and 300 barrels of condensate per day. The sale is conditional upon receipt of Government of Bangladesh and Petrobangla approvals and consents.
According to the company, "This sale is part of a process of portfolio management and asset monetisation which forms a key part of our exploration-led strategy. This process continues with the proposed sale of gas assets in Pakistan and the UK and Dutch North Sea."
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