REG - Tullow Oil PLC - Receipt of Tranche B payment for Kenya assets sale

Tullow OilAnnouncement

09/03/2026 17:15

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RNS Number : 9299V  Tullow Oil PLC  09 March 2026

Tullow Oil plc

Receipt of Tranche B payment for sale of Kenya assets

9 March 2026 - Tullow Oil plc (Tullow) is pleased to announce it has received
$36 million proceeds of the Tranche B payment, under the terms of the Sale and
Purchase Agreement (SPA) announced on 21 July 2025 for the sale of its entire
working interest in Kenya to Auron Energy E&P Limited, an affiliate of
Gulf Energy Limited. This is the second instalment of proceeds from the Kenya
disposal and follows ratification by the Kenyan Parliament of the Field
Development Plan for the South Lokichar oil project.

The final 10% of Tranche B proceeds ($4 million) is pending completion of
transition support services, which is expected before the end of March 2026.

The final tranche of $40 million, payable over five years from the third
quarter of 2028 onwards and no later than 30 June 2033, is subject to the
payment schedule as agreed under the terms of the SPA. In addition, Tullow
retains a right to royalty payments, subject to certain conditions, and a no
cost back-in right for a 30% participation in potential future development
phases.

Oil price update

Tullow's 2026 pre-financing cash flow guidance of $150-180 million was issued
at $65/bbl. Based on realised oil prices in January and February, and an
average oil price of $100/bbl for the remainder of 2026, pre-financing cash
flow guidance would double.

 CONTACTS
 Tullow Investor Relations                    Camarco (Media)

                                            (+44 20 3757 4980)
 ir@tullowoil.com (mailto:ir@tullowoil.com)

                                            Billy Clegg
 Matthew Evans

                                              Georgia Edmonds

                                              Rebecca Waterworth

 

Notes to editors

Tullow is an independent energy company that is building a better future
through responsible oil and gas development in Africa. Tullow's operations are
focused on its core producing assets in Ghana. Tullow is committed to becoming
Net Zero on its Scope 1 and 2 emissions by 2030, with a Shared Prosperity
strategy that delivers lasting socio-economic benefits for its host nations.
The Group is quoted on the London and Ghanaian stock exchanges (symbol: TLW).
For further information, please refer to: www.tullowoil.com
(http://www.tullowoil.com/) .

 

Follow Tullow on:

LinkedIn: www.linkedin.com/company/Tullow-Oil
(http://www.linkedin.com/company/Tullow-Oil)

X: www.X.com/TullowOilplc (http://www.X.com/TullowOilplc)

 

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