Tullow Oil Exits Kenya; Sells Entire Business to Local Gulf Energy at $120 mn

UK-based Tullow Oil has announced a landmark deal to sell its Kenyan oil assets to Gulf Energy Ltd for a minimum of $120 million, marking a strategic exit from the country as it moves to reduce its $1.5 billion net debt. The transaction includes; • Three tranches of $40 million each • Royalty-based future earnings • A 30% cost-free stake in any potential future developments, effectively keeping Tullow partially invested without capital exposure The deal will see Gulf Energy .......