Tullow Oil plc (Tullow) announced the successful completion of the sale of its entire working interest in Kenya to Auron Energy E&P Limited, an affiliate of Gulf Energy Ltd, following satisfaction of all conditions precedent under the Sale and Purchase Agreement (SPA) announced on 21 July 2025.
In a press release published on the London Stock Exchange, Tullow has confirmed receipt of the full proceeds of Tranche A (US$40 million) under the terms of the SPA.
Tullow Kenya BV Managing Director Madhan Srinivasan confirmed the successful sale completion.
“The transaction represents the sale of 100% of the shares in Tullow’s subsidiary Tullow Kenya BV, which holds Tullow’s entire working interests in Kenya, for a minimum cash consideration of US$120 million, subject to customary adjustments,” Madhan said.
He added that the transaction proceeds will be used to strengthen Tullow’s balance sheet.
Tullow will also retain royalty payments, subject to certain conditions, and a no-cost back-in right for a 30% participation in potential future development phases.
He further expressed TKBV’s gratitude to various Government of Kenya arms and agencies including the
