Panoro has paid Tullow Oil $39 million for the Dussafu asset, as well as $5 million in contingent consideration for the Equatorial Guinea agreement. This transaction also includes contingent cash payments of up to $24 million, which are linked to asset performance and oil price, as previously stated.

The acquisition will close once all completion requirements have been met, including approval from the Gabonese government and Panoro shareholders, as well as other usual third-party clearances. Tullow has a significant non-operated stake in Gabon and is presently considering potential investments in the country.

Tullow Oil’s Chief Executive Officer, Rahul Dhir, said: “The completion of this transaction is the final step of our asset sale programme in Uganda, Equatorial Guinea and Gabon. These sales have provided over $700 million in liquidity and have helped both lower our cost base and support our comprehensive refinancing. With no significant debt maturities until 2025, Tullow has the financial stability to deliver on its business plan.”