Tullow Oil cedes Jamaica offshore licence to United Oil & Gas
Tullow, which still holds South American assets in Guyana, Suriname, Argentina and Peru, is saddled with $3 billion in net debt and is about half-way through its divestment target of $1 billion
LONDON: Tullow Oil ceded its Walton Morant offshore oilfield licence for a nominal fee to London-listed United Oil & Gas, United said on Monday, adding that Tullow had invested $30 million in the licence.
Tullow, which still holds South American assets in Guyana, Suriname, Argentina and Peru, is saddled with $3 billion in net debt and is about half-way through its divestment target of $1 billion.
“We will move ahead with a cost-effective programme of activity, building on the significant work that Tullow and United had completed over the last two years and the feedback from a very active farm-down process,” said United Chief Brian Larkin.
“Our goal will be to further de-risk the asset, bring in partners and move ahead to plan a well on the Colibri prospect.”
