Exploration group Tullow Oil has agreed to sell its Dutch interests for €62.7 million, the group confirmed today.
The oil and gas producer said its operated and non-operated L12/L15 block interests and non-operated Q4 and Q5 block interests, are to be sold to AU Energy, a subsidiary of Mercuria Energy Group.
The deal involves the sale of a subsidiary, Tullow Netherlands, which will hold all of its L12/L15 and Q4 and Q5 interests.
Completion of the deal is expected early next year.
The Tullow L12/L15 and Q block portfolio comprises a suite of seven licence interests and six developed fields producing 1,500 barrels of oil equivalent per day (boepd) .
Tullow said its guidance for North Sea production will be revised when the sale is completed.
"The sale of Tullow's interests in Blocks L & Q is a further step towards the group's planned divestment of our North Sea gas assets in order to focus our business on conventional light oil," said the group's chief executive Aidan Heavey.
"The previously announced agreement to sell part of our interests in the UK Schooner and Ketch unit to Faroe Petroleum for a total consideration of $75.6 million is on track to complete before the end of the year, and the divestment of our remaining UK and Dutch gas assets is progressing well," he added.
Tullow, which has its primary listing on the London Stock Exchange, but is also listed on the Iseq and the Ghanaian stock exchange, has interests in more than 140 exploration and production licences across 21 countries.
