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Tullow Oil sells Dutch assets for €62.7m

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Tullow Oil chief executive Aidan Heavey

Tullow Oil chief executive Aidan Heavey

Tullow Oil chief executive Aidan Heavey

TULLOW Oil has sold its Dutch interests for €62.7m.

The deal involves the sale of subsidiary - Tullow Netherlands - to a division of Mercuria and is expected to be completed during early 2015.

The Tullow L12/L15 and Q block portfolio comprises a suite of seven licence interests and six developed fields producing1,500 boepd net to Tullow.

Tullow’s guidance for North Sea production will be revised appropriately when this sale completes.

Aidan Heavey, chief executive of Tullow, said: “The sale of the 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.

"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 $75.6m is on track to complete before the end of the year, and the divestment of our remaining UK & Dutch gas assets is progressing well.” 

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