IN BRIEF: Tullow gets Gabon approval for licences extension to 2046

Tullow Oil PLC – oil and gas producer in Ghana, Gabon and Ivory Coast – Gains approval from the Gabon government for the extension of several of its licences in the west African country to 2046. Says the extensions increase the value of its resource base through the addition of around 5 million barrels of net 2P reserves that will deliver an estimated 100% of 2P reserves replacement in Gabon this year. Says move is in line with its strategy to focus on its high return production assets in Africa and unlock value through optimisation of its non-operated portfolio. “The extensions reflect the future potential of the reserves and resources across the Gabonese assets and the longevity of the Tchatamba facilities as a core hub for Tullow,” the company says.

On Thursday last week, Tullow said it agreed an amendment to its interim gas sales agreement in Ghana, which is valued at USD2.90 per million British thermal units. The agreement will continue to the end of the current quarter, Tullow said, noting that current export volumes are about 100 million standard cubic feet per day.

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