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Tullow Oil sells Bangladesh assets to KrisEnergy Asia

Tullow Oil has agreed to sell its Bangladesh arm to KrisEnergy Asia Holdings BV, a subsidiary of KrisEnergy Asia, for 42.35m dollars.

Tullow Oil has agreed to sell its Bangladesh arm to KrisEnergy Asia Holdings BV, a subsidiary of KrisEnergy Asia, for 42.35m dollars.

The sale is conditional upon receipt of government of Bangladesh and Petrobangla approvals.

"I am pleased that the sale and purchase agreement of Tullow's Bangladesh assets has successfully been signed," said Tullow Oil Chief Executive Officer, Aidan Heavey.

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"This follows the announcement of our plans to sell our Asian assets in March 2012. After 16 years of successful operations in Bangladesh, I wish the new owners of these assets and their staff well."

He added that the sale was part of an exploration-led strategy that includes a process of portfolio management and asset monetisation.

The process will continue with the proposed sale of gas assets in Pakistan and the UK and Dutch North Sea.

RD

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