Tullow completes gas fields acquisitions

Oil and gas exploration and production company Tullow Oil has completed the acquisition, from Shell and Esso, of their producing interests in the Schooner and Ketch gas fields and associated acreage.

Tullow has also now assumed operation of both fields.

The total consideration for the transaction is £200m (€291m), inclusive of capital allowances, which has been financed through a combination of bank debt and internal resources.

The revenues and activities of Schooner and Ketch will be recognised in Tullow’s accounts with effect from today.