Tullow to sell 20% stake in Namibia gas field

Tullow Oil will sell Itochu Corporation, a 20% stake in its Namibia production licence, which contains the Kudu gas field.

To earn the 20% interest, Itochu will pay 40% of the cost of two appraisal wells to investigate the field's potential.

Under the terms of the transaction, Itochu will make further financial payments depending on the ultimate volume of reserves developed.