Tullow announces sales

Tullow Oil has announced that it has agreed the sale of its interests in 10 CMS Area blocks to Venture Production plc for a total cash consideration of £35m (€44.5m).

The sale is part of an ongoing process of portfolio management which will enable the group to allocate capital to more material exploration, appraisal and development projects within its global portfolio.

Tullow has stated that they remain committed to the Southern Gas Basin and will continue to invest in the CMS Area, in both producing fields and new developments such as K4 and Harrison.

Tullow is also extending its exploration efforts to focus on the more material Carboniferous prospectivity identified in the adjacent Dutch sector, using the expertise developed in the CMS area.