Tullow Oil shares rise 3% on €150m asset sale deal

Tullow Oil will use the sale proceeds to further pay down debt.

Shares in Tullow Oil rose by more than 3% on the Irish-founded exploration company agreeing the sale of stakes in some of its offshore African oil fields to Norwegian company Panoro Energy for up to $180m (€150m).

Tullow has agreed to sell stakes in offshore fields in Gabon and Equatorial Guinea and will use the sale proceeds to further reduce its $2.4bn debt.