Tullow - comment

Tullow has taken another step in completing the sale of its Kenyan assets, signing the sale and purchase agreement with Auron Energy, an affiliate of Gulf Energy. We reiterate the comment from April that this is the death nail in the equity story for Tullow as the Company attempts to sell any of its assets to pay down its capital structure. Coupled with the sale of the Gabonese assets, Tullow is expected to receive $380 million in proceeds in 2025, which will be used to reduce its leverage.