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- In summary
- The case will see the company sell 10pc shares in the Elgeyo Marakwet project to Delonex Energy
- Kenya's operations are in abeyance after announcing last week that she had stopped working in her Turkana fields for security reasons. 19659005] Tullow Oil was given the green light to sell a 10 percent stake in an oil bloc to Elgeyo Marakwet.
The buyer, Delonex Energy, headquartered in the UK, will now increase its stake in Block 12A to 60% after several acquisitions, while Tullow's share will fall to 40%.
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This decision follows another transaction at the beginning of the year that saw Tullow yield the operator status to Delonex, which means that She would no longer play any role in daily exploration activities. the block.
"CAK (Kenya's Competition Authority) excludes the proposed acquisition by Delonex Kenya (One) Limited of an additional 10% interest in Block 12A located in the counties of Kenya. Elgeyo Marakwet and Baringo, Kenya, with Tullow Kenya BV IV of the (Competition) Act for the following reasons – the merger will not adversely affect competition, and the parties operate in the excluded sector and, therefore, the proposed transaction meets the threshold of exclusion as set out in the Merger Threshold Guidelines, "CAK said in a notice issued by Kenya Gazette.
The development also comes in the wake of Tullow's announcement of the stoppage of work in his Kenyan oil field in Turkana County and the shutdown of trucking operations for reasons of security.
Protests and security issues have halted the pilot project that is currently moving about 600 barrels of oil a day to Mombasa before the construction of a pipeline that should be operational by 2022.
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Delonex Energy has increased its stake to 60 percent over the last three years after successive acquisitions of holdings of other players who owned the block.
He acquired a 25% interest in Tullow in 2015 and previously a 15% interest in Marathon Oil and a 10% interest in Africa Oil.
Preliminary exploration by Tullow in 2016 showed that the block had the potential to become a key oil bloc.
After drilling the Cheptuket-1 well, the company said it encountered oil showings as well as the presence of an active petroleum system with significant oil production.
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Tullow suspends operations in Turkana due to insecurity
After drilling the well, Tullow Oil then described the discovery as "the most significant well result to date in Kenya outside the southern Lokichar basin. ".
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