The deal was closed after Tullow transferred $27m in cash to SCS. Prior to the cash exchange, Guinea’s Ministry of Mines and Geology issued an Arrete on 27 December 2012 to approve the sale.
Upon the completion of the sale, SCS, Tullow and Dana Petroleum E&P will hold 37%, 40% and 23% interest in the concession respectively.
Under the deal, Tullow will also carry SCS’ participating interest share of future expenses, about a gross expenditure cap of $100m.
All the companies involved with the transaction plan to commence drilling for a well to test a deepwater fan prospect in the concession prior to 1 April 2014.
