Under the €62.7m agreement, AU Energy will acquire a subsidiary, Tullow Netherlands, which will, at the time of completion, hold all Tullow Oil L12/L15 and Q4 and Q5 interests.

Effective from 1 January 2014, the transaction is expected to be completed during early 2015 and is conditional upon ministerial consent of the intra-group transfer of the L12/L15 and Q block non-operated license interests to Tullow Netherlands.

The Tullow L12/L15 and Q blocks involve seven license interests and six developed fields producing 1,500 boepd net to Tullow.
Upon completion of the sale, Tullow’s guidance for North Sea production will be revised appropriately.

Tullow Oil chief executive Aidan Heavey said: "The sale of the Tullow’s interests in Blocks L & Q is a further step towards the Group’s planned divestment of our North Sea gas assets in order to focus our business on conventional light oil.

"The previously announced agreement to sell part of our interests in the UK Schooner and Ketch unit to Faroe Petroleum for a total consideration of US$75.6 million is on track to complete before the end of the year, and the divestment of our remaining UK & Dutch gas assets is progressing well."