Tullow Sells Bangladesh Asset to KrisEnergy

Tullow Oil through its subsidiary, Tullow Oil International, has signed an agreement with KrisEnergy Asia Holdings a subsidiary of KrisEnergy Asia, for the sale of 100% of the share capital of Tullow Bangladesh.

The exercise will raise$42.35 million for the company, Tullow said in a statement. 

Tullow has a 30% interest in and operates Block 9 on behalf of partners Niko Resources (60%) and Bangladesh Petroleum Exploration and Production Company (BAPEX) (10%).

The 1,770 sq km block includes the Bangora gas producing facility and the Lalmai discovery. During 2012, gross production from the Bangora field averaged around 100 mmscfd and 300 barrels of condensate per day, the company said.