Tullow may follow partner Africa Oil and cash out

Tullow may follow partner Africa Oil and cash out
Tullow shares boom. Pic: Bloomberg

Shares surge 18 per cent following deal

Tullow Oil may sell some of its east African fields in a deal with a potential value of $845 million.

The company yesterday had its highest share surge in seven years after its Africa Oil partner sold 50 per cent of its stakes in fields in Kenya and Ethiopia to Maersk Oil & Gas.

That deal was worth $365 million up-front and a potential further payout of $480 million

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