AFX Europe (Focus): Tullow Oil buys some Shell, ExxonMobil North Sea gas assets for 200 mln stg: “Tullow Oil PLC said it is buying some North Sea gas production assets from Royal Dutch/Shell Group and ExxonMobil Corp for 200 mln stg. The deal covers all Shell's and ExxonMobil's producing interests in the Schooner and Ketch gas fields and surrounding acreage.” (ShellNews.net) 20 Dec 04

Dec 20, 2004

LONDON (AFX) - Tullow Oil PLC said it is buying some North Sea gas production assets from Royal Dutch/Shell Group and ExxonMobil Corp for 200 mln stg.

The deal covers all Shell's and ExxonMobil's producing interests in the Schooner and Ketch gas fields and surrounding acreage.

Tullow said it will finance the purchase through bank debt and internal resources. The deal is inclusive of capital allowances, with an effective date of July 1, 2004.

Tullow said it plans to increase production levels substantially.

Chief executive Aidan Heavey said the deal "completes a transforming year for Tullow, during which the company has concluded over a billion dollars of transactions."

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