Tullow Oil PLC has announced the receipt $36 million (KES 4.6 billion) in payment of tranche B for the sale of its entire working interest in Turkana, Kenya.
The payment follows the signing of a Sale and Purchase Agreement (SPA) in July 2025 for the sale of Tullow’s entire Kenyan assets to Auron Energy E&P Limited, an affiliate of Gulf Energy Limited for $120 million (KES 15.5 billion).
The $36 million represents the second installment of proceeds and follows the ratification of the Field Development Plan for the South Lokichar Basin oil project by the National Assembly of Kenya.
Tullow Oil had earlier received the first tranche of $40 million (KES 5.17 billion) in September 2025. The upstream energy firm stated that the remaining 10% of the second tranche, equivalent to $4 million (KES 516 million) is still pending and will be paid upon completion of transition services, a process expected to finish before March 31, 2026.
Tullow expects to receive the final tranche of $40 million between September 2028 and June 2033 as stated in the SPA.
Tullow’s Oil Price Update
Separately, the company provided an update on oil price expectations and its cash flow outlook. Tullow had previously guided 2026 pre-financing cash flow at between $150 million and $180 million, based on an oil price assumption of $65 per barrel. However, given realized oil prices in January and February and assuming an average oil price of $100 per barrel for the rest of the year, the company indicated that pre-financing cash flow could potentially double.
