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FTSE 100 oil group Tullow Oil (TLW) has sold its interest in the Mboundi field, onshore Congo, to the Korea National Oil Company (KNOC) for a consideration of $435 million. The company had 11% equity in the project and broker Evolution Securities described it as a ‘stunning price equating to $23 a barrel for 2P reserves’. The company says it will now increase its focus on its considerable assets elsewhere in Africa CEO Aidan Heavey says: ‘This is a very exciting time in Tullow’s evolution with major work programmes in progress to appraise and commercialise our assets in both Uganda and Ghana.’

by: Tom Sieber