- Tullow Oil has sold its 100%-owned Tullow Bangladesh Limited to KrisEnergy Asia Holdings BV, a subsidiary of KrisEnergy Asia Limited, $42.35 million.

The sale was made via Tullow subsidiary Tullow Oil International Ltd, and it has an effective date of Jan. 1.

"This follows the announcement of our plans to sell our Asian assets in March 2012. After 16 years of successful operations in Bangladesh, I wish the new owners of these assets and their staff well," said CEO Aidan Heavey.

"This sale is part of a process of portfolio management and asset monetisation which forms a key part of our exploration-led strategy. This process continues with the proposed sale of gas assets in Pakistan and the UK and Dutch North Sea," Heavey said.

At 8:00am: [LON:TLW] Tullow Oil share price was +6.5p at 1197.5p

Story provided by