Tullow Oil Plc and Gulf Energy Ltd. won an extension to submit a development plan for fields in Kenya, a crucial step to completing a sale of the assets.
Tullow agreed to sell the oil deposits to the Nairobi-based trading firm in April, after struggling for more than a decade to bring them on stream. The $120 million deal was welcomed by investors eager to see Tullow’s debts come down, but it’s dependent on submission of a plan to get the oil flowing.
The companies have been granted a six-month extension until December, Daniel Kiptoo, director-general of Kenya’s Energy and ...
