British oil explorer Tullow has valued its Kenya operation at more than Sh32.4 billion ahead of a possible sale of the stake to a strategic investor, the latest disclosures by the firm show.
Tullow said in its financial report for the year ended December 2022 that the book value of its Kenyan assets stands at $252.6 million (Sh32.4 billion) but added that a positive outcome of its current efforts to gain a production licence and attract a new strategic investor would unlock higher valuation of the asset.
