UK-listed Tullow Oil and privately owned Perenco have signed an asset swap deal covering oil and gas fields in Gabon.

The deal, unveiled today, aims to optimise Tullow’s equity ownership across key fields in the West African country and involves only the exchange of interests held by both parties in certain licences.

Tullow’s shares on the London Stock Exchange edged up almost 3.5% to 27.62 pence in late afternoon trading.

Tullow will hand over to Perenco its entire stakes of 40%, 27.5%, 24.3% and 10%, respectively in the Limande , Turnix, Moba and Oba assets and a 17.5% holding in the Simba field in which it will retain 40%.

In return, Tullow’s interest in the Tchatamba and DE8 assets will both rise to 40% after securing 15% and 20% interest, respectively, from the French independent.

This deal, said Tullow, will see Tchatamba become a key hub for the company around which it can develop existing satellite fields and explore for future tieback opportunities.

Plans are already being eyed to develop the Wamba, D8 and Simba discoveries via Tchatamba’s facilities.

In the DE8 licence appraisal drilling is underway on the Akoum B discovery, first oil from which could flow by the end of 2023.

Completion of the transaction is expected by the end of this year, with an economic date of 1 February 2023.

Tullow chief executive Rahul Dhir said the deal reflects the company’s strategy of taking “proactive steps to optimise our portfolio to focus on high-return producing assets and growth opportunities around existing infrastructure.”

He said the Gabon assets “are a valuable and important part of our asset base, and this transaction enhances our exposure to preferred fields.”