Tullow completes pre-emption of Deep Water Tano part of Kosmos Energy/Occidental Petroleum Ghana transaction

Tullow Oil has completed the pre-emption associated to the sale of Occidental Petroleum’s pursuits within the Jubilee and TEN fields in Ghana to Kosmos Energy.
The cash consideration paid on completion was US $118M reflecting closing changes and was funded from money on the stability sheet. This transaction takes Tullow’s fairness pursuits to 38.9% within the Jubilee area and to 54.8% within the TEN fields and provides approximately five kbopd of unhedged every day production.
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This equates to roughly 4 kbopd on an annualised foundation and increases 2022 Group production steering to 59-65 kbopd (30-32 kbopd at Jubilee, 13-14 kbopd at TEN and non-op portfolio unchanged at 16-19 kbopd).
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Equity
This further equity increases Tullow’s 2022 Group capital expenditure forecast by US$30Mto US $380M and is predicted to generate approximately US$300mn incremental free money circulate at US$75/bbl between 2022 and 2026. As of 31 December 2021, the transaction increases Tullow’s net 2P reserves by roughly 21 mmboe (9%) and has an estimated post-tax NPV 10 valuation of US $355mn at $75/bbl.
เกจวัดแรงดันน้ำมันเครื่อง am delighted that this essential transaction has accomplished and I am grateful for the continued support of the Government of Ghana and, particularly, the Honourable Minister of Energy whose management has been paramount in getting to completion. This transaction underscores our confidence in the belongings and meets our goals of value accretion and deleveraging,” Rahul Dhir, CEO of Tullow Oil plc.
Tullow Oil plc is a multinational oil and gas exploration company founded in Tullow, Ireland with its headquarters in London, United Kingdom. The firm is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
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