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

Tullow Oil has completed the pre-emption associated to the sale of Occidental Petroleum’s pursuits in the Jubilee and TEN fields in Ghana to Kosmos Energy.
The money consideration paid on completion was US $118M reflecting closing changes and was funded from cash on the stability sheet. เกจวัดแรงอัดกระบอกสูบ takes Tullow’s fairness pursuits to 38.9% in the Jubilee subject and to 54.8% in the TEN fields and provides approximately 5 kbopd of unhedged every day production.
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This equates to roughly four kbopd on an annualised foundation and will increase 2022 Group manufacturing 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 additional equity will increase Tullow’s 2022 Group capital expenditure forecast by US$30Mto US $380M and is expected to generate roughly US$300mn incremental free money move at US$75/bbl between 2022 and 2026. As of 31 December 2021, the transaction will increase 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.
เกจ์วัดแก๊สหุงต้ม am delighted that this necessary transaction has completed and I am grateful for the continued assist of the Government of Ghana and, specifically, the Honourable Minister of Energy whose leadership has been paramount in attending to completion. This transaction underscores our confidence within the assets 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 firm founded in Tullow, Ireland with its headquarters in London, United Kingdom. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
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