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

Tullow Oil has accomplished the pre-emption associated to the sale of Occidental Petroleum’s interests within 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 balance sheet. This transaction takes Tullow’s fairness pursuits to 38.9% in the Jubilee area and to fifty four.8% in the TEN fields and adds approximately 5 kbopd of unhedged daily manufacturing.
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This equates to roughly four kbopd on an annualised basis 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 extra fairness increases Tullow’s 2022 Group capital expenditure forecast by US$30Mto US $380M and is expected to generate approximately US$300mn incremental free cash flow at US$75/bbl between 2022 and 2026. As of 31 December 2021, the transaction increases Tullow’s net 2P reserves by approximately 21 mmboe (9%) and has an estimated post-tax NPV 10 valuation of US $355mn at $75/bbl.
Ultimate am delighted that this essential transaction has completed and I am grateful for the continued assist of the Government of Ghana and, particularly, the Honourable Minister of Energy whose leadership has been paramount in getting to completion. This transaction underscores our confidence in the assets and meets our aims of worth accretion and deleveraging,” Rahul Dhir, CEO of Tullow Oil plc.
Tullow Oil plc is a multinational oil and gasoline exploration firm based 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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