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

Tullow Oil has accomplished the pre-emption associated to the sale of Occidental Petroleum’s pursuits within the Jubilee and TEN fields in Ghana to Kosmos Energy.
The money consideration paid on completion was US $118M reflecting closing adjustments and was funded from money on the steadiness sheet. This transaction takes Tullow’s equity interests to 38.9% within the Jubilee area and to fifty four.8% within the TEN fields and adds approximately five kbopd of unhedged daily manufacturing.
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This equates to approximately four kbopd on an annualised foundation and increases 2022 Group manufacturing guidance 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 fairness increases Tullow’s 2022 Group capital expenditure forecast by US$30Mto US $380M and is predicted to generate roughly US$300mn incremental free cash 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.
“I am delighted that this essential transaction has completed and I am grateful for the continued support of the Government of Ghana and, specifically, the Honourable Minister of Energy whose leadership has been paramount in getting to completion. This transaction underscores our confidence in the belongings and meets our aims of value accretion and deleveraging,” Rahul Dhir, CEO of Tullow Oil plc.
เกจแรงดัน 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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