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 interests 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 cash on the stability sheet. ไดอะแฟรม ซีล takes Tullow’s fairness interests to 38.9% in the Jubilee subject and to fifty four.8% within the TEN fields and adds approximately 5 kbopd of unhedged daily production.
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This equates to approximately 4 kbopd on an annualised foundation and will increase 2022 Group manufacturing steerage 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 anticipated to generate roughly US$300mn incremental free cash move at US$75/bbl between 2022 and 2026. As of 31 December 2021, the transaction will increase 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.
“I am delighted that this necessary transaction has completed and I am grateful for the continued support of the Government of Ghana and, specifically, 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 firm based 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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