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 adjustments and was funded from cash on the balance sheet. This transaction takes Tullow’s fairness pursuits to 38.9% in the Jubilee field and to 54.8% within the TEN fields and adds approximately 5 kbopd of unhedged every day production.
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This equates to roughly 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 further fairness will increase Tullow’s 2022 Group capital expenditure forecast by US$30Mto US $380M and is expected to generate approximately US$300mn incremental free money move at US$75/bbl between 2022 and 2026. As of 31 December 2021, the transaction increases Tullow’s internet 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 necessary transaction has accomplished 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 attending to completion. Cinch underscores our confidence in the property and meets our objectives of worth accretion and deleveraging,” Rahul Dhir, CEO of Tullow Oil plc.
Tullow Oil plc is a multinational oil and gasoline exploration company founded in Tullow, Ireland with its headquarters in London, United Kingdom. Giveaway is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
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