Tullow Oil has accomplished the pre-emption related 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 money on the balance sheet. This transaction takes Tullow’s equity interests to 38.9% in the Jubilee field and to 54.8% in the TEN fields and provides roughly five kbopd of unhedged day by day manufacturing.
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This equates to roughly four kbopd on an annualised foundation and increases 2022 Group production 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 will increase Tullow’s 2022 Group capital expenditure forecast by US$30Mto US $380M and is predicted to generate approximately 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 approximately 21 mmboe (9%) and has an estimated post-tax NPV 10 valuation of US $355mn at $75/bbl.
“I am delighted that this important transaction has accomplished and I am grateful for the continued help of the Government of Ghana and, in particular, the Honourable Minister of Energy whose management has been paramount in attending to completion. This transaction underscores our confidence within the belongings and meets our objectives of worth accretion and deleveraging,” Rahul Dhir, CEO of Tullow Oil plc.
Tullow Oil plc is a multinational oil and gas exploration company 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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