Tullow Oil has accomplished the pre-emption related 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 money on the steadiness sheet. This transaction takes Tullow’s equity pursuits to 38.9% within the Jubilee area and to 54.8% in the TEN fields and provides approximately five kbopd of unhedged day by day manufacturing.
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This equates to roughly four kbopd on an annualised foundation and will increase 2022 Group production 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 further equity increases Tullow’s 2022 Group capital expenditure forecast by US$30Mto US $380M and is expected to generate approximately US$300mn incremental free money flow at US$75/bbl between 2022 and 2026. As of 31 December 2021, the transaction will increase 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 important transaction has accomplished and I am grateful for the continued assist of the Government of Ghana and, specifically, the Honourable Minister of Energy whose leadership has been paramount in getting to completion. เพรสเชอร์เกจ 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 gas exploration firm 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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