Tullow Oil has accomplished 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 money on the stability sheet. This transaction takes Tullow’s fairness pursuits to 38.9% in the Jubilee area and to fifty four.8% within the TEN fields and adds roughly 5 kbopd of unhedged day by day manufacturing.
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This equates to roughly 4 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 fairness 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 increases 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 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 management has been paramount in getting to completion. spmk700 underscores our confidence in the assets and meets our objectives of value accretion and deleveraging,” Rahul Dhir, CEO of Tullow Oil plc.
Tullow Oil plc is a multinational oil and fuel exploration firm 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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