Tullow Oil has accomplished the pre-emption related to the sale of Occidental Petroleum’s interests in the Jubilee and TEN fields in Ghana to Kosmos Energy.
The money consideration paid on completion was US $118M reflecting closing adjustments and was funded from cash on the steadiness sheet. This transaction takes Tullow’s equity pursuits to 38.9% within the Jubilee field and to 54.8% within the TEN fields and provides roughly five kbopd of unhedged daily production.
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This equates to roughly 4 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 additional 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 cash move at US$75/bbl between 2022 and 2026. As of 31 December 2021, the transaction increases Tullow’s web 2P reserves by approximately 21 mmboe (9%) and has an estimated post-tax NPV 10 valuation of US $355mn at $75/bbl.
“ Cheap 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 attending to completion. Official underscores our confidence in the assets and meets our aims of value accretion and deleveraging,” Rahul Dhir, CEO of Tullow Oil plc.
Tullow Oil plc is a multinational oil and gas exploration company based 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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