Tullow Oil has accomplished the pre-emption associated to the sale of Occidental Petroleum’s interests in 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 cash on the balance sheet. This transaction takes Tullow’s fairness pursuits to 38.9% in the Jubilee field and to fifty four.8% within the TEN fields and adds approximately 5 kbopd of unhedged day by day production.
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This equates to approximately 4 kbopd on an annualised foundation and increases 2022 Group manufacturing steering 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 increases Tullow’s 2022 Group capital expenditure forecast by US$30Mto US $380M and is anticipated 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 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 important transaction has completed and I am grateful for the continued support 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 in the belongings and meets our goals 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. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
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