Tullow Oil has completed the pre-emption related to the sale of Occidental Petroleum’s interests within the Jubilee and TEN fields in Ghana to Kosmos Energy.
The money consideration paid on completion was US $118M reflecting closing changes and was funded from cash on the steadiness sheet. This transaction takes Tullow’s fairness pursuits to 38.9% in the Jubilee field and to 54.8% in the TEN fields and provides roughly 5 kbopd of unhedged every day production.
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This equates to approximately four kbopd on an annualised foundation and will increase 2022 Group manufacturing 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 additional fairness increases Tullow’s 2022 Group capital expenditure forecast by US$30Mto US $380M and is anticipated to generate roughly 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 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 accomplished and I am grateful for the continued help of the Government of Ghana and, particularly, the Honourable Minister of Energy whose management has been paramount in getting to completion. This transaction underscores our confidence in the property and meets our aims 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 firm is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
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