Tullow Oil has accomplished the pre-emption associated to the sale of Occidental Petroleum’s pursuits 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 cash on the stability sheet. This transaction takes Tullow’s equity pursuits to 38.9% in the Jubilee field and to 54.8% within the TEN fields and adds roughly five kbopd of unhedged every day manufacturing.
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This equates to roughly four kbopd on an annualised foundation and will increase 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 equity will increase Tullow’s 2022 Group capital expenditure forecast by US$30Mto US $380M and is predicted to generate approximately US$300mn incremental free money circulate at US$75/bbl between 2022 and 2026. As of 31 December 2021, the transaction will increase 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 accomplished and I am grateful for the continued assist of the Government of Ghana and, particularly, the Honourable Minister of Energy whose leadership has been paramount in getting to completion. This transaction underscores our confidence in the assets and meets our goals of value accretion and deleveraging,” Rahul Dhir, CEO of Tullow Oil plc.
Tullow Oil plc is a multinational oil and fuel exploration firm 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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