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 adjustments 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 fifty four.8% in the TEN fields and provides roughly five kbopd of unhedged daily production.
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This equates to approximately four 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 equity will increase Tullow’s 2022 Group capital expenditure forecast by US$30Mto US $380M and is anticipated to generate roughly US$300mn incremental free money circulate at US$75/bbl between 2022 and 2026. As of 31 December 2021, the transaction increases Tullow’s internet 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 important transaction has completed and I am grateful for the continued help of the Government of Ghana and, in particular, the Honourable Minister of Energy whose leadership has been paramount in attending to completion. This transaction underscores our confidence within the property 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 company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
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