Tullow completes pre-emption of Deep Water Tano component of Kosmos Energy/Occidental Petroleum Ghana transaction

Tullow Oil has accomplished the pre-emption associated to the sale of Occidental Petroleum’s interests within 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 steadiness sheet. This transaction takes Tullow’s equity interests to 38.9% in the Jubilee area and to 54.8% within the TEN fields and adds roughly 5 kbopd of unhedged day by day manufacturing.
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This equates to approximately four kbopd on an annualised basis and will increase 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 additional fairness increases Tullow’s 2022 Group capital expenditure forecast by US$30Mto US $380M and is anticipated to generate approximately US$300mn incremental free cash flow at US$75/bbl between 2022 and 2026. As of 31 December 2021, the transaction will increase Tullow’s web 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 necessary transaction has completed 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 assets and meets our goals of value accretion and deleveraging,” Rahul Dhir, CEO of Tullow Oil plc.
Studies show is a multinational oil and gasoline 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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