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

Tullow Oil has accomplished the pre-emption related to the sale of Occidental Petroleum’s interests in the Jubilee and TEN fields in Ghana to Kosmos Energy.
pressure gauge น้ำมัน paid on completion was US $118M reflecting closing changes and was funded from cash on the steadiness sheet. This transaction takes Tullow’s equity interests to 38.9% in the Jubilee subject 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 roughly 4 kbopd on an annualised basis and will increase 2022 Group production 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 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 increases 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 necessary transaction has accomplished and I am grateful for the continued support 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 within 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 firm founded in Tullow, Ireland with its headquarters in London, United Kingdom. เกจ์ออกซิเจนsumo is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
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