Tullow Oil has completed the pre-emption associated to the sale of Occidental Petroleum’s interests in the Jubilee and TEN fields in Ghana to Kosmos Energy.
ชนิดของpressuregauge paid on completion was US $118M reflecting closing adjustments and was funded from money on the steadiness sheet. This transaction takes Tullow’s equity interests to 38.9% in the Jubilee subject and to fifty four.8% in the TEN fields and provides roughly five kbopd of unhedged day by day production.
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This equates to roughly 4 kbopd on an annualised basis and increases 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 equity will increase Tullow’s 2022 Group capital expenditure forecast by US$30Mto US $380M and is expected to generate approximately US$300mn incremental free money flow at US$75/bbl between 2022 and 2026. As of 31 December 2021, the transaction will increase Tullow’s net 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 essential transaction has completed and I am grateful for the continued support of the Government of Ghana and, specifically, the Honourable Minister of Energy whose leadership has been paramount in attending to completion. This transaction underscores our confidence within the belongings and meets our aims of value accretion and deleveraging,” Rahul Dhir, CEO of Tullow Oil plc.
Tullow Oil plc is a multinational oil and gas exploration company 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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