Tullow Oil has accomplished the pre-emption related to the sale of Occidental Petroleum’s pursuits within the Jubilee and TEN fields in Ghana to Kosmos Energy.
The money consideration paid on completion was US $118M reflecting closing adjustments and was funded from cash on the stability sheet. This transaction takes Tullow’s fairness pursuits to 38.9% in the Jubilee area and to 54.8% in the TEN fields and provides approximately five kbopd of unhedged every day manufacturing.
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This equates to roughly four kbopd on an annualised basis and increases 2022 Group manufacturing 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 extra equity will increase Tullow’s 2022 Group capital expenditure forecast by US$30Mto US $380M and is expected 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 web 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, in particular, the Honourable Minister of Energy whose management 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 gas exploration company based 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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