Tullow Oil has completed the pre-emption related to the sale of Occidental Petroleum’s pursuits in the Jubilee and TEN fields in Ghana to Kosmos Energy.
The money consideration paid on completion was US $118M reflecting closing changes and was funded from cash on the stability sheet. This transaction takes Tullow’s fairness interests to 38.9% in the Jubilee field and to 54.8% within the TEN fields and adds roughly 5 kbopd of unhedged day by day production.
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This equates to roughly 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 extra equity increases Tullow’s 2022 Group capital expenditure forecast by US$30Mto US $380M and is expected to generate roughly US$300mn incremental free cash move at US$75/bbl between 2022 and 2026. As of 31 December 2021, the transaction will increase Tullow’s internet 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 important 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 attending to completion. This transaction underscores our confidence in the belongings 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 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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