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

เกจวัดแรงดันไฮดรอลิค has accomplished the pre-emption related 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 stability sheet. This transaction takes Tullow’s fairness interests to 38.9% in the Jubilee field and to 54.8% in the TEN fields and adds approximately five kbopd of unhedged every day manufacturing.
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This equates to roughly four kbopd on an annualised foundation and increases 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 equity increases Tullow’s 2022 Group capital expenditure forecast by US$30Mto US $380M and is predicted to generate approximately US$300mn incremental free money flow at US$75/bbl between 2022 and 2026. As of 31 December 2021, the transaction increases 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 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 within the property and meets our aims of worth accretion and deleveraging,” Rahul Dhir, CEO of Tullow Oil plc.
Tullow Oil plc is a multinational oil and gasoline 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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