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

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 changes and was funded from cash on the balance sheet. This transaction takes Tullow’s equity pursuits to 38.9% in the Jubilee field and to fifty four.8% in the TEN fields and provides approximately 5 kbopd of unhedged day by day production.
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This equates to approximately four kbopd on an annualised foundation and will increase 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 extra fairness increases Tullow’s 2022 Group capital expenditure forecast by US$30Mto US $380M and is anticipated to generate roughly US$300mn incremental free money move 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 important transaction has accomplished 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 in the assets and meets our objectives of worth 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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