Tullow Oil has completed the pre-emption associated to the sale of Occidental Petroleum’s pursuits in the Jubilee and TEN fields in Ghana to Kosmos Energy.
เพรสเชอร์เกจลม paid on completion was US $118M reflecting closing changes and was funded from cash on the stability sheet. This transaction takes Tullow’s fairness pursuits to 38.9% within the Jubilee area and to 54.8% within the TEN fields and provides roughly five kbopd of unhedged daily manufacturing.
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This equates to approximately four kbopd on an annualised basis and will increase 2022 Group production 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 fairness increases Tullow’s 2022 Group capital expenditure forecast by US$30Mto US $380M and is expected to generate roughly US$300mn incremental free cash flow at US$75/bbl between 2022 and 2026. As of 31 December 2021, the transaction increases Tullow’s internet 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 important transaction has accomplished and I am grateful for the continued help of the Government of Ghana and, specifically, 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 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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