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Tullow Oil has completed the pre-emption associated to the sale of Occidental Petroleum’s interests 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 money on the steadiness sheet. This transaction takes Tullow’s fairness interests to 38.9% in the Jubilee area and to fifty four.8% within the TEN fields and adds approximately 5 kbopd of unhedged daily manufacturing.
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This equates to roughly 4 kbopd on an annualised basis and will increase 2022 Group production 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 increases Tullow’s 2022 Group capital expenditure forecast by US$30Mto US $380M and is anticipated 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 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 essential transaction has completed 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 in the property and meets our goals of worth accretion and deleveraging,” Rahul Dhir, CEO of Tullow Oil plc.
เกจวัดแรงดันลม10bar is a multinational oil and gas exploration company founded 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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