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Tullow Oil has accomplished the pre-emption related to the sale of Occidental Petroleum’s interests in 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 balance sheet. pressure gauge takes Tullow’s equity pursuits to 38.9% within the Jubilee area and to fifty four.8% within the TEN fields and adds approximately five kbopd of unhedged every day production.
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This equates to approximately four kbopd on an annualised basis 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 further 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 flow at US$75/bbl between 2022 and 2026. As of 31 December 2021, the transaction will increase 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 necessary transaction has accomplished and I am grateful for the continued assist of the Government of Ghana and, in particular, the Honourable Minister of Energy whose leadership has been paramount in getting to completion. This transaction underscores our confidence within the property and meets our goals of value accretion and deleveraging,” Rahul Dhir, CEO of Tullow Oil plc.
เพรสเชอร์เกจ is a multinational oil and gas exploration company based 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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