{"id":1032929,"date":"2022-03-24T12:24:57","date_gmt":"2022-03-24T12:24:57","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/03\/24\/tullow-completes-jubilee-transaction-pre-emption\/"},"modified":"2022-03-24T12:24:57","modified_gmt":"2022-03-24T12:24:57","slug":"tullow-completes-jubilee-transaction-pre-emption","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/03\/24\/tullow-completes-jubilee-transaction-pre-emption\/","title":{"rendered":"Tullow Completes Jubilee Transaction Pre-emption"},"content":{"rendered":"<p><\/p>\n<div>\n<p>\u00a0<\/p>\n<p>Tullow Oil Plc has announced that it has completed the pre\u2010emption related to the sale of Occidental Petroleum\u2019s interests in the Jubilee and TEN fields in Ghana to Kosmos Energy.<\/p>\n<p>The cash consideration paid on completion was $118 million reflecting closing adjustments and was funded from cash on the balance sheet. This transaction takes Tullow\u2019s equity interests to 38.9% in the Jubilee field and to 54.8% in the TEN fields and adds c.5 kbopd of unhedged daily production. This equates to c.4 kbopd on an annualised basis and increases 2022 Group production guidance to 59\u201065 kbopd (30\u201032 kbopd at Jubilee, 13\u201014 kbopd at TEN and non\u2010op portfolio unchanged at 16\u201019 kbopd). This additional equity increases Tullow\u2019s 2022 Group capital expenditure forecast by $30 million to $380 million and is expected to generate c.$300 million incremental free cash flow at $75\/bbl between 2022 and 2026. As of 31 December 2021, the transaction increases Tullow\u2019s net 2P reserves by c.21 mmboe (9%) and has an estimated post\u2010tax NPV 10 valuation of $355 million at $75\/bbl.<\/p>\n<p>Rahul Dhir, CEO of Tullow Oil plc, commented today: \u201cI am delighted that this important transaction has completed and I am grateful for the continued support 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 in the assets and meets our objectives of value accretion and deleveraging.\u201d<\/p>\n<p><!-- AI CONTENT END 2 -->\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 Tullow Oil Plc has announced that it has completed the pre\u2010emption related to the sale of Occidental Petroleum\u2019s interests in the Jubilee and TEN fields in Ghana to Kosmos Energy. The cash consideration paid on completion was $118 million reflecting closing adjustments and was funded from cash on the balance sheet. This transaction takes [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1032930,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[1623,1699,6556,3661,2178],"class_list":["post-1032929","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-completes","tag-jubilee","tag-preemption","tag-transaction","tag-tullow"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1032929","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1032929"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1032929\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1032929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1032929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1032929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}