Tullow Oil exercises pre-emption rights in Ghana and consolidates stake in key producing fields

Tullow Oil has announced today that it has exercised its right of pre-emption related to the sale of Occidental Petroleum’s interests in Ghana’s Deep Water Tano (DWT) Block to Kosmos Energy.

As per the DWT Joint Operating Agreement (JOA), Tullow has pre-emption rights in respect of the 11.05% participating interest acquired by Kosmos Energy from Anadarko WCTP Company in the block last month.

Tullow’s pre-emption rights are now expected to increase its share in the license by 7.7% (to a total of 54.8%). This would in turn increase Tullow’s equity interests in the Jubilee and TEN fields to 38.9% and 54.8%, respectively.

Both fields are operated by Tullow Oil’s and are its most strategic assets. The company is currently executing a drilling campaign on both projects to increase output and has planned significant investment in their continued development until 2030.

“The additional equity is expected to increase Group daily production by c.10% and generate over $250 million incremental free cash flow at $65/bbl for Tullow between 2022 and 2026, which will help to accelerate debt reduction,” Tullow Oil said in a statement today.

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