Oil and gas explorer says start-up of Jubilee South East offshore Ghana drove production and boosted 2023 cash flow ahead of its expectations
Axim is noted for many things in Ghana. Aside it being the area that records the highest rainfall in Ghana, it is also renowned for its people and their love for education. In fact, Ghana’s first leader, Kwame Nkrumah, taught as a pupil teacher here, while dreaming of making it big in politics.
Tullow Oil plc (the “Company” or “Tullow”) announces the results of its offer to purchase a portion of its outstanding 10.25% Senior Secured Notes due 2026 bearing ISIN: USG91237AB60 and CUSIP: G91237AB6 (the “Reg S Notes”) for cash (the “Offer”), which was announced on November 15, 2023, on the terms and subject to the conditions set out in the Offer to Purchase dated November 15, 2023 (the “Offer to Purchase”) prepared in accordance with the Offer. Capitalized terms used and not otherwise defined in this announcement have the meanings ascribed to them in the Offer to Purchase.
Tullow Oil has entered into a US$400mn five-year notes facility agreement with Glencore Energy UK Limited (Glencore)
Shares of Tullow Oil PLC have seen a surge on Monday as the Africa-oriented oil producer has secured a fresh $400 million debt facility through a deal with Glencore ahead of its Wednesday trading statement.
Tullow Ghana signed off its Supplier Market Day events for 2023 on a very progressive note, the other day at the Fiesta Royale Hotel in Accra.
Africa-focused independent Tullow Oil is hoping to generate $800 million cash flow in the next two years on the back of an improved business model and a recent production boost from a key African asset.
Tullow PLC has commended the Government for the outstanding leadership demonstrated, which has facilitated the pouring of its first oil from the Jubilee South East Area of the Greater Jubilee Field.
Tullow Oil is now hoping the government will make a timely decision on the Turkana oil project, even as it pushes to secure a strategic partner by end of this year.
The amended agreement is valued at $2.90/mmbtu, utilising the price for Jubilee gas referenced in the 2017 Jubilee Plan of Development.