{"id":13612,"date":"2023-04-28T10:48:09","date_gmt":"2023-04-28T10:48:09","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=13612"},"modified":"2023-04-28T10:52:21","modified_gmt":"2023-04-28T10:52:21","slug":"gabon-tullow-signs-asset-swap-agreement-with-perenco-to-optimise-portfolio","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-tullow-signs-asset-swap-agreement-with-perenco-to-optimise-portfolio\/","title":{"rendered":"GABON: Tullow signs asset swap agreement with Perenco to optimise portfolio"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Transaction Highlights<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Simplifies and equalises Tullow\u2019s equity ownership across key fields in Gabon, creating better alignment between the participating interest partners and streamlining processes.<\/li>\n\n\n\n<li>Enables Tullow to leverage its technical skills and focus on more material positions in key fields and places the Tchatamba facilities as a core hub for Tullow.<\/li>\n\n\n\n<li>Achieves an improved portfolio balance between discovered resources and appraisal and exploration assets, with clear opportunities to maximise the value of the assets, in line with the Group\u2019s infrastructure-led exploration (ILX) growth strategy.<\/li>\n\n\n\n<li>Provides access to future growth through Tullow\u2019s interest in the DE8 licence where several ILX opportunities have been identified that could be tied into existing Tchatamba facilities.<\/li>\n\n\n\n<li>Assignment and transfer by Tullow Gabon of its existing percentage participating interests in the Limande, Turnix, Moba and Oba assets and part of its existing percentage of the Simba assets to Perenco.<\/li>\n\n\n\n<li>Assignment and transfer by Perenco of part of its existing percentage participating interests in each of the Kowe (Tchatamba) and DE8 assets to Tullow Gabon, resulting in post-completion holdings of 40%*for Tullow Gabon (see table below).<\/li>\n\n\n\n<li>Tullow\u2019s 2023 Group production guidance of 58,000 to 64,000 bopd and cash flow guidance of c.$200 million at $100\/bbl remains unchanged.<\/li>\n\n\n\n<li>Nil consideration transaction with no impact on Tullow\u2019s liquidity headroom.<\/li>\n\n\n\n<li>The Transaction is subject to certain market-standard conditions precedent, including customary government and regulatory approvals.<\/li>\n\n\n\n<li>Completion of the Transaction is expected by the end of 2023 with an economic date of 1 February 2023.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Rahul Dhir, Chief Executive Officer, Tullow Oil plc, commented today:<\/strong><br><em>\u201cThis deal is an example of Tullow\u2019s strategy in action as we continue to take proactive steps to optimise our portfolio to focus on high return producing assets and growth opportunities around existing infrastructure. Our Gabon assets are a valuable and important part of our asset base, and this transaction enhances our exposure to preferred fields. We look forward to working closely with our Partner to maximise their full potential.\u201d&nbsp;<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u200b\u200b\u200b\u200b<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Transaction Highlights Rahul Dhir, Chief Executive Officer, Tullow Oil plc, commented today:\u201cThis deal is an example of Tullow\u2019s strategy in action as we continue to take proactive steps to optimise &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/gabon-tullow-signs-asset-swap-agreement-with-perenco-to-optimise-portfolio\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":13613,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,11,7444],"tags":[11212,944,11215,11216,10593,1990,11213,2571,11214],"class_list":["post-13612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-top-news","category-west-africa","tag-de8-licence","tag-gabon","tag-limande","tag-moba","tag-oba","tag-perenco","tag-tchatamba","tag-tullow-oil","tag-turnix","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Tullow-Oil.jpg?fit=713%2C476&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3xy","jetpack-related-posts":[{"id":13939,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-operations-unaffected-by-political-crisis-tullow-oil\/","url_meta":{"origin":13612,"position":0},"title":"GABON: Operations Unaffected by Political Crisis &#8211; Tullow Oil","author":"","date":"September 13, 2023","format":false,"excerpt":"Tullow Oil has reported that its production activities from its fields in Gabon remains unaffected by the ongoing political activity in the country and the Group continues to work closely with the operators of its fields to ensure the safe continuation of operations. Net production from the non-operated portfolio averaged\u2026","rel":"","context":"In &quot;Central Africa&quot;","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/09\/gabon-blocks-August-2021-scaled.jpg?fit=848%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/09\/gabon-blocks-August-2021-scaled.jpg?fit=848%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/09\/gabon-blocks-August-2021-scaled.jpg?fit=848%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/09\/gabon-blocks-August-2021-scaled.jpg?fit=848%2C1200&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":13861,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-tullow-oil-receives-license-extensions\/","url_meta":{"origin":13612,"position":1},"title":"GABON: Tullow Oil Receives License Extensions","author":"","date":"August 9, 2023","format":false,"excerpt":"Tullow has announced that it has gained approval from the Government of Gabon for the extension of several of its Gabon licences to 2046. The licence extensions increase the value of Tullow\u2019s resource base through the addition of c.5mmbbls net 2P reserves that will deliver c.100% 2P reserves replacement in\u2026","rel":"","context":"In &quot;Central Africa&quot;","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/08\/Tullow-Gabon.png?fit=625%2C730&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/08\/Tullow-Gabon.png?fit=625%2C730&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/08\/Tullow-Gabon.png?fit=625%2C730&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":14248,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-provides-2023-operational-performance-2024-outlook\/","url_meta":{"origin":13612,"position":2},"title":"Tullow Oil Provides 2023 Operational Performance 2024 Outlook","author":"","date":"March 6, 2024","format":false,"excerpt":"Operational performance In 2023, full year working interest production averaged 62.7 kboepd, including 6.9 kboepd of gas. Group working interest production is expected to increase year-on-year and our guidance range for 2024 is 62-68 kboepd, including c.7 kboepd of gas production. Group working interest production (kboepd)FY 2023FY 2024 GuidanceGhana\u00a0oil42.648\u00a0 \u00a0Jubilee\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12829,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-november-trading-statement-operational-update\/","url_meta":{"origin":13612,"position":3},"title":"Tullow Oil November Trading Statement &#038; Operational Update","author":"","date":"November 16, 2022","format":false,"excerpt":"OPERATIONAL UPDATE Production Group net working interest production averaged c.61.8 kboepd to end October 2022, in line with guidance. Full year production guidance for 2022 narrowed from 60-64 kbopd to 61-62 kbopd. Group average working interest production FY 2022 guidance (kboepd) Ghana 45 \u00a0\u00a0\u00a0\u00a0Jubilee 32 \u00a0\u00a0\u00a0\u00a0TEN 13 Non-operated portfolio 17\u2026","rel":"","context":"In &quot;Central Africa&quot;","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2019\/02\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2019\/02\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2019\/02\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2019\/02\/Tullow-Oil.jpg?fit=713%2C476&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":11706,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-to-concentrate-on-it-producing-assets-in-2022\/","url_meta":{"origin":13612,"position":4},"title":"Tullow Oil to Concentrate on it Producing Assets in 2022","author":"","date":"January 26, 2022","format":false,"excerpt":"2022 Outlook Group working interest oil production guidance is 55 to 61 kboepd. This forecast is based on Tullow\u2019s existing equity interests in TEN (47.175%) and Jubilee (35.48%) and will be adjusted following completion of the pre-emption of the sale of Occidental Petroleum\u2019s interest in Ghana to Kosmos Energy. The\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":10887,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-provides-operational-review-for-ghana-gabon-equatorial-guinea-cote-divoire\/","url_meta":{"origin":13612,"position":5},"title":"Tullow Oil Provides Operational Review for Ghana, Gabon, Equatorial Guinea &#038; C\u00f4te d&#8217;Ivoire","author":"","date":"September 16, 2021","format":false,"excerpt":"Ghana Jubilee Gross production from the Jubilee field averaged c.70,600 bopd (net: c.25,100 bopd) in the first half of the year, slightly ahead of expectations due to good facility uptime and well performance. Full year guidance for Jubilee has been slightly adjusted upwards to c.74,300 bopd (net: c.26,400 bopd) following\u2026","rel":"","context":"In \"Banda field\"","block_context":{"text":"Banda field","link":"https:\/\/www.oilnewskenya.com\/index.php\/tag\/banda-field\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/09\/Tullow-Oil-Uganda.jpg?fit=1024%2C683&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/09\/Tullow-Oil-Uganda.jpg?fit=1024%2C683&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/09\/Tullow-Oil-Uganda.jpg?fit=1024%2C683&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/09\/Tullow-Oil-Uganda.jpg?fit=1024%2C683&ssl=1&resize=700%2C400 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13612","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=13612"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13612\/revisions"}],"predecessor-version":[{"id":13614,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13612\/revisions\/13614"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/13613"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=13612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=13612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=13612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}