About Tullow Ghana
Last updated: 25 Jul 2012
Tullow Oil plc, through its subsidiary, Tullow Ghana Limited, has interests in two exploration blocks in Ghana - Deepwater Tano and West Cape Three Points. Tullow is the operator of the Jubilee field, which straddles both blocks, and lies approximately 60 kilometres off the coast of Ghana. The Jubilee field was discovered in 2007 and First Oil was celebrated on 15 December 2010 following first initial production in November. Jubilee is a world-class oil field with estimated recoverable resources of up to 1 billion barrels. In addition to Jubilee, these licences hold further exploration and appraisal potential, which is currently being targetted.
On the 25 July 2011, Tullow completed the acquisition of the Ghanaian interests of EO Group Limited for $305 million, increasing Tullow's interest in the West Cape Three Points licence by 3.5% to 26.4% and in the Jubilee field, which Tullow operates, by 1.75% to 36.5%. Other partners in the Jubilee Unit Area are Kosmos Energy (23.49%), Anadarko Petroleum (23.49), the Ghana National Petroleum Company (13.75%) and Sabre Oil & Gas (2.81%). Tullow also has a 49.95% interest in the Deepwater Tano licence which includes the TEN discovery.
In October 2011 the partnership completed the first equity redetermination of the Jubilee Unit Area (JUA) and the net result is that Tullow’s working interest in the JUA has reduced slightly from 36.5% to 35.5% which became effective from 1 December 2011.
In line with Tullow Oil plc, Tullow Ghana Limited conducts its business to the highest industry standards in a way that is ethical, safe and minimises impacts on the environment. Tullow has a long-term perspective to developing the oil business in Ghana in a way that is both profitable and delivers sustainable economic growth into the future.
Ghana share listing
The Tullow Oil plc Ghana share offer has been a success with over 3.5 million shares allotted. Trading of Tullow shares on the GSE commenced on 27 July 2011.