2024 | 2023 | ||
Notes | $m | $m | |
Revenue | 2 | ||
Cost of sales | 4 | ( | ( |
Gross profit | |||
Administrative expenses | 4 | ( | ( |
Restructuring provision | 4 | ( | |
Expected credit loss charge on trade receivables | 12 | ( | |
Other gains | |||
Asset revaluation | 14 | ||
Exploration costs written off | 8 | ( | ( |
Impairment reversal/(impairment) of property, plant and equipment, net | 9 | ( | |
Provisions reversal | 4 | ||
Operating profit | |||
Loss on hedging instruments | ( | ||
Gain on bond buyback | |||
Finance income | 5 | ||
Finance costs | 5 | ( | ( |
Profit before tax | |||
Income tax expense | 6 | ( | ( |
Profit/(loss) for the year | ( | ||
Attributable to: | |||
Owners of the Company | ( | ||
Earnings/(loss) per ordinary share | 7 | ¢ | ¢ |
Basic | ( | ||
Diluted | ( |
2024 | 2023 | ||
Notes | $m | $m | |
Profit/(loss) for the year | ( | ||
Items that may be reclassified to the income statement in subsequent periods | |||
Cash flow hedges | |||
(Losses)/gains arising in the year | 17 | ( | |
(Losses)/gains arising in the year – time value | 17 | ( | |
Reclassification adjustments for items included in profit on realisation | 17 | ||
Reclassification adjustments for items included in loss on realisation – time value | 17 | ||
Exchange differences on translation of foreign operations | ( | ||
Other comprehensive income | |||
Net other comprehensive income for the year | |||
Total comprehensive income for the year | |||
Attributable to: | |||
Owners of the Company |
2024 | 2023 | ||
Notes | $m | $m | |
ASSETS | |||
Non-current assets | |||
Goodwill | 14 | ||
Intangible exploration and evaluation assets | 8 | ||
Property, plant and equipment | 9 | ||
Other non-current assets | 10 | ||
Deferred tax assets | 20 | ||
Current assets | |||
Inventories | 11 | ||
Trade receivables | 12 | ||
Other current assets | 10 | ||
Current tax assets | 6 | ||
Derivative financial instruments | 17 | ||
Cash and cash equivalents | 13 | ||
Assets classified as held for sale | 14 | ||
Total assets | |||
LIABILITIES | |||
Current liabilities | |||
Trade and other payables | 15 | ( | ( |
Borrowings | 16 | ( | ( |
Provisions | 19 | ( | ( |
Current tax liabilities | 6 | ( | ( |
Derivative financial instruments | 17 | ( | ( |
Liabilities associated with assets classified as held for sale | 14 | ( | |
( | ( | ||
Non-current liabilities | |||
Trade and other payables | 15 | ( | ( |
Borrowings | 16 | ( | ( |
Provisions | 19 | ( | ( |
Deferred tax liabilities | 20 | ( | ( |
( | ( | ||
Total liabilities | ( | ( | |
Net liabilities | ( | ( | |
EQUITY | |||
Called-up share capital | 21 | ||
Share premium | 21 | ||
Foreign currency translation reserve | ( | ( | |
Hedge reserve | ( | ||
Hedge reserve – time value | 17 | ( | ( |
Merger reserve | |||
Retained earnings | ( | ( | |
Equity attributable to equity holders of the Company | ( | ( | |
Total equity | ( | ( |
Foreign | Hedge | ||||||||
currency | reserve | ||||||||
Share | Share | translation | Hedge | – time | Merger | Retained | Total | ||
capital | premium | reserve 1 | reserve 2 | value 2 | reserve 3 | earnings | equity | ||
Notes | $m | $m | $m | $m | $m | $m | $m | $m | |
At 1 January 2023 | ( | ( | ( | ( | ( | ||||
Loss for the year | ( | ( | |||||||
Hedges, net of tax | 17 | ||||||||
Currency translation | |||||||||
adjustments | ( | ( | |||||||
Total comprehensive income | ( | ( | |||||||
Exercise of employee | |||||||||
share options | 21 | ( | |||||||
Share-based | |||||||||
payment charges | 22 | ||||||||
At 1 January 2024 | ( | ( | ( | ( | ( | ||||
Profit for the year | |||||||||
Hedges, net of tax | 17 | ||||||||
Currency translation | |||||||||
adjustments | |||||||||
Total comprehensive income | |||||||||
Exercise of employee | |||||||||
share options | 21 | ( | |||||||
Share-based | |||||||||
payment charges | 22 | ||||||||
At 31 December 2024 | ( | ( | ( | ( |
2024 | 2023 | ||
Notes | $m | $m | |
Cash flows from operating activities | |||
Profit before tax | |||
Adjustments for: | |||
Depreciation, depletion and amortisation | 9 | ||
Asset revaluation | 14 | ( | |
Other gains | ( | ||
Taxes paid in kind | 6 | ( | ( |
Exploration costs written off | 8 | ||
Impairment (reversal)/impairment of property, plant and equipment, net | 9 | ( | |
Provisions reversal, net | ( | ( | |
Payment for provisions | 19 | ( | ( |
Decommissioning expenditure | ( | ( | |
Share-based payment charge | 22 | ||
Loss on hedging instruments | |||
Gain on bond buyback | ( | ||
Finance income | 5 | ( | ( |
Finance costs | 5 | ||
Operating cash flow before working capital movements | |||
Decrease/(increase) in trade and other receivables | ( | ||
(Increase)/decrease in inventories | ( | ||
Increase in trade and other payables | |||
Cash generated from operating activities | |||
Income taxes paid | ( | ( | |
Net cash from operating activities | |||
Cash flows from investing activities | |||
Proceeds from disposals | |||
Purchase of additional interest in joint operation | 14 | ( | |
Purchase of intangible exploration and evaluation assets | 27 | ( | ( |
Purchase of property, plant and equipment | 27 | ( | ( |
Interest received | |||
Net cash used in investing activities | ( | ( | |
Cash flows from financing activities | |||
Debt arrangement fees | ( | ||
Repayment of borrowings | 27 | ( | ( |
Drawdown of borrowings | |||
Payment of obligations under leases | 18 | ( | ( |
Finance costs paid | ( | ( | |
Net cash used in financing activities | ( | ( | |
Net increase/(decrease) in cash and cash equivalents | ( | ||
Cash and cash equivalents at beginning of year | |||
Foreign exchange gain/(loss) | ( | ||
Cash and cash equivalents at end of year | 13 |
Non- | |||||||
Ghana | Operated | Kenya | Exploration | Corporate | Total | ||
Notes | $m | $m | $m | $m | $m | $m | |
2024 | |||||||
Sales revenue by origin | 2 | 1,325.4 | 283.1 | – | – | (73.6) | 1,534.9 |
Segment result 1 | 722.6 | 123.5 | (145.4) | (55.9) | (91.6) | 553.2 | |
Provisions reversal | 70.4 | ||||||
Asset revaluation | 38.9 | ||||||
Unallocated corporate expenses 2 | (66.9) | ||||||
Operating profit | 595.6 | ||||||
Finance income | 71.5 | ||||||
Finance costs | (345.6) | ||||||
Profit before tax | 321.5 | ||||||
Income tax expense | (266.9) | ||||||
Profit after tax | 54.6 | ||||||
Total assets | 3,164.3 | 305.0 | 112.2 | 4.9 | 465.1 | 4,051.5 | |
Total liabilities 3 | (1,978.4) | (254.2) | (5.8) | (6.2) | (2,079.6) | (4,324.2) | |
Other segment information | |||||||
Capital expenditure: | |||||||
Property, plant and equipment | 126.4 | 122.3 | 2.2 | – | 2.6 | 253.5 | |
Intangible exploration and evaluation assets | 0.2 | 14.3 | 6.4 | 13.8 | – | 34.7 | |
Depletion, depreciation and amortisation | (401.4) | (37.0) | (2.7) | – | (3.1) | (444.2) | |
Impairment reversal of property, plant | |||||||
and equipment, net | – | 11.8 | – | – | – | 11.8 | |
Exploration costs written off | – | (11.2) | (145.4) | (56.0) | – | (212.6) |
2024 | 2023 | |
$m | $m | |
Segment result | 553.2 | 329.8 |
Add back: | ||
Exploration costs written off | 212.6 | 27.0 |
Impairment (reversal)/impairment of property, plant and equipment | (11.8) | 408.1 |
Gross profit | 754.0 | 764.9 |
Non- | |||||||
Ghana | Operated | Kenya | Exploration | Corporate | Total | ||
Notes | $m | $m | $m | $m | $m | $m | |
2023 | |||||||
Sales revenue by origin | 2 | 1,311.4 | 461.8 | – | – | (139.1) | 1,634.1 |
Segment result 1 | 408.2 | 114.0 | (17.9) | (9.9) | (164.6) | 329.8 | |
Provisions reversal | 22.0 | ||||||
Other gains | 0.2 | ||||||
Unallocated corporate expenses 2 | (56.1) | ||||||
Operating profit | 295.9 | ||||||
Loss on hedging instruments | (0.4) | ||||||
Gain on bond buyback | 86.0 | ||||||
Finance income | 44.0 | ||||||
Finance costs | (329.6) | ||||||
Profit before tax | 95.9 | ||||||
Income tax expense | (205.5) | ||||||
Loss after tax | (109.6) | ||||||
Total assets | 3,529.7 | 200.9 | 253.3 | 48.5 | 426.2 | 4,458.6 | |
Total liabilities 3 | (2,231.6) | (355.1) | (10.3) | (2.9) | (2,218.1) | (4,818.0) | |
Other segment information | |||||||
Capital expenditure: | |||||||
Property, plant and equipment | 413.7 | 85.9 | (2.2) | – | 2.1 | 499.5 | |
Intangible exploration and evaluation assets | 0.2 | 1.6 | 7.5 | 16.1 | – | 25.4 | |
Depletion, depreciation and amortisation | (387.7) | (44.1) | 0.6 | – | (5.4) | (436.6) | |
Impairment of property, plant and equipment, net | (301.2) | (97.9) | – | – | (9.0) | (408.1) | |
Exploration costs written off | (0.2) | 0.9 | (17.9) | (9.8) | – | (27.0) |
Non- | Non- | |||
Sales | Sales | current | current | |
revenue | revenue | assets 1 | assets 1 | |
2024 | 2023 | 2024 | 2023 | |
Sales revenue and non-current assets by origin | $m | $m | $m | $m |
Ghana | 1,325.4 | 1,311.4 | 2,468.3 | 2,771.0 |
Total Ghana | 1,325.4 | 1,311.4 | 2,468.3 | 2,771.0 |
Kenya | – | – | 110.9 | 250.0 |
Total Kenya | – | – | 110.9 | 250.0 |
Argentina | – | – | – | 36.4 |
Côte d’Ivoire | – | – | – | 5.8 |
Total Exploration | – | – | – | 42.2 |
Gabon | 247.8 | 419.5 | 228.4 | 82.8 |
Côte d’Ivoire | 35.3 | 42.3 | – | 0.4 |
Total Non-Operated | 283.1 | 461.8 | 228.4 | 83.2 |
Corporate | (73.6) | (139.1) | 11.3 | 12.0 |
Total | 1,534.9 | 1,634.1 | 2,818.9 | 3,158.4 |
2024 | 2023 | |
$m | $m | |
Revenue from contracts with customers | ||
Revenue from crude oil sales | 1,554.5 | 1,744.6 |
Revenue from gas sales | 54.0 | 28.6 |
Total revenue from contracts with customers | 1,608.5 | 1,773.2 |
Loss on realisation of cash flow hedges | (73.6) | (139.1) |
Total revenue | 1,534.9 | 1,634.1 |
2024 | 2023 | |
Number | Number | |
Administration | 198 | 187 |
Technical | 204 | 206 |
Total | 402 | 393 |
2024 | 2023 | |
$m | $m | |
Salaries | 73.5 | 71.5 |
Social security costs | 6.6 | 7.1 |
Pension costs | 6.2 | 6.3 |
Total staff costs | 86.3 | 84.9 |
2024 | 2023 | ||
Notes | $m | $m | |
Operating profit is stated after charging/(deducting): | |||
Operating costs | 272.4 | 292.9 | |
Depletion and amortisation of oil and gas and leased assets 1 | 9 | 437.6 | 430.8 |
Overlift, underlift and oil stock movements | 42.5 | 109.3 | |
Royalties | 27.9 | 33.9 | |
Share-based payment charge included in cost of sales | 22 | 0.4 | 0.4 |
Other cost of sales | 0.1 | 1.9 | |
Total cost of sales | 780.9 | 869.2 | |
Share-based payment charge included in administrative expenses | 22 | 6.5 | 5.6 |
Depreciation of other fixed assets 1 | 9 | 6.6 | 5.8 |
Other administrative costs | 40.1 | 44.7 | |
Total administrative expenses | 53.2 | 56.1 | |
Provisions reversal 2 | (63.3) | (22.0) | |
Fees payable to the Company’s auditor for: | |||
The audit of the Company’s annual accounts | 2.2 | 2.0 | |
The audit of the Company’s subsidiaries pursuant to legislation | 0.5 | 0.5 | |
Total audit services | 2.7 | 2.5 | |
Non-audit services: | |||
Audit-related assurance services | 0.5 | 0.5 | |
Corporate finance services | 0.8 | – | |
Total non-audit services | 1.3 | 0.5 | |
Total | 4.0 | 3.0 |
2024 | 2023 | ||
Notes | $m | $m | |
Interest on bank overdrafts and borrowings | 211.5 | 237.0 | |
Interest on obligations under leases | 18 | 119.7 | 78.6 |
Total borrowing costs | 331.2 | 315.6 | |
Finance and arrangement fees | 3.0 | 1.9 | |
Other interest expense | – | 2.0 | |
Unwinding of discount on decommissioning provisions | 19 | 11.4 | 10.1 |
Total finance costs | 345.6 | 329.6 | |
Interest income on amounts due from Joint Venture Partners for leases | 18 | (48.1) | (30.1) |
Other finance income | (23.4) | (13.9) | |
Total finance income | (71.5) | (44.0) | |
Net financing costs | 274.1 | 285.6 |
2024 | 2023 | ||
Notes | $m | $m | |
Current tax on profits for the year | |||
UK corporation tax | – | (1.9) | |
Foreign tax | 307.6 | 322.2 | |
Taxes paid in kind under Production Sharing Contracts | 6.3 | 11.0 | |
Adjustments in respect of prior periods | (3.5) | 10.8 | |
Total corporate tax | 310.4 | 342.1 | |
UK petroleum revenue tax | (2.4) | (0.7) | |
Total current tax | 308.0 | 341.4 | |
Deferred tax | |||
Origination and reversal of temporary differences | |||
UK corporation tax | (19.1) | (22.9) | |
Foreign tax | (27.0) | (106.5) | |
Adjustments in respect of prior periods | 1.1 | (2.8) | |
Total deferred corporate tax | (45.0) | (132.2) | |
Deferred UK petroleum revenue tax | 3.9 | (3.7) | |
Total deferred tax | 20 | (41.1) | (135.9) |
Total income tax expense | 266.9 | 205.5 |
2024 | 2023 | |
$m | $m | |
Profit from continuing activities before tax | 321.5 | 95.9 |
Tax on profit from continuing activities at the standard UK corporation tax rate of 25% (2023: 23.5%) | 80.4 | 22.5 |
Effects of: | ||
Non-deductible exploration expenditure a | 50.3 | 3.4 |
Other non-deductible expenses b | 0.4 | 35.4 |
Net deferred tax asset not recognised c | 78.2 | 65.1 |
Utilisation of tax losses not previously recognised | (0.6) | (0.2) |
Adjustment relating to prior years d | (2.4) | (2.8) |
Other tax rates applicable outside the UK | 95.9 | 82.4 |
Other income not subject to corporation tax | 0.3 | (0.3) |
Tax impact of acquisitions and disposals | (35.6) | – |
Total income tax expense for the year | 266.9 | 205.5 |
2024 | 2023 | |
$m | $m | |
Profit/(loss) for the year | ||
Net profit/(loss) attributable to equity shareholders | 54.6 | (109.6) |
Effect of dilutive potential ordinary shares | – | – |
Diluted net earnings/(loss) attributable to equity shareholders | 54.6 | (109.6) |
2024 | 2023 | |
Number | Number | |
Number of shares | ||
Basic weighted average number of shares | 1,457,066,889 | 1,447,121,945 |
Dilutive potential ordinary shares | 77,518,716 | – |
Diluted weighted average number of shares | 1,534,585,605 | 1,447,121,945 |
2024 | 2023 | |
$m | $m | |
At 1 January | 287.0 | 288.6 |
Additions | 34.7 | 25.4 |
Amounts written off | (212.6) | (27.0) |
At 31 December | 109.1 | 287.0 |
2024 | ||||
Remaining | ||||
Rationale for | 2024 | recoverable | ||
2024 | Write-off | amount | ||
Country | CGU | write-off | $m | $m |
Argentina | MLO114, MLO119 and MLO122 | a | 38.8 | – |
Côte d’Ivoire | Block 524 and Block 803 | a | 15.5 | – |
Gabon | Simba | b | 10.3 | – |
Kenya | Blocks 10BB and 13T | c | 145.4 | 103.2 |
New Ventures | Various | d | 1.3 | – |
Uganda | Exploration areas 1, 1A, 2 and 3A | e | 0.8 | – |
Other | Various | 0.5 | – | |
Total write-off | 212.6 |
2023 | ||||
Rationale for | 2023 | Remaining | ||
2023 | Write-off/ | recoverable | ||
write-off/ | (back) | amount | ||
Country | CGU | (back) | $m | $m |
Guyana | Kanuku | a | 1.7 | – |
Guyana | Orinduik | a | 0.7 | – |
Côte d’Ivoire | Block 524 | a | 3.3 | – |
Kenya | Blocks 10BB and 13T | b,c | 17.9 | 242.2 |
New Ventures | Various | d | 4.1 | – |
Uganda | Exploration areas 1, 1A, 2 and 3A | e | (4.3) | – |
Gabon | Simba | f | 3.4 | – |
Other | Various | 0.2 | – | |
Total write-off | 27.0 |
2024 | 2024 | 2024 | 2023 | 2023 | 2023 | ||||
Oil | Other | Right | Oil | Other | Right | ||||
and gas | fixed | of use | 2024 | and gas | fixed | of use | 2023 | ||
assets | assets | assets | Total | assets | assets | assets | Total | ||
Notes | $m | $m | $m | $m | $m | $m | $m | $m | |
Cost | |||||||||
At 1 January | 11,282.1 | 21.9 | 1,268.8 | 12,572.8 | 11,182.6 | 30.0 | 1,196.8 | 12,409.4 | |
Additions 1 | 1 | 151.6 | 3.1 | 1.4 | 156.1 | 416.1 | 2.3 | 81.1 | 499.5 |
Acquisitions 2 | 1 | 97.4 | – | – | 97.4 | – | – | – | – |
Transfer to assets held for sale | – | – | – | – | (302.8) | – | – | (302.8) | |
Asset retirement 3 | – | (1.3) | (145.3) | (146.6) | (67.7) | (11.0) | (10.6) | (89.3) | |
Currency translation | |||||||||
adjustments | (17.3) | (0.3) | (0.5) | (18.1) | 53.9 | 0.6 | 1.5 | 56.0 | |
At 31 December | 11,513.8 | 23.4 | 1,124.4 | 12,661.6 | 11,282.1 | 21.9 | 1,268.8 | 12,572.8 | |
Depreciation, depletion, amortisation and impairment | |||||||||
At 1 January | (9,377.7) | (17.5) | (644.8) | (10,040.0) | (8,888.4) | (24.4) | (515.2) | (9,428.0) | |
Charge for the year | 4 | (350.3) | (2.5) | (91.4) | (444.2) | (351.6) | (3.6) | (81.4) | (436.6) |
Impairment reversal/(loss) | 11.8 | – | – | 11.8 | (399.1) | – | (9.0) | (408.1) | |
Capitalised depreciation | – | – | (29.5) | (29.5) | – | – | (49.3) | (49.3) | |
Transfer to assets held for sale | – | – | – | – | 247.6 | – | – | 247.6 | |
Asset retirement 3 | – | 1.3 | 145.3 | 146.6 | 67.7 | 11.0 | 10.6 | 89.3 | |
Currency translation | |||||||||
adjustments | 17.3 | 0.1 | 0.4 | 17.8 | (53.9) | (0.5) | (0.5) | (54.9) | |
At 31 December | (9,698.9) | (18.6) | (620.0) | (10,337.5) | (9,377.7) | (17.5) | (644.8) | (10,040.0) | |
Net book value at 31 December | 1,814.9 | 4.8 | 504.4 | 2,324.1 | 1,904.4 | 4.4 | 624.0 | 2,532.8 |
Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 onwards | |
2024 | $74/bbl | $71/bbl | $75/bbl | $75/bbl | $75/bbl | $75/bbl inflated at 2% |
2023 | $78/bbl | $75/bbl | $75/bbl | $75/bbl | $75/bbl | $75/bbl inflated at 2% |
2024 | ||||
Trigger for | 2024 | Remaining | ||
2024 | Impairment/ | Pre-tax | recoverable | |
impairment/ | (reversal) | discount rate | amount e | |
(reversal) | $m | assumption | $m | |
Espoir (Côte d’Ivoire) | a | 2.5 | 14% | – |
Mauritania | b | (19.7) | n/a | – |
UK CGU | c,d | 5.4 | n/a | – |
Impairment reversal | (11.8) | – |
2023 | ||||
Pre-tax | Remaining | |||
Trigger for | 2023 | discount | recoverable | |
2023 | Impairment | rate | amount g | |
impairment | $m | assumption | $m | |
Espoir (Côte d’Ivoire) | a, c | 53.5 | 14% | 0.4 |
TEN (Ghana) | b, c | 301.2 | 14% | 528.3 |
Mauritania | d | 27.9 | n/a | – |
UK CGU | d, e | 16.5 | n/a | – |
UK Corporate | f | 9.0 | n/a | – |
Impairment | 408.1 |
2024 | 2023 | |
$m | $m | |
Non-current | ||
Amounts due from Joint Venture Partners | 333.1 | 332.5 |
VAT recoverable | 7.7 | 6.1 |
340.8 | 338.6 | |
Current | ||
Amounts due from Joint Venture Partners | 350.2 | 498.1 |
Underlifts | 20.9 | 47.8 |
Prepayments | 17.1 | 21.1 |
Other current assets | 3.7 | 4.2 |
391.9 | 571.2 | |
732.7 | 909.8 |
2024 | 2023 | |
$m | $m | |
Warehouse stock and materials | 78.2 | 71.5 |
Oil stock | 54.2 | 35.8 |
132.4 | 107.3 |
2024 | 2023 | |
$m | $m | |
Cash at bank | 151.2 | 114.9 |
Money market funds and other cash equivalents | 403.9 | 384.1 |
555.1 | 499.0 |
Field | Pre-completion | Post-completion | |
Kowe (Tchatamba) | Acquisition | 25.0% | 40.0% |
DE8 | Acquisition | 20.0% | 40.0% |
Simba | Disposal | 57.5% | 40.0% |
Limande | Disposal | 40.0% | 0% |
Turnix | Disposal | 27.5% | 0% |
Moba | Disposal | 24.3% | 0% |
Oba | Disposal | 10.0% | 0% |
Fair value | |
recognised on | |
acquisition | |
$m | |
Intangible assets | 1.0 |
Property, plant and equipment | 97.4 |
Other current assets | 0.7 |
Goodwill | 44.9 |
Total assets acquired | 144.0 |
Provisions | (5.8) |
Deferred tax liabilities | (44.9) |
Total liabilities assumed | (50.7) |
Net identifiable assets acquired | 93.3 |
Total purchase consideration | (93.3) |
Consideration satisfied by exchange of assets | (85.2) |
Consideration satisfied by cash | (8.1) |
Purchase of additional interest in joint operation per the cash flow statement | (8.1) |
2024 | 2023 | ||
Notes | $m | $m | |
Trade payables | 75.7 | 22.3 | |
Other payables | 96.8 | 65.3 | |
Overlifts | 38.3 | 3.1 | |
Accruals | 373.8 | 498.6 | |
Current portion of lease liabilities | 18 | 151.9 | 185.7 |
736.5 | 775.0 |
2024 | 2023 | ||
Notes | $m | $m | |
Other non-current liabilities 1 | 84.9 | 62.2 | |
Non-current portion of lease liabilities | 18 | 581.0 | 721.0 |
665.9 | 783.2 |
2024 | 2023 | |
$m | $m | |
Current | ||
Borrowings – within one year | ||
7.00% Senior Notes due 2025 | 489.4 | – |
10.25% Senior Secured Notes due 2026 | 100.0 | 100.0 |
589.4 | 100.0 |
2024 | 2023 | |
$m | $m | |
Non-current | ||
Borrowings – after one year but within five years | ||
7.00% Senior Notes due 2025 | – | 489.0 |
10.25% Senior Secured Notes due 2026 | 1,274.4 | 1,371.0 |
Secured Notes Facility due 2028 | 112.0 | 124.6 |
1,386.4 | 1,984.6 | |
Carrying value of total borrowings | 1,975.8 | 2,084.6 |
2024 | 2023 | ||
$m | $m | ||
Financial assets | |||
Financial assets at amortised cost | |||
Trade receivables | 137.9 | 43.5 | |
Amounts due from Joint Venture Partners | 683.4 | 830.6 | |
Cash and cash equivalents | 555.1 | 499.0 | |
Derivative financial instruments | |||
Used for hedging | 0.1 | – | |
1,376.5 | 1,373.1 | ||
Financial liabilities | |||
Liabilities at amortised cost | |||
Trade payables | 160.6 | 84.5 | |
Other payables | 508.9 | 567.0 | |
Borrowings | 1,975.8 | 2,084.6 | |
Lease liabilities | 732.9 | 906.7 | |
Derivative financial instruments | |||
Used for hedging | 11.9 | 35.0 | |
3,390.1 | 3,67 | 7.8 |
2024 | 2024 | 2023 | 2023 | |||
Less than | 1–3 | 2024 | Less than | 1–3 | 2023 | |
1 year | years | Total | 1 year | years | Total | |
Assets/liabilities | $m | $m | $m | $m | $m | $m |
Cash flow hedges | ||||||
Oil derivatives | 6.2 | – | 6.2 | (13.3) | – | (13.3) |
Deferred premium | ||||||
Oil derivatives | (18.0) | – | (18.0) | (21.7) | – | (21.7) |
Total liabilities | (11.8) | – | (11.8) | (35.0) | – | (35.0) |
Gross | Gross amounts | Net amounts | |
amounts | offset in Group | presented in Group | |
recognised | balance sheet | balance sheet | |
31 December 2024 | $m | $m | $m |
Derivative assets | 0.4 | (0.3) | 0.1 |
Derivative liabilities | (12.2) | 0.3 | (11.9) |
Gross | Gross amounts | Net amounts | |
amounts | offset in Group | presented in Group | |
recognised | balance sheet | balance sheet | |
31 December 2023 | $m | $m | $m |
Derivative assets | 3.0 | (3.0) | – |
Derivative liabilities | (38.0) | 3.0 | (35.0) |
Bought put | Bought | |||
First half of 2025 hedge portfolio at 31 December 2024 | Bopd | (floor) | Sold call | call |
Hedge structure | ||||
Straight puts | 9,500 | $58.47 | – | – |
Collars | 2,000 | $60.00 | $91.94 | – |
Three-way collars (call spread) | 16,500 | $59.05 | $92.02 | $102.02 |
Total/weighted average | 28,000 | $58.92 | $92.01 | $102.02 |
Bought put | Bought | |||
Second half of 2025 hedge position at 31 December 2024 | Bopd | (floor) | Sold call | call |
Hedge structure | ||||
Straight Puts | 4,500 | $59.94 | – | – |
Collars | 7,000 | $60.00 | $89.05 | – |
Three-way collars (call spread) | 12,500 | $59.20 | $83.64 | $93.64 |
Total/weighted average | 24,000 | $59.57 | $85.58 | $93.64 |
Effect on equity | |||
Market | |||
movement | |||
as at | 2024 | 2023 | |
31 Dec 2024 | $m | $m | |
Brent oil price | 25% | (23.9) | (95.3) |
Brent oil price | (25%) | 42.8 | 24.2 |
2024 | 2023 | |
Cash flow hedge reserve | $m | $m |
Oil derivatives – intrinsic | 0.1 | (18.9) |
Oil derivatives – time value | (12.1) | (16.3) |
2024 | 2023 | |
Deferred amounts in the hedge reserve – intrinsic | $m | $m |
At 1 January | (18.9) | (150.3) |
Reclassification adjustments for items included in the income statement on realisation: | ||
Oil derivatives – transferred to sales revenue | 47.5 | 111.3 |
Revaluation (losses)/gains arising in the year | (28.5) | 20.1 |
19.0 | 131.4 | |
At 31 December | 0.1 | (18.9) |
2024 | 2023 | |
Deferred amounts in the hedge reserve – time value | $m | $m |
At 1 January | (16.3) | (94.4) |
Reclassification adjustments for items included in the income statement on realisation: | ||
Oil derivatives – transferred to sales revenue | 26.1 | 27.8 |
Revaluation (losses)/gains arising in the year | (21.9) | 50.3 |
4.2 | 78.1 | |
At 31 December | (12.1) | (16.3) |
2024 | 2023 | |
Reconciliation to sales revenue | $m | $m |
Oil derivatives – transferred to sales revenue | 47.5 | 111.3 |
Deferred premium paid | 26.1 | 27.8 |
Net losses from commodity derivatives in sales revenue (note 2) | 73.6 | 139.1 |
2024 | 2023 | |||||||
Cash and | 2024 | 2024 | Cash and | 2023 | 2023 | |||
cash | Fixed rate | Floating rate | 2024 | cash | Fixed rate | Floating rate | 2023 | |
equivalents | debt | debt | Total | equivalents | debt | debt | Total | |
$m | $m | $m | $m | $m | $m | $m | $m | |
US$ | 548.6 | (1,863.8) | (112.0) | (1,427.2) | 492.3 | (1,977.8) | (129.6) | (1,615.1) |
Euro | 0.2 | – | – | 0.2 | 0.6 | – | – | 0.6 |
Sterling | 4.9 | – | – | 4.9 | 4.1 | – | – | 4.1 |
Other | 1.4 | – | – | 1.4 | 2.0 | – | – | 2.0 |
555.1 | (1,863.8) | (112.0) | (1,420.7) | 499.0 | (1,977.8) | (129.6) | (1,608.4) |
Effect on finance costs | Effect on equity | ||||
2024 | 2023 | 2024 | 2023 | ||
Market movement | $m | $m | $m | $m | |
Interest rate | 100 basis points | 4.3 | 3.6 | 4.3 | 3.6 |
Interest rate | (10) basis points | (1.1) | (0.9) | (1.1) | (0.9) |
Effect on profit before tax | Effect on equity | ||||
2024 | 2023 | 2024 | 2023 | ||
Market movement | $m | $m | $m | $m | |
US$/foreign currency exchange rates | 20% | 1.0 | 1.1 | 1.0 | 1.1 |
US$/foreign currency exchange rates | (20%) | (1.6) | (1.7) | (1.6) | (1.7) |
Weighted | |||||||
average | Less than | 1–3 | 3 months | 1–5 | 5+ | ||
effective | 1 month | months | to 1 year | years | years | Total | |
interest rate | $m | $m | $m | $m | $m | $m | |
31 December 2024 | |||||||
Non-interest bearing | n/a | 99.8 | 3.2 | 69.5 | 84.9 | – | 257.4 |
Lease liabilities | 16.4% | 37.2 | 38.9 | 172.8 | 611.7 | 213.6 | 1,074.2 |
Fixed interest rate instruments | 9.8% | ||||||
Principal repayments | – | 492.5 | 100.0 | 1,285.2 | – | 1,877.7 | |
Interest charge | – | 17.2 | 136.7 | 65.8 | – | 219.7 | |
Variable interest rate instruments | 15.8% | ||||||
Principal repayments | – | – | – | 130.0 | – | 130.0 | |
Interest charge | 4.8 | – | 13.5 | 53.8 | – | 72.1 | |
Total | 141.8 | 551.8 | 492.5 | 2,231.4 | 213.6 | 3,631.1 |
Weighted | |||||||
average | Less than | 1–3 | 3 months | 1–5 | 5+ | ||
effective | 1 month | months | to 1 year | years | years | Total | |
interest rate | $m | $m | $m | $m | $m | $m | |
31 December 2023 | |||||||
Non-interest bearing | n/a | 49.5 | – | 38.1 | 62.2 | – | 149.8 |
Lease liabilities | 16.4% | 45.3 | 55.8 | 203.7 | 734.2 | 337.5 | 1,376.5 |
Fixed interest rate instruments | 9.9% | ||||||
Principal repayments | – | – | 100.0 | 1,878.0 | – | 1,978.0 | |
Interest charge | – | 17.0 | 164.0 | 220.0 | – | 401.0 | |
Variable interest rate instruments | 15.8% | ||||||
Principal repayments | – | – | – | 130.0 | – | 130.0 | |
Interest charge | – | 5.0 | 15.0 | 69.0 | – | 89.0 | |
Total | 94.8 | 7 7.8 | 520.8 | 3,093.4 | 337.5 | 4,124.3 |
Right-of-use assets | Lease liabilities | |||
31 December | 31 December | 31 December | 31 December | |
Right-of-use assets (included in property, | 2024 | 2023 | 2024 | 2023 |
plant and equipment) and lease liabilities | $m | $m | $m | $m |
Property leases | 18.2 | 22.0 | 26.1 | 27.6 |
Oil and gas production and support equipment leases | 466.4 | 576.9 | 661.9 | 826.4 |
Transportation equipment leases | 19.8 | 25.1 | 44.9 | 52.7 |
Total | 504.4 | 624.0 | 732.9 | 906.7 |
Current | 151.9 | 185.7 | ||
Non-current | 581.0 | 721.0 | ||
Total | 732.9 | 906.7 |
$m | |
Lease liability | (39.2) |
Right-of-use asset (included in property, plant and equipment) | 25.6 |
Amounts due from Joint Venture Partners | 13.6 |
Joint | |||
Venture | |||
Lease | lease | ||
liabilities | receivables | Total | |
$m | $m | $m | |
At 1 January 2023 | (984.1) | 376.1 | (608.0) |
Additions and changes in lease estimates | (174.1) | 79.8 | (94.3) |
Payments/(receipts) | 331.5 | (136.5) | 195.0 |
Interest (expense)/income | (78.6) | 30.1 | (48.5) |
Currency translation adjustments | (1.4) | – | (1.4) |
At 1 January 2024 | (906.7) | 349.5 | (557.2) |
Additions and changes in lease estimates | 1.6 | 1.2 | 2.8 |
Payments/(receipts) | 291.6 | (122.6) | 169.0 |
Interest (expense)/income | (119.7) | 48.1 | (71.6) |
Currency translation adjustments | 0.3 | – | 0.3 |
At 31 December 2024 | (732.9) | 276.2 | (456.7) |
31 December | 31 December | |
2024 | 2023 | |
$m | $m | |
Depreciation charge of right-of-use assets | ||
Property leases | 8.5 | 7.3 |
Oil and gas production and support equipment leases | 82.9 | 74.1 |
Total | 91.4 | 81.4 |
Interest expense on lease liabilities (included in finance cost) | 119.7 | 78.6 |
Interest income on amounts due from Joint Venture Partners | (48.1) | (30.1) |
Expense relating to short-term leases | 0.8 | 1.0 |
Expense relating to leases of low-value assets | 0.6 | 0.9 |
Total | 164.4 | 131.8 |
Other | Other | ||||||
Decommissioning | provisions | Total | Decommissioning | provisions | Total | ||
2024 | 2024 | 2024 | 2023 | 2023 | 2023 | ||
Notes | $m | $m | $m | $m | $m | $m | |
At 1 January | 377.9 | 93.7 | 471.6 | 398.1 | 116.3 | 514.4 | |
New provisions | – | 22.4 | 22.4 | – | 10.4 | 10.4 | |
Changes in estimate | (39.3) | (75.9) | (115.2) | 47.8 | (32.3) | 15.5 | |
Acquisitions 1 | 5.8 | – | 5.8 | – | – | – | |
Transfer to assets and liabilities held for sale | 14 | – | – | – | (14.2) | – | (14.2) |
Payments | (49.0) | (0.7) | (49.7) | (66.4) | (0.6) | (67.0) | |
Unwinding of discount | 5 | 11.4 | – | 11.4 | 10.1 | – | 10.1 |
Currency translation adjustment | (0.4) | (0.1) | (0.5) | 2.5 | (0.1) | 2.4 | |
At 31 December | 306.4 | 39.4 | 345.8 | 377.9 | 93.7 | 471.6 | |
Current provisions 2 | 9.8 | 14.5 | 24.3 | 53.4 | 14.5 | 67.9 | |
Non-current provisions 2 | 296.6 | 24.9 | 321.5 | 324.5 | 79.2 | 403.7 |
Discount | Cessation of | Discount | Cessation of | ||||
rate | production | Total | rate | production | Total | ||
Inflation | assumption | assumption | 2024 | assumption | assumption | 2023 | |
assumption 1 | 2024 | 2024 | $m | 2023 | 2023 | $m | |
Côte d’Ivoire | 2.0% | 4.5% | 2027 | 50.0 | 3.5% | 2032 | 47.1 |
Gabon | 2.0% | 4.5–5.0% | 2030–2047 | 30.7 | 3.5–4% | 2034–2047 | 28.7 |
Ghana | 2.0% | 4.5% | 2033–2036 | 195.6 | 3.5% | 2032–2036 | 208.2 |
Mauritania | n/a | n/a | 2018 | 1.1 | n/a | 2018 | 54.7 |
UK | n/a | n/a | 2018 | 29.0 | n/a | 2018 | 39.2 |
306.4 | 37 7.9 |
Other | Deferred | ||||||
Accelerated tax | Tax | temporary | petroleum | ||||
depreciation | Decommissioning | losses | differences | Provisions | revenue tax | Total | |
$m | $m | $m | $m | $m | $m | $m | |
At 1 January 2023 | (558.1) | 65.9 | 35.8 | (99.0) | 15.8 | 2.6 | (537.0) |
Credit/(charge) to income statement | 117.9 | 1.7 | (28.4) | 40.9 | – | 3.8 | 135.9 |
Exchange differences | – | – | – | – | 0.2 | 0.2 | |
At 1 January 2024 | (440.2) | 67.6 | 7.4 | (58.1) | 15.8 | 6.6 | (400.9) |
Credit/(charge) to income statement | 41.5 | (1.5) | (7.4) | 26.2 | (13.8) | (3.9) | 41.1 |
Acquisitions 1 | (44.9) | – | – | – | – | – | (44.9) |
At 31 December 2024 | (443.6) | 66.1 | – | (31.9) | 2.0 | 2.7 | (404.7) |
2024 | 2023 | |
$m | $m | |
Deferred tax liabilities | (413.0) | (420.5) |
Deferred tax assets | 8.3 | 19.6 |
(404.7) | (400.9) |
Equity share capital | Share | ||
allotted and fully paid | premium | ||
Number | $m | $m | |
Ordinary shares of 10p each At 1 January 2023 | 1,439,605,995 | 215.2 | 1,294.7 |
Issued during the year | |||
Exercise of share options | 12,935,892 | 1.5 | – |
At 1 January 2024 | 1,452,541,887 | 216.7 | 1,294.7 |
Issued during the year | |||
Exercise of share options | 6,548,077 | 0.8 | – |
At 31 December 2024 | 1,459,089,964 | 217.5 | 1,294.7 |
2024 | 2023 | |||
Notes | $m | $m | ||
Tullow Incentive Plan | 4.3 | 3.7 | ||
Employee Share Award Plan | 1.9 | 1.4 | ||
2022 | PDMR buyout award | 0.4 | 0.5 | |
2021 | Tullow Sharesave Plan | 0.3 | 0.4 | |
6.9 | 6.0 | |||
Expensed to operating costs | 4 | 0.4 | 0.4 | |
Expensed as administrative cost | 4 | 6.5 | 5.6 | |
Total share-based payment charge | 6.9 | 6.0 |
Outstanding | Granted | Exercised | Forfeited/ | Outstanding | Exercisable | ||||
as at | during | during | expired during | at | at | ||||
1 January | the year | the year | the year | 31 December | 31 December | ||||
2024 | TIP – | number of shares | 26,689,263 | 6,986,505 | 3,740,350 | 1, | 57 7,441 | 28,357,977 | 4,282,353 |
2024 | TIP – | average weighted share | |||||||
price at grant | 51.5 | 27.1 | 81.1 | 22.3 | 43.2 | 78.1 | |||
2023 | TIP – | number of shares | 24,854,248 | 9,455,309 | 7,291,530 | 328,764 | 26,689,263 | 6,053,704 | |
2023 | TIP – | average weighted share | |||||||
price at grant | 68.4 | 32.0 | 75.8 | 226.3 | 51.5 | 51.5 | |||
2024 | ESAP – | number of shares | 18,081,093 | 7,172,118 | 2,764,203 | 1,258,792 | 21,230,216 | 5,412,450 | |
2024 | ESAP – | average weighted share | |||||||
price at grant | 66.0 | 27.1 | 114.7 | 40.4 | 48.0 | 90.9 | |||
2023 | ESAP – | number of shares | 17,330,077 | 6,798,244 | 5,578,281 | 468,947 | 18,081,093 | 8,146,742 | |
2023 | ESAP – | average weighted share | |||||||
price at grant | 76.4 | 32.3 | 59.9 | 32.6 | 66.0 | 100.2 | |||
2024 | Buyout awards – number of shares | 9,000,000 | – | – | – | 9,000,000 | – | ||
2024 | Buyout awards – WAEP | 25.7 | – | – | – | 25.7 | – | ||
2023 | Buyout awards – number of shares | 9,000,000 | – | – | – | 9,000,000 | – | ||
2023 | Buyout awards – WAEP | 25.7 | – | – | – | 25.7 | – | ||
2024 | DAB awards – | number of shares | – | 338,652 | – | – | 338,652 | – | |
2024 | DAB awards – | WAEP | – | 27.1 | – | – | 27.1 | – | |
2023 | DAB awards – | number of shares | – | – | – | – | – | – | |
2023 | DAB awards – | WAEP | – | – | – | – | – | – | |
2024 | LTIP | number of shares | 12,241,264 | 14,544,167 | – | 2,261,654 | 24,523,777 | – | |
2024 | LTIP | average weighted share | |||||||
price at grant | 27.7 | 27.1 | – | 27.4 | 27.4 | – | |||
2023 | LTIP | number of shares | – | 12,241,264 | – | – | 12,241,264 | – | |
2023 | LTIP | average weighted share | |||||||
price at grant | – | 27.7 | – | – | 27.7 | – | |||
2024 | SAYE – | number of options | 2,393,498 | 2,025,823 | – | 818,170 | 3,601,151 | – | |
2024 | SAYE – | WAEP | 36.5 | 19.0 | – | 43.5 | 26.9 | – | |
2023 | SAYE – | number of options | 2,387,871 | 558,411 | – | 552,784 | 2,393,498 | – | |
2023 | SAYE – | WAEP | 38.8 | 29.0 | – | 45.4 | 36.5 | – |
2024 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
DAB | LTIP | LTIP | ESAP | ESAP | TIP | TIP | SAYE | SAYE | |
Weighted average fair value of awards granted | 27.1p | 10.2p | 11.2p | 27.1p | 32.0p | 27.1p | 32.0p | 12.1p | 20.5p |
Principal inputs to options valuations model: | |||||||||
Weighted average share price at grant | 27.1p | 27.1p | 27.7p | 27.1p | 32.0p | 27.1p | 32.0p | 24.4p | 32.3p |
Weighted average exercise price | 0.0p | 0.0p | 0.0p | 0.0p | 0.0p | 0.0p | 0.0p | 19.0p | 29.0p |
Risk-free interest rate per annum 1 | 4.2% | 4.2% | 5.0% | 4.2% | 3.5% | 4.2% | 3.5% | 4.1% | 4.5% |
Expected volatility per annum 1, 2 | 48% | 48% | 63% | 48% | 89% | 48%/84% | 89%/84% | 56% | 92% |
Expected award life (years) 1, 3 | 3.0 | 3.0 | 2.7 | 3.0 | 3.0 | 3.0/5.0 | 3.0/5.0 | 3.6 | 3.6 |
Dividend yield per annum 4 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 0.0% | 0.0% |
Employee turnover before vesting per annum 1 | 0% | 0% | 0% | 5% | 5% | 5%/0% | 5%/0% | 5% | 5% |
2024 | 2024 | |
ESAP | TIP | |
Weighted average share price at exercise for awards exercised | 30.3p | 30.0p |
2024 | 2023 | |
$m | $m | |
Capital commitments | 248.1 | 207.0 |
Contingent liabilities | ||
Performance guarantees | 24.1 | 42.7 |
Other contingent liabilities | 37.8 | 84.4 |
61.9 | 127.1 |
2024 | 2023 | |
$m | $m | |
Short-term employee benefits | 3.0 | 2.7 |
Post-employment benefits | 0.2 | 0.2 |
Share-based payments | 1.5 | 1.4 |
4.7 | 4.3 |
2024 | 2023 | |
Purchases of intangible exploration and evaluation assets | $m | $m |
Additions to intangible exploration and evaluation assets | 34.7 | 25.4 |
Associated cash flows | ||
Purchases of intangible exploration and evaluation assets | (27.8) | (30.2) |
Non-cash movements/presented in other cash flow lines | ||
Movement in working capital | (6.9) | 4.8 |
2024 | 2023 | |
Purchases of property, plant and equipment | $m | $m |
Additions to property, plant and equipment | 156.1 | 499.5 |
Associated cash flows | ||
Purchases of property, plant and equipment 1 | (204.8) | (262.3) |
Non-cash movements/presented in other cash flow lines | ||
Decommissioning asset revisions | 39.3 | (47.8) |
Right-of-use asset additions | (1.4) | (81.1) |
Movement in working capital | 10.8 | (108.3) |
2024 | 2023 | 2022 | 2024 | 2023 | |
Movement in borrowings | $m | $m | $m | Movement | Movement |
Borrowings | 1,975.8 | 2,084.6 | 2,472.8 | (108.8) | (388.2) |
Associated cash flows | |||||
Debt arrangement fees | – | (5.0) | |||
Repayment of borrowings | (100.0) | (432.2) | |||
Drawdown of borrowings | – | 129.7 | |||
Non-cash movements/presented in other cash flow lines | |||||
Gain on bond buyback | – | (86.0) | |||
Amortisation of arrangement fees and accrued interest | (8.8) | 5.3 |
Country of | ||||||
Company name | incorporation | Direct or indirect | Address of registered office | |||
Hardman Resources Pty Limited 1 | Australia | Indirect | Level 9, The Quadrant, 1 William Street, Perth | |||
WA6 | 000, Australia | |||||
Tullow Chinguetti Production Pty | Australia | Indirect | Level 9, The Quadrant, 1 William Street, Perth | |||
Limited | WA6 | 000, Australia | ||||
Tullow Petroleum (Mauritania) Pty | Australia | Indirect | Level 9, The Quadrant, 1 William Street, Perth | |||
Limited | WA6 | 000, Australia | ||||
Tullow Uganda Operations Pty LimitedAustralia | Indirect | Level 9, The Quadrant, 1 William Street, Perth | ||||
WA6 | 000, Australia | |||||
Eagle Drill Limited 2 | British Virgin Islands | Indirect (50%) | Akara Building, 24 De Castro Street, Wickhams Cay, | |||
Road Town, Tortola, British Virgin Islands | ||||||
Tullow (EA) Holdings Limited | British Virgin Islands | Indirect | Nemours Chambers, Tortola, British Virgin Islands | |||
DWT-T Company 3 | Cayman Islands | Indirect | PO | Box | 323 | 22, 4th Floor Century Yard, Cricket |
Square, George Town, KY1-1209, Cayman Islands | ||||||
Tullow Argentina Limited | England and Wales | Indirect | 9 Chiswick Park, 566 Chiswick High Road, | |||
London W4 5XT, United Kingdom | ||||||
Tullow Comoros Limited | England and Wales | Indirect | 9 Chiswick Park, 566 Chiswick High Road, | |||
London W4 5XT, United Kingdom | ||||||
Tullow Côte d’Ivoire Onshore Limited | England and Wales | Indirect | 9 Chiswick Park, 566 Chiswick High Road, | |||
London W4 5XT, United Kingdom | ||||||
Tullow Group Services Limited | England and Wales | Direct | 9 Chiswick Park, 566 Chiswick High Road, | |||
London W4 5XT, United Kingdom | ||||||
Tullow Jamaica Limited 4 | England and Wales | Indirect | 9 Chiswick Park, 566 Chiswick High Road, | |||
London W4 5XT, United Kingdom | ||||||
Tullow New Ventures Limited | England and Wales | Indirect | 9 Chiswick Park, 566 Chiswick High Road, | |||
London W4 5XT, United Kingdom | ||||||
Tullow Mozambique Limited 5 | England and Wales | Indirect | 9 Chiswick Park, 566 Chiswick High Road, | |||
London W4 5XT, United Kingdom | ||||||
Tullow Oil 101 Limited 6 | England and Wales | Direct | 9 Chiswick Park, 566 Chiswick High Road, | |||
London W4 5XT, United Kingdom | ||||||
Tullow Oil Finance Limited | England and Wales | Direct | 9 Chiswick Park, 566 Chiswick High Road, | |||
London W4 5XT, United Kingdom | ||||||
Tullow Oil SK Limited | England and Wales | Direct | 9 Chiswick Park, 566 Chiswick High Road, | |||
London W4 5XT, United Kingdom | ||||||
Tullow Oil SPE Limited | England and Wales | Direct | 9 Chiswick Park, 566 Chiswick High Road, | |||
London W4 5XT, United Kingdom | ||||||
Tullow Peru Limited | England and Wales | Indirect | 9 Chiswick Park, 566 Chiswick High Road, | |||
London W4 5XT, United Kingdom | ||||||
Tullow Uruguay Limited | England and Wales | Indirect | 9 Chiswick Park, 566 Chiswick High Road, | |||
London W4 5XT, United Kingdom | ||||||
Tullow Oil Gabon SA | Gabon | Indirect | Quartier Tahiti, Immeuble Narval B.P. 9773, | |||
Libreville, Gabon |
Country of | Direct or | ||
Company name | incorporation | indirect | Address of registered office |
Tullow Oil (Mauritania) Limited | Guernsey | Indirect | Plaza, House, Third Floor, Elizabeth Avenue, |
St Peter Port GY1 3HB, Guernsey | |||
Tullow Oil Limited | Ireland | Direct | 11 Adelaide Road, Dublin 2, Dublin, Ireland |
Tullow Congo Limited 7 | Isle of Man | Indirect | First Names House, Victoria Road, |
Douglas IM2 4DF, Isle of Man | |||
Tullow Gabon Holdings Limited | Isle of Man | Indirect | First Names House, Victoria Road, |
Douglas IM2 4DF, Isle of Man | |||
Tullow Gabon Limited | Isle of Man | Indirect | First Names House, Victoria Road, |
Douglas IM2 4DF, Isle of Man | |||
Tullow Mauritania Limited | Isle of Man | Indirect | First Names House, Victoria Road, |
Douglas IM2 4DF, Isle of Man | |||
Tullow Namibia Limited | Isle of Man | Indirect | First Names House, Victoria Road, |
Douglas IM2 4DF, Isle of Man | |||
Tullow Uganda Limited | Isle of Man | Indirect | First Names House, Victoria Road, |
Douglas IM2 4DF, Isle of Man | |||
Tullow Côte d’Ivoire Limited | Jersey | Indirect | 44 Esplanade, St Helier JE4 9WG, Jersey |
Tullow Ghana Limited | Jersey | Indirect | 44 Esplanade, St Helier JE4 9WG, Jersey |
Tullow India Operations Limited | Jersey | Indirect | 44 Esplanade, St Helier JE4 9WG, Jersey |
Tullow Oil (Jersey) Limited 8 | Jersey | Direct | 44 Esplanade, St Helier JE4 9WG, Jersey |
Tullow Oil International Limited | Jersey | Indirect | 44 Esplanade, St Helier JE4 9WG, Jersey |
Tullow Hardman Holdings BV 9 | Netherlands | Indirect | 9 Chiswick Park, 566 Chiswick High Road, |
London W4 5XT, United Kingdom | |||
Tullow Kenya BV | Netherlands | Indirect | 9 Chiswick Park, 566 Chiswick High Road, |
London W4 5XT, United Kingdom | |||
Tullow Overseas Holdings BV | Netherlands | Direct | 9 Chiswick Park, 566 Chiswick High Road, |
London W4 5XT, United Kingdom | |||
Tullow Suriname BV 10 | Netherlands | Indirect | 9 Chiswick Park, 566 Chiswick High Road, |
London W4 5XT, United Kingdom | |||
Tullow Zambia BV | Netherlands | Indirect | 9 Chiswick Park, 566 Chiswick High Road, |
London W4 5XT, United Kingdom | |||
Energy Africa Bredasdorp (Pty) Limited 11 | South Africa | Indirect | Maitland House 1 – River Park, Gloucester Road, |
Mowbray, Western Cape 7700, South Africa | |||
Tullow South Africa (Pty) Limited 12 | South Africa | Indirect | Maitland House 1 – River Park, Gloucester Road, |
Mowbray, Western Cape 7700, South Africa | |||
T.U. S.A. | Uruguay | Indirect | Colonia 810, Of. 403, Montevideo, Uruguay |
Area | Tullow | ||||
Licence/Unit area | Fields | sq km | interest | Operator | Other partners |
Deepwater Tano | Wawa, Tweneboa, | 619 | 54.84% | Tullow | Kosmos, KEGIN, GNPC, |
TEN Development Area | Enyenra, Ntomme | Jubilee Oil Holdings, Petro SA | |||
West Cape Three Points | Jubilee | 150 | 25.66% | Tullow | Kosmos, KEGIN, GNPC, |
Jubilee Oil Holdings, Petro SA | |||||
Jubilee Field Unit Area 1 | Jubilee, Mahogany, Teak | 38.98% | Tullow | Kosmos, KEGIN, GNPC, Jubilee Oil | |
Holdings, Petro SA |
Area | Tullow | ||||
Licence/Unit area | Fields | sq km | interest | Operator | Other partners |
Côte d’Ivoire | |||||
CI-26 Special Area ‘E’ | Espoir | 235 | 21.33% | CNR | Petroci |
Gabon | |||||
Avouma | Avouma, South Tchibala | 52 | 7.50% | Vaalco | Addax (Sinopec), PetroEnergy |
DE82 | DE8 | 2,393 | 40.00% | Perenco | |
Ebouri | Ebouri | 15 | 7.50% | Vaalco | Addax (Sinopec), PetroEnergy |
Echira | Echira | 76 | 40.00% | Perenco | Gabon Oil Company |
Etame | Etame, North Tchibala | 49 | 7.50% | Vaalco | Addax (Sinopec), PetroEnergy |
Ezanga | 5,626 | 8.57% | Maurel & Prom | Gabon Oil Company | |
Gwedidi | Gwedidi | 5 | 7.50% | Maurel & Prom | Gabon Oil Company |
Mabounda | Mabounda | 6 | 7.50% | Maurel & Prom | Gabon Oil Company |
Maroc | Maroc | 17 | 7.50% | Maurel & Prom | Gabon Oil Company |
Maroc Nord | Maroc Nord | 17 | 7.50% | Maurel & Prom | Gabon Oil Company |
Mbigou | Mbigou | 5 | 7.50% | Maurel & Prom | Gabon Oil Company |
Niembi | Niembi | 4 | 7.50% | Maurel & Prom | Gabon Oil Company |
Niungo | Niungo | 96 | 40.00% | Perenco | Gabon Oil Company |
Omko | Omko | 16 | 7.50% | Maurel & Prom | Gabon Oil Company |
Onal | Onal | 46 | 7.50% | Maurel & Prom | Gabon Oil Company |
Simba | Simba | 315 | 40.00% | Perenco | |
Tchatamba Marin | Tchatamba Marin | 30 | 40.00% | Perenco | |
Tchatamba South | Tchatamba South | 40 | 40.00% | Perenco | |
Tchatamba West | Tchatamba West | 25 | 40.00% | Perenco |
Area | Tullow | ||||
Licence | Fields | sq km | interest | Operator | Other partners |
Kenya | |||||
Block 10BA 2 | 11,569 | 100.00% | Tullow | ||
Block 10BB 2 | Amosing, Ngamia | 6,172 | 100.00% | Tullow | |
Block 12B | 6,200 | 100.00% | Tullow | ||
Block 13T 2 | Ekales, Twiga | 4,719 | 100.00% | Tullow |
Area | Tullow | ||||
Licence/Unit area | Fields | sq km | interest | Operator | Other partners |
Argentina | |||||
Block MLO-114 | 5,942 | 40.00% | Tullow | Pluspetrol, Wintershall Dea | |
Block MLO-119 | 4,546 | 40.00% | Tullow | Pluspetrol, Wintershall Dea | |
Block MLO-122 | 4,420 | 100.00% | Tullow | ||
Côte d’Ivoire | |||||
CI-524 | 551 | 90.00% | Tullow | Petroci | |
CI-803 | 1,345 | 90.00% | Tullow | Petroci |