2023 | 2022 | ||
Notes | $m | $m | |
Continuing activities | |||
Revenue | 2 | ||
Cost of sales | 4 | ( | ( |
Gross proit | |||
Administrative expenses | 4 | ( | ( |
Gain on bargain purchase | |||
Other gains | |||
Exploration costs written o | 8 | ( | ( |
Impairment of property, plant and equipment, net | 9 | ( | ( |
Provisions reversal/(expense) | 4 | ( | |
Operating proit | |||
(Loss)/gain on hedging instruments | ( | ||
Gain on bond buyback | 16 | ||
Finance income | 5 | ||
Finance costs | 5 | ( | ( |
Proit from continuing activities before tax | |||
Income tax expense | 6 | ( | ( |
(Loss)/proit for the year from continuing activities | ( | ||
Attributable to: | |||
Owners of the Company | ( | ||
(Loss)/earnings per ordinary share from continuing activities | 7 | ¢ | ¢ |
Basic | ( | ||
Diluted | ( |
2023 | 2022 | ||
Notes | $m | $m | |
(Loss)/ proit for the year | ( | ||
Items that may be reclassiied to the income statement in subsequent periods | |||
Cash low hedges | |||
Gains/(losses) arising in the year | 17 | ( | |
Gains arising in the year – time value | 17 | ||
Reclassiication adjustments for items included in proit on realisation | 17 | ||
Reclassiication adjustments for items included in loss on realisation – time value | 17 | ||
Exchange dierences on translation of foreign operations | ( | ||
Other comprehensive income/(expense) | ( | ||
Tax relating to components of other comprehensive income/(expense) | |||
Net other comprehensive income/(expense) for the year | ( | ||
Total comprehensive income for the year | |||
Attributable to: | |||
Owners of the Company |
2023 | 2022 | ||
Notes | $m | $m | |
ASSETS | |||
Non-current assets | |||
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 | ||
Cash and cash equivalents | 13 | ||
Assets classiied as held for sale | 14 | ||
Total assets | |||
LIABILITIES | |||
Current liabilities | |||
Trade and other payables | 15 | ( | ( |
Borrowings | 16 | ( | ( |
Provisions | 19 | ( | ( |
Current tax liabilities | 6 | ( | ( |
Derivative inancial instruments | 17 | ( | ( |
Liabilities associated with assets classiied as held for sale | 14 | ( | |
( | ( | ||
Non-current liabilities | |||
Trade and other payables | 15 | ( | ( |
Borrowings | 16 | ( | ( |
Provisions | 19 | ( | ( |
Deferred tax liabilities | 20 | ( | ( |
Derivative inancial instruments | 17 | ( | |
( | ( | ||
Total liabilities | ( | ( | |
Net liabilities | ( | ( | |
EQUITY | |||
Called-up share capital | 21 | ||
Share premium | 21 | ||
Foreign currency translation reserve | ( | ( | |
Hedge reserve | 17 | ( | ( |
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 | reserve | earnings | equity | ||
Notes | $m | $m | $m | $m | $m | $m | $m | $m | |
At 1 January 2022 | ( | ( | ( | ( | ( | ||||
Proit for the year | |||||||||
Hedges, net of tax | 17 | ( | ( | ||||||
Currency translation | |||||||||
adjustments | |||||||||
Exercise of employee | |||||||||
share options | 21 | ( | |||||||
Share-based | |||||||||
payment charges | 22 | ||||||||
At 1 January 2023 | ( | ( | ( | ( | ( | ||||
Loss for the year | ( | ( | |||||||
Hedges, net of tax | 17 | ||||||||
Currency translation | |||||||||
adjustments | ( | ( | |||||||
Exercise of employee | |||||||||
share options | 21 | ( | |||||||
Share-based | |||||||||
payment charges | 22 | ||||||||
At 31 December 2023 | ( | ( | ( | ( | ( |
2023 | 2022 | ||
Notes | $m | $m | |
Cash lows from operating activities | |||
Proit from continuing activities before tax | |||
Adjustments for: | |||
Depreciation, depletion and amortisation | 9 | ||
Gain on bargain purchase | ( | ||
Other gains | ( | ( | |
Taxes paid in kind | 6 | ( | ( |
Exploration costs written o | 8 | ||
Impairment of property, plant and equipment, net | 9 | ||
Provisions (reversal)/ expense | ( | ||
Payment for provisions | 19 | ( | ( |
Decommissioning expenditure | ( | ( | |
Share-based payment charge | 22 | ||
Loss/(gain) on hedging instruments | 17 | ( | |
Gain on bond buyback | 16 | ( | |
Finance income | 5 | ( | ( |
Finance costs | 5 | ||
Operating cash low before working capital movements | |||
(Increase)/decrease in trade and other receivables | ( | ||
Decrease/(increase) in inventories | ( | ||
Increase/(decrease) in trade payables | ( | ||
Cash generated from operating activities | |||
Income taxes paid | ( | ( | |
Net cash from operating activities | |||
Cash lows from investing activities | |||
Proceeds from disposals | |||
Purchase of additional interest in joint operation | ( | ||
Purchase of intangible exploration and evaluation assets | 27 | ( | ( |
Purchase of property, plant and equipment | 27 | ( | ( |
Interest received | |||
Net cash used in investing activities | ( | ( | |
Cash lows from inancing activities | |||
Debt arrangement fees | ( | ||
Repayment of borrowings | 27 | ( | ( |
Drawdown of borrowings | 27 | ||
Payment of obligations under leases | ( | ( | |
Finance costs paid | ( | ( | |
Net cash used in inancing activities | ( | ( | |
Net (decrease)/increase in cash and cash equivalents | ( | ||
Cash and cash equivalents at beginning of year | |||
Foreign exchange loss | ( | ( | |
Cash and cash equivalents at end of year | 13 |
Non- | ||||||
Ghana | Operated | Kenya | Exploration | Corporate | Total | |
$m | $m | $m | $m | $m | $m | |
2023 | ||||||
Sales revenue by origin | 1,311.4 | 461.8 | – | – | (139.1) | 1,634.1 |
Segment result | 408.2 | 114.0 | (17.9) | (9.9) | (164.6) | 329.8 |
Provisions reversal | 22.0 | |||||
Other gains | 0.2 | |||||
Unallocated corporate expenses | (56.1) | |||||
Operatin | 295.9 | |||||
Loss on hedging instruments | (0.4) | |||||
Gain on bond buyback | 86.0 | |||||
Finance income | 44.0 | |||||
Finance costs | (329.6) | |||||
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 | (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 writ | (0.2) | 0.9 | (17.9) | (9.8) | – | (27.0) |
2023 | 2022 | |
$m | $m | |
Segment result | 329.8 | 589.2 |
Add back: | ||
Exploration costs writ | 27.0 | 105.2 |
Impairment of property, plant and equipment | 408.1 | 391.2 |
Gros | 764.9 | 1,085.6 |
Non- | ||||||
Ghana | Operated | Kenya | Exploration | Corporate | Total | |
$m | $m | $m | $m | $m | $m | |
2022 | ||||||
Sales revenue by origin | 1,578.5 | 524.0 | – | – | (319.4) | 1,783.1 |
Segment result | 692.5 | 337.3 | (0.5) | (102.6) | (337.5) | 589.2 |
Provisions expense | (4.1) | |||||
Gain on bargain purchase | 196.8 | |||||
Other gains | 3.1 | |||||
Unallocated corporate expenses | (51.1) | |||||
Operatin | 733.9 | |||||
Gain on hedging instruments | 0.8 | |||||
Finance income | 42.9 | |||||
Finance costs | (335.5) | |||||
442.1 | ||||||
Income tax expense | (393.0) | |||||
49.1 | ||||||
Total assets | 3,827.7 | 380.6 | 265.6 | 46.0 | 519.7 | 5,039.6 |
Total liabilities | (2,220.5) | (401.6) | (14.1) | (4.6) | (2,858.3) | (5,499.1) |
Other segment information | ||||||
Capital expenditure: | ||||||
Property, plant and equipment | 342.9 | 26.9 | – | – | 0.9 | 370.7 |
Intangible exploration and evaluation assets | 0.9 | (1.7) | (2.1) | 42.1 | – | 39.2 |
Depletion, depreciation and amortisation | (362.1) | (52.7) | (1.3) | – | (9.7) | (425.8) |
Impairment of property, plant and equipment, net | (380.6) | (10.6) | – | – | – | (391.2) |
Exploration costs writ | (0.9) | 1.8 | (0.5) | (105.6) | – | (105.2) |
Non- | Non- | |||
Sales | Sales | current | current | |
revenue | revenue | assets 1 | assets 1 | |
2023 | 2022 | 2023 | 2022 | |
Sales revenue and non-current assets by origin | $m | $m | $m | $m |
Ghana | 1,311.4 | 1,578.5 | 2,771.0 | 3,087.4 |
Total Ghana | 1,311.4 | 1,578.5 | 2,771.0 | 3,087.4 |
Kenya | – | – | 250.0 | 258.5 |
Total Kenya | – | – | 250.0 | 258.5 |
Argentina | – | – | 36.4 | 33.6 |
Côte d’Ivoire | – | – | 5.8 | 2.4 |
Total Exploration | – | – | 42.2 | 36.0 |
Gabon | 419.5 | 477.0 | 82.8 | 132.6 |
Côte d’Ivoire | 42.3 | 47.0 | 0.4 | 59.2 |
Total Non-Operated | 461.8 | 524.0 | 83.2 | 191.8 |
Corporate | (139.1) | (319.4) | 12.0 | 23.4 |
Total | 1,634.1 | 1,783.1 | 3,158.4 | 3,597.1 |
2023 | 2022 | |
$m | $m | |
Revenue from contracts with customers | ||
Revenue from crude oil sales | 1,744.6 | 2,102.5 |
Revenue from gas sales | 28.6 | – |
Total revenue from contracts with customers | 1,773.2 | 2,102.5 |
Loss on realisation of ca | (139.1) | (319.4) |
Total revenue | 1,634.1 | 1,783.1 |
2023 | 2022 | |
Number | Number | |
Administration | 187 | 182 |
Technical | 206 | 194 |
Total | 393 | 376 |
2023 | 2022 | |
$m | $m | |
Salaries | 71.5 | 66.3 |
Social security costs | 7.1 | 7.0 |
Pension costs | 6.3 | 5.3 |
Redundancy costs | – | 0.1 |
T | 84.9 | 78.7 |
2023 | 2022 | ||
Notes | $m | $m | |
Operatin | |||
Operating costs | 292.9 | 266.5 | |
Depletion and amortisation of oil and gas and leased assets | 9 | 430.8 | 410.7 |
Overlift, underlift and oil stock movements | 109.3 | (46.3) | |
Royalties | 33.9 | 61.7 | |
Share-based payment charge included in cost of sales | 22 | 0.4 | 0.4 |
Other cost of sales | 1.9 | 4.4 | |
Total cost of sales | 869.2 | 697.5 | |
Share-based payment charge included in administrative expenses | 22 | 5.6 | 5.4 |
Depreciation of othe | 9 | 5.8 | 15.1 |
Other administrative costs | 44.7 | 30.5 | |
Total administrative expenses | 56.1 | 51.0 | |
Provisions (reversal)/ expense | (22.0) | 4.2 | |
Fees payable to the Company’s auditor for: | |||
The audit of the Company’s annual accounts | 2.0 | 2.1 | |
The audit of the Company’s subsidiaries pursuant to legislation | 0.5 | 0.6 | |
Total audit services | 2.5 | 2.7 | |
Non-audit services: | |||
Audit-related assurance services – half-year review | 0.5 | 0.5 | |
Corpo | – | 1.0 | |
Total non-audit services | 0.5 | 1.5 | |
Total | 3.0 | 4.2 |
2023 | 2022 | ||
Notes | $m | $m | |
Interest on bank overdrafts and borrowings | 237.0 | 250.4 | |
Interest on obligations under leases | 18 | 78.6 | 76.4 |
Total borrowing costs | 315.6 | 326.8 | |
Finance and arrangement fees | 1.9 | 0.3 | |
Other interest expense | 2.0 | 2.4 | |
Unwinding of discount on decommissioning provisions | 19 | 10.1 | 6.0 |
Tot | 329.6 | 335.5 | |
Interest income on amounts due from Joint Venture Partners for leases | 18 | (30.1) | (29.6) |
Oth | (13.9) | (13.3) | |
T | (44.0) | (42.9) | |
285.6 | 292.6 |
2023 | 2022 | ||
Notes | $m | $m | |
Current tax on p | |||
UK corporation tax | (1.9) | (11.8) | |
Foreign tax | 322.2 | 321.0 | |
Taxes paid in kind under production sharing contracts | 11.0 | 21.4 | |
Adjustments in respect of prior periods | (10.8) | (3.3) | |
Total corporate tax | 342.1 | 327.3 | |
UK petroleum revenue tax | (0.7) | (2.8) | |
Total current tax | 341.4 | 324.5 | |
Deferred tax | |||
Origination and reversal of temporar | |||
UK corporation tax | (22.9) | 11.4 | |
Foreign tax | (106.5) | 54.0 | |
Adjustments in respect of prior periods | (2.8) | (2.9) | |
Total deferred corporate tax | (132.2) | 62.5 | |
Deferred UK petroleum revenue tax | (3.7) | 6.0 | |
Total deferred tax | 20 | (135.9) | 68.5 |
Total income tax expense | 205.5 | 393.0 |
2023 | 2022 | |
$m | $m | |
95.9 | 442.1 | |
Tax on p | 22.5 | 84.0 |
E | ||
Non-deductible exploration expenditure | 3.4 | 0.5 |
Other non-deductible expenses | 35.4 | 27.8 |
Net deferred tax asset not recognised | 65.1 | 138.5 |
Utilisation of tax losses not previously recognised | (0.2) | (0.4) |
Adjustment relating to prior years | (2.8) | (6.2) |
Other tax rates applicable outside the UK | 82.4 | 214.6 |
Other income not subject to corporation tax | (0.3) | (0.1) |
Tax impact of acquisition through business combination | – | (65.7) |
Total income tax expense for the year | 205.5 | 393.0 |
2023 | 2022 | |
$m | $m | |
(Loss)/ proit for the year | ||
Net (loss)/ | (109.6) | 49.1 |
– | – | |
Diluted net (loss)/ earnings attributable to equity shareholders | (109.6) | 49.1 |
2023 | 2022 | |
Number | Number | |
Number of shares | ||
Basic weighted average number of shares | 1,447,121,945 | 1,437,099,966 |
Dilutive potential ordinary shares | – | 48,375,409 |
Diluted weighted average number of shares | 1,447,121,945 | 1,485,475,375 |
2023 | 2022 | |
$m | $m | |
At 1 January | 288.6 | 354.6 |
Additions | 25.4 | 39.2 |
Amounts written o | (27.0) | (105.2) |
At 31 December | 287.0 | 288.6 |
2023 | ||||
2023 | Remaining | |||
Rationale for | recoverable | |||
2023 | (back) | amount | ||
Country | CGU | write-o | $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 | DE8 | f | 3.4 | – |
Other | Various | 0.2 | – | |
T | 27.0 | – |
2022 | ||||
Remaining | ||||
Rationale for | 2022 | recoverable | ||
2022 | write-o | amount | ||
Country | CGU | write-o | $m | $m |
Guyana | Kanuku | a, b | 75.3 | – |
Guyana | Orinduik | b | 22.4 | – |
Côte d’Ivoire | Block 524 | c | 3.1 | – |
New Ventures | Various | d | 3.0 | – |
Other | Various | 1.4 | – | |
T | 105.2 | – |
2023 | 2023 | 2023 | 2022 | 2022 | 2022 | ||||
Oil | Other | Right | Oil | Other | Right | ||||
and gas | of use | 2023 | and gas | of use | 2022 | ||||
assets | assets | assets | Total | assets | assets | assets | Total | ||
Notes | $m | $m | $m | $m | $m | $m | $m | $m | |
Cost | |||||||||
At 1 January | 11,182.6 | 30.0 | 1,196.8 | 12,409.4 | 10,521.7 | 69.5 | 1,091.7 | 11,682.9 | |
Additions | 1 | 416.1 | 2.3 | 81.1 | 499.5 | 305.2 | 2.0 | 63.5 | 370.7 |
Acquisitions | – | – | – | – | 473.2 | – | – | 473.2 | |
Transfer | – | – | – | – | – | – | 86.6 | 86.6 | |
Transfer to assets | |||||||||
held for sale | 14 | (302.8) | – | – | (302.8) | – | – | – | – |
Asset retirement | (67.7) | (11.0) | (10.6) | (89.3) | – | (38.1) | (41.7) | (79.8) | |
Currency translation | |||||||||
adjustments | 53.9 | 0.6 | 1.5 | 56.0 | (117.5) | (3.4) | (3.3) | (124.2) | |
At 31 December | 11,282.1 | 21.9 | 1,268.8 | 12,572.8 | 11,182.6 | 30.0 | 1,196.8 | 12,409.4 | |
Depreciation, depletion, amortisation and impairment | |||||||||
At 1 January | (8,888.4) | (24.4) | (515.2) | (9,428.0) | (8,263.7) | (53.8) | (450.8) | (8,768.3) | |
Charge for the year | 4 | (351.6) | (3.6) | (81.4) | (436.6) | (353.7) | (11.2) | (60.9) | (425.8) |
Impairment loss | (399.1) | – | (9.0) | (408.1) | (391.2) | – | – | (391.2) | |
Capitalised depreciation | – | – | (49.3) | (49.3) | – | – | (46.1) | (46.1) | |
Transfer to assets | |||||||||
held for sale | 14 | 247.6 | – | – | 247.6 | – | – | – | – |
Asset retirement | 67.7 | 11.0 | 10.6 | 89.3 | – | 38.1 | 41.7 | 79.8 | |
Currency translation | |||||||||
adjustments | (53.9) | (0.5) | (0.5) | (54.9) | 120.2 | 2.5 | 0.9 | 123.6 | |
At 31 December | (9,377.7) | (17.5) | (644.8) | (10,040.0) | (8,888.4) | (24.4) | (515.2) | (9,428.0) | |
Net book value at 31 December | 1,904.4 | 4.4 | 624.0 | 2,532.8 | 2,294.2 | 5.6 | 681.6 | 2,981.4 |
Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 onwards | |
2023 | $78/bbl | $75/bbl | $75/bbl | $75/bbl | $75/bbl | $75/bbl in |
2022 | $84/bbl | $79/bbl | $70/bbl | $70/bbl | $70/bbl | $70/bbl i |
2023 | ||||
Remaining | ||||
Trigger for | 2023 | Pre-tax | recoverable | |
2023 | Impairment | discount 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 |
2022 | ||||
Trigger for | 2022 | Remaining | ||
2022 | Impairment/ | Pre-tax | recoverable | |
impairment/ | (reversal) | discount rate | amount d | |
(reversal) | $m | assumption | $m | |
Limande and Turnix CGU (Gabon) | a | (1.6) | 15% | 44.6 |
Tchatamba (Gabon) | a | (1.3) | 15% | 38.0 |
Oba and Middle Oba CGU (Gabon) | a | (0.4) | 17% | 11.8 |
Echira, Niungo and Igongo (Gabon) | a | (1.4) | 17% | 8.6 |
TEN (Ghana) | b | 380.6 | 13% | 931.7 |
Mauritania | a | 12.8 | n/a | – |
UK CGU | a,c | 2.5 | n/a | – |
Impairment | 391.2 |
2023 | 2022 | |
$m | $m | |
Non-current | ||
Amounts due from Joint Venture Partners | 332.5 | 323.3 |
VAT recoverable | 6.1 | 3.8 |
338.6 | 327.1 | |
Current | ||
Amounts due from Joint Venture Partners | 498.1 | 452.3 |
Underlifts | 47.8 | 76.2 |
Prepayments | 21.1 | 31.3 |
Other current assets | 4.2 | 8.1 |
571.2 | 567.9 | |
909.8 | 895.0 |
2023 | 2022 | |
$m | $m | |
Warehouse stock and materials | 71.5 | 69.1 |
Oil stock | 35.8 | 112.5 |
107.3 | 181.6 |
2023 | 2022 | |
$m | $m | |
Cash at bank | 114.9 | 305.3 |
Short-term deposits and other cash equivalents | 384.1 | 331.0 |
499.0 | 636.3 |
2023 | |
$m | |
Assets | |
Property, plant and equipment | 55.2 |
Other debtors | 0.6 |
Assets class | 55.8 |
Liabilities | |
Other payables | (1.4) |
Accruals | (2.0) |
Decommissioning provision | (14.2) |
Liabilities directly associated with assets class | (17.6) |
Net assets directly associated with disposal group | 38.2 |
2023 | 2022 | ||
Notes | $m | $m | |
Trade payables | 22.3 | 68.4 | |
Other payables | 65.3 | 51.4 | |
Overlifts | 3.1 | – | |
Accruals | 498.6 | 379.3 | |
Current portion of lease liabilities | 18 | 185.7 | 251.2 |
775.0 | 750.2 |
2023 | 2022 | ||
Notes | $m | $m | |
Other non-current liabilities | 62.2 | 47.1 | |
Non-current portion of lease liabilities | 18 | 721.0 | 732.9 |
783.2 | 780.0 |
2023 | 2022 | |
$m | $m | |
Current | ||
Borrowings – within one year | ||
10.25% Senior Secured Notes due 2026 | 100.0 | 100.0 |
100.0 | 100.0 |
2023 | 2022 | |
$m | $m | |
Non-current | ||
Borrowings – after one year but wi | ||
7.00% Senior Notes due 2025 | 489.0 | 792.8 |
10.25% Senior Secured Notes due 2026 | 1,371.0 | 1,580.0 |
Secured Notes Facility due 2028 | 124.6 | – |
1,984.6 | 2,372.8 | |
Carrying value of total borrowings | 2,084.6 | 2,472.8 |
2023 | 2022 | |
$m | $m | |
Financial assets | ||
Financial assets at amortised cost | ||
Trade receivables | 43.5 | 26.8 |
Amounts due from Joint Venture Partners | 830.6 | 775.6 |
Cash and cash equivalents | 499.0 | 636.3 |
1,373.1 | 1,438.7 | |
Financial liabilities | ||
Liabilities at amortised cost | ||
Trade payables | 84.5 | 115.4 |
Other payables | 567.0 | 430.7 |
Borrowings | 2,084.6 | 2,472.8 |
Lease liabilities | 906.7 | 984.1 |
Derivative | ||
Used for hedging | 35.0 | 244.2 |
3,677.8 | 4,247.3 |
2023 | 2023 | 2022 | 2022 | |||
Less than | 1–3 | 2023 | Less than | 1–3 | 2022 | |
1 year | years | Total | 1 year | years | Total | |
Assets/liabilities | $m | $m | $m | $m | $m | $m |
Cas | ||||||
Oil derivatives | (13.3) | – | (13.3) | (162.1) | (49.7) | (211.8) |
Deferred premium | ||||||
Oil derivatives | (21.7) | – | (21.7) | (24.2) | (8.2) | (32.4) |
Total liabilities | (35.0) | – | (35.0) | (186.3) | (57.9) | (244.2) |
Gross | Net | ||
amounts | amounts | ||
presented | |||
Gross | in Group | in Group | |
amounts | balance | balance | |
recognised | sheet | sheet | |
31 December 2023 | $m | $m | $m |
Derivative assets | 3.0 | (3.0) | – |
Derivative liabilities | (38.0) | 3.0 | (35.0) |
Gross | Net | ||
amounts | amounts | ||
presented | |||
Gross | in Group | in Group | |
amounts | balance | balance | |
recognised | sheet | sheet | |
31 December 2022 | $m | $m | $m |
Derivative assets | – | – | – |
Derivative liabilities | (244.2) | – | (244.2) |
Bought put | Bought | |||
First half of 2024 hedge portfolio at 31 December 2023 | Bopd | (loor) | Sold call | call |
Hedge structure | ||||
Straight puts | 11,217 | $60.05 | – | – |
Collars | 24,344 | $55.37 | $77.47 | – |
Three way collars (call spread) | 332 | $60.00 | $105.60 | $114.53 |
Total/weighted average | 35,893 | $56.88 | $77.85 | $114.53 |
Bought put | Bought | |||
Second half of 2024 hedge position at 31 December 2023 | Bopd | (loor) | Sold call | call |
Hedge structure | ||||
Straight Puts | 6,250 | $59.96 | – | – |
Collars | 12,650 | $60.36 | $113.45 | – |
Three way collars (call spread) | 6,500 | $60.00 | $84.61 | $93.55 |
Total/weighted average | 25,400 | $60.17 | $103.66 | $93.55 |
Market | |||
movement | |||
as at | 2023 | 2022 | |
31 Dec 2023 | $m | $m | |
Brent oil price | 25% | (95.3) | (464.4) |
Brent oil price | (25%) | 24.2 | – |
2023 | 2022 | |
Ca | $m | $m |
Oil derivatives – intrinsic | (18.9) | (150.3) |
Oil derivatives – time value | (16.3) | (94.4) |
2023 | 2022 | |
Deferred amounts in the hedge reserve – intrinsic | $m | $m |
At 1 January | (150.3) | (39.3) |
Reclassi | ||
Oil derivatives – transferred to sales revenue | 111.3 | 288.5 |
Revaluation gains/(losses) arising in the year | 20.1 | (399.5) |
131.4 | (110.8) | |
At 31 December | (18.9) | (150.3) |
Hede reserve summr contnued | ||
2023 | 2022 | |
Reconciliation to sales revenue | $m | $m |
Oil derivatives – transferred to sales revenue | 111.3 | 288.5 |
Deferred premium paid | 27.8 | 30.8 |
Net losses from commodity derivatives in sales revenue (note 2) | 139.1 | 319.3 |
2023 | 2022 | ||||||
Cash | 2023 | 2023 | Cash | 2022 | |||
and cash | Fixed rate | Floating rate | 2023 | and cash | Fixed rate | 2022 | |
equivalents | debt | debt | Total | equivalents | debt | Total | |
$m | $m | $m | $m | $m | $m | $m | |
US$ | 492.3 | (1,977.8) | (129.6) | (1,615.1) | 578.1 | (2,500.0) | (1,921.9) |
Euro | 0.6 | – | – | 0.6 | 0.3 | – | 0.3 |
Sterling | 4.1 | – | – | 4.1 | 16.3 | – | 16.3 |
XAF | 0.3 | – | – | 0.3 | 38.8 | – | 38.8 |
Other | 1.7 | – | – | 1.7 | 2.8 | – | 2.8 |
499.0 | (1,977.8) | (129.6) | (1,608.4) | 636.3 | (2,500.0) | (1,863.7) |
2023 | 2022 | 2023 | 2022 | ||
Market movement | $m | $m | $m | $m | |
Interest rate | 100 basis points | 3.6 | – | 3.6 | – |
Interest rate | (10) basis points | (0.9) | – | (0.9) | – |
2023 | 2022 | 2023 | 2022 | ||
Market movement | $m | $m | $m | $m | |
US$/foreign currency exchange rates | 20% | 1.1 | 9.7 | 1.1 | 9.7 |
US$/foreign currency exchange rates | (20%) | (1.7) | (14.5) | (1.7) | (14.7) |
Weighted | |||||||
average | Less than | 1–3 | 3 months | 1–5 | 5+ | ||
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 | 77.8 | 520.8 | 3,093.4 | 337.5 | 4,124.3 |
Weighted | |||||||
average | Less than | 1–3 | 3 months | 1–5 | 5+ | ||
1 month | months | to 1 year | years | years | Total | ||
interest rate | $m | $m | $m | $m | $m | $m | |
31 December 2022 | |||||||
Non-interest bearing | n/a | 93.5 | – | 26.3 | 47.0 | – | 166.8 |
Lease liabilities | 7.1% | 27.3 | 57.1 | 225.2 | 746.3 | 10.5 | 1,066.4 |
Fixed interest rate instruments | 9.7% | ||||||
Principal repayments | – | – | 100.0 | 2,400.0 | – | 2,500.0 | |
Interest charge | – | 28.0 | 197.0 | 464.0 | – | 689.0 | |
Total | 120.8 | 85.1 | 548.5 | 3,657.3 | 10.5 | 4,422.2 |
Right-of-use assets | Lease liabilities | |||
31 | 31 | 31 | 31 | |
December | December | December | December | |
Right-of-use assets (included within property, plant and equipment) | 2023 | 2022 | 2023 | 2022 |
$m | $m | $m | $m | |
Property leases | 22.0 | 39.2 | 27.6 | 34.6 |
Oil and gas production and support equipment leases | 576.9 | 639.0 | 826.4 | 942.4 |
Transportation equipment leases | 25.1 | 3.4 | 52.7 | 7.1 |
Total | 624.0 | 681.6 | 906.7 | 984.1 |
Current | 185.7 | 251.2 | ||
Non-current | 721.0 | 732.9 | ||
Total | 906.7 | 984.1 |
$m | |
Lease liability | (39.2) |
Right-of-use asset (included within 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 2022 | (1,163.4) | 531.0 | (632.4) |
Additions and changes in lease estimates | (89.4) | 40.2 | (49.2) |
Acquisitions | – | (86.6) | (86.6) |
Payments/(receipts) | 342.0 | (138.2) | 203.8 |
Interest (expense)/income | (76.4) | 29.6 | (46.8) |
Currency translation adjustments | 3.1 | – | 3.2 |
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 31 December 2023 | (906.7) | 349.5 | (557.2) |
31 | 31 | |
December | December | |
2023 | 2022 | |
$m | $m | |
Depreciation charge of right-of-use assets | ||
Property leases | 7.3 | 14.0 |
Oil and gas production and support equipment leases | 74.1 | 46.9 |
Total | 81.4 | 60.9 |
Interest expense on lease liabilities (includ | 78.6 | 76.4 |
Interest income on amounts due from Joint Venture Partners | (30.1) | (29.6) |
Expense relating to short-term leases | 1.0 | 2.0 |
Expense relating to leases of low-value assets | 0.9 | 1.8 |
Total | 131.8 | 111.5 |
Decommiss- | Other | Decommiss- | Other | ||||
ioning | provisions | Total | ioning | provisions | Total | ||
2023 | 2023 | 2023 | 2022 | 2022 | 2022 | ||
Notes | $m | $m | $m | $m | $m | $m | |
At 1 January | 398.1 | 116.3 | 514.4 | 498.7 | 228.8 | 727.5 | |
New provisions, changes in estimates and reclass | 47.8 | (21.9) | 25.9 | (47.6) | (19.7) | (67.3) | |
Acquisitions | – | – | – | 24.8 | 36.8 | 61.6 | |
Transfer to assets and liabilities held for sale | 14 | (14.2) | – | (14.2) | |||
Payments | (66.4) | (0.6) | (67.0) | (72.1) | (127.3) | (199.4) | |
Unwinding of discount | 5 | 10.1 | – | 10.1 | 6.0 | – | 6.0 |
Currency translation adjustment | 2.5 | (0.1) | 2.4 | (11.6) | (2.3) | (13.9) | |
At 31 December | 377.9 | 93.7 | 471.6 | 398.1 | 116.3 | 514.4 | |
Current provisions | 53.4 | 14.5 | 67.9 | 87.7 | 11.1 | 98.8 | |
Non-current provisions | 324.5 | 79.2 | 403.7 | 310.4 | 105.2 | 415.6 |
Discount | Cessation of | Discount | Cessation of | ||||
rate | production | Total | rate | production | Total | ||
assumption | assumption | 2023 | assumption | assumption | 2022 | ||
assumption 1 | 2023 | 2023 | $m | 2022 | 2022 | $m | |
Côte d’Ivoire | 2% | 3.5% | 2032 | 47.1 | 3.5% | 2035 | 45.6 |
Gabon | 2% | 3.5–4% | 2034–2047 | 28.7 | 3.5% | 2025–2037 | 49.2 |
Ghana | 2% | 3.5% | 2032–2036 | 208.2 | 3.5% | 2036 | 190.2 |
Mauritania | n/a | n/a | 2018 | 54.7 | n/a | 2018 | 56.0 |
UK | n/a | n/a | 2018 | 39.2 | n/a | 2018 | 57.1 |
377.9 | 398.1 |
Accelerated | Other | Deferred | |||||
tax | Decommiss- | Tax | temporary | petroleum | |||
depreciation | ioning | losses | Provisions | revenue tax | Total | ||
$m | $m | $m | $m | $m | $m | $m | |
At 1 January 2022 | (598.3) | 88.8 | 221.9 | (66.4) | 21.7 | 9.4 | (322.9) |
Credit/(charge) to income statement | 184.0 | (22.9) | (186.1) | (32.6) | (5.9) | (5.0) | (68.5) |
Acquired through business | |||||||
combination | (143.6) | – | – | – | – | – | (143.6) |
(0.2) | – | – | – | – | (1.8) | (2.0) | |
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 |
– | – | – | – | – | 0.2 | 0.2 | |
At 31 December 2023 | (440.2) | 67.6 | 7.4 | (58.1) | 15.8 | 6.6 | (400.9) |
2023 | 2022 | |
$m | $m | |
Deferred tax liabilities | (420.5) | (551.5) |
Deferred tax assets | 19.6 | 14.5 |
(400.9) | (537.0) |
Equity share capital | Share | ||
allotted and fully paid | premium | ||
Number | $m | $m | |
Ordinary shares of 10p each At 1 January 2022 | 1,432,080,097 | 214.2 | 1,294.7 |
Issued during the year | |||
Exercise of share options | 7,525,898 | 1.0 | – |
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 31 December 2023 | 1,452,541,887 | 216.7 | 1,294.7 |
2023 | 2022 | |||
Notes | $m | $m | ||
Tullow Incentive Plan | 3.7 | 3.9 | ||
Employee Share Award Plan | 1.4 | 1.2 | ||
2022 | PDMR buy-out award | 0.5 | 0.5 | |
2021 | Tullow Sharesave Plan | 0.4 | 0.2 | |
6.0 | 5.8 | |||
Expensed to operating costs | 4 | 0.4 | 0.4 | |
Expensed as administrative cost | 4 | 5.6 | 5.4 | |
Total share-based payment charge | 6.0 | 5.8 |
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 | |||||
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 | ||||||||
pric | 68.4 | 32.0 | 75.8 | 226.3 | 51.5 | 51.5 | ||||
2022 | TIP – | number of shares | 21,740,803 | 8,076,264 | 4,529,667 | 433,152 | 24,854,248 | 3,014,253 | ||
2022 | TIP – | average weighted share | ||||||||
pric | 105.3 | 49.1 | 211.6 | 64.4 | 68.4 | 220.0 | ||||
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 | ||||||||
pric | 76.4 | 32.3 | 59.9 | 32.6 | 66.0 | 100.2 | ||||
2022 | ESAP – | number of shares | 17,638,898 | 3,556,316 | 2,803,974 | 1,061,163 | 17,3 | 30,07 | 7 | 4,613,422 |
2022 | ESAP – | average weighted share | ||||||||
pric | 96.5 | 49.3 | 180.0 | 45.2 | 76.4 | 228.5 | ||||
2023 | SOP – | number of shares | 178,283 | – | – | 178,283 | – | – | ||
2023 | SOP – | WAEP | 976.4 | – | – | 976.4 | – | – | ||
2022 | SOP – | number of shares | 2,046,755 | – | – | 1,868,472 | 178,283 | 178,283 | ||
2022 | SOP – | WAEP | 1,106.0 | – | – | 1,118.4 | 976.4 | 976.4 | ||
2023 | Buyout Awards – number of shares | 9,000,000 | – | – | – | 9,000,000 | – | |||
2023 | Buyout Awards – WAEP | 25.7 | – | – | – | 25.7 | – | |||
2022 | Buyout Awards – number of shares | 9,000,000 | – | – | – | 9,000,000 | – | |||
2022 | Buyout Awards – WAEP | 25.7 | – | – | – | 25.7 | – | |||
2023 | LTIP | number of shares | – | 12,241,264 | – | – | 12,241,264 | – | ||
2023 | LTIP | average weighted share | ||||||||
pric | – | 27.7 | – | – | 27.7 | – | ||||
2022 | LTIP | number of shares | – | – | – | – | – | – | ||
2022 | LTIP | average weighted share | ||||||||
pric | – | – | – | – | – | – | ||||
2023 | SAYE – | number of options | 1,534,241 | 975,600 | – | 121,970 | 2,387,871 | – | ||
2023 | SAYE – | WAEP | 38.0 | 40.0 | – | 38.2 | 38.8 | – | ||
2022 | SAYE – | number of options | 1,534,241 | 975,600 | – | 121,970 | 2,387,871 | – | ||
2022 | SAYE – | WAEP | 38.0 | 40.0 | – | 38.2 | 38.8 | – |
2023 | |||||||||||||
2023 | LTIP | ESAP | 2022 | ESAP | 2023 | TIP | 2022 | TIP | 2023 | SAYE | 2022 | SAYE | |
Weighted average fair value of awards granted | 13.4p | 32.0p | 49.3p | 32.0p | 49.1p | 20.5p | 23.1p | ||||||
Principal inputs to options valuations model: | |||||||||||||
Weighted average share price at grant | 27.7p | 32.0p | 49.3p | 32.0p | 49.1p | 32.3p | 38.4p | ||||||
Weighted average exercise price | 0.0p | 0.0p | 0.0p | 0.0p | 0.0p | 29.0p | 40.0p | ||||||
Risk-free interest rate per annum | 5.0% | 3.5% | 1.5% to 4.4% | 3.5% | 1.5%/1.5% | 4.5% | 4.3% | ||||||
Expected volatility per annum | 63% | 89% | 101% | to 102% | 89%/84% | 102%/85% | 92% | 91% | |||||
Expected award life (years) | 2.7 | 3.0 | 3.0 | 3.0/5.0 | 3.0/5 | .0 | 3.6 | 3.6 | |||||
Dividend yield per annum | n/a | n/a | n/a | n/a | n/a | 0.0% | 0.0% | ||||||
Employee turnover before vesting per annum | 0% | 5% | 5% | 5%/0% | 5%/0% | 5% | 5% |
2023 | 2023 | |
ESAP | TIP | |
Weighted average share price at exercise for awards exercised | 32.3p | 32.8p |
2023 | 2022 | |
$m | $m | |
Capital commitments | 207.0 | 301.2 |
Contingent liabilities | ||
Performance guarantees | 42.7 | 84.1 |
Other contingent liabilities | 84.4 | 55.8 |
127.1 | 139.9 |
2023 | 2022 | |
$m | $m | |
Short-term employee | 2.7 | 2.5 |
Post-employ | 0.2 | 0.1 |
Share-based payments | 1.4 | 1.4 |
4.3 | 4.0 |
2023 | 2022 | |
Purchases of intangible exploration and evaluation assets | $m | $m |
Additions to intangible exploration and evaluation assets | 25.4 | 39.2 |
Purchases of intangible exploration and evaluation assets | (30.2) | (42.6) |
Non-cash movements/presented in other cash | ||
Movement in working capital | 4.8 | 3.4 |
2023 | 2022 | |
Purchases of property, plant and equipment | $m | $m |
Additions to property, plant and equipment | 499.5 | 370.7 |
Purchases of property, plant and equipment | (262.3) | (263.8) |
Non-cash movements/presented in other cash | ||
Decommissioning asset revisions | (47.8) | 19.9 |
Right-of-use asset additions | (81.1) | (63.5) |
Movement in working capital | (108.3) | (63.3) |
2023 | 2022 | 2021 | 2023 | 2022 | |
Movement in borrowings | $m | $m | $m | Movement | Movement |
Borrowings | 2,084.6 | 2,472.8 | 2,568.7 | (388.2) | (95.9) |
Debt arrangement fees | (5.0) | – | |||
Repayment of borrowings | (432.2) | (100.0) | |||
Drawdown of borrowings | 129.7 | – | |||
Non-cash movements/presented in other cash | |||||
Gain on bond buyback | (86.0) | – | |||
Amortisation of arrangement fees and accrued interest | 5.3 | 4.1 |
Country of | ||||||
Company name | incorporation | Direct or indirect | Address of registered o | |||
Hardman Resources Pty Ltd | Australia | Indirect | Level 9, 1 William Street, Perth WA 6000, Australia | |||
Tullow Chinguetti Production Pty Ltd | Australia | Indirect | Level 9, 1 William Street, Perth WA 6000, Australia | |||
Tullow Petroleum (Mauritania) Pty Ltd | Australia | Indirect | Level 9, 1 William Street, Perth WA 6000, Australia | |||
Tullow Uganda Operations Pty Ltd | Australia | Indirect | Level 9, 1 William Street, Perth WA 6000, Australia | |||
Eagle Drill Limited | 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 | Ritter House, Wickhams Cay, Tortola, VG1110, | |||
Briti | ||||||
DWT-T Company | Cayman Islands | Indirect | PO | Box | 3232 | 2, 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 | 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 | England and Wales | Indirect | 9 Chiswick Park, 566 Chiswick High Road, | |||
London W4 5XT, United Kingdom | ||||||
Tullow Oil 100 Limited | England and Wales | Direct | 9 Chiswick Park, 566 Chiswick High Road, | |||
London W4 5XT, United Kingdom | ||||||
Tullow Oil 101 Limited | 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 Technologies 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, | |||
Country of | Direct or | |||
Company name | incorporation | indirect | Address of registered | |
Tullow Oil (Mauritania) Ltd | Guernsey | Indirect | P.O. Box 119, Martello Court, Admiral Park, | |
St. Peter Port GY1 3HB, Guernsey | ||||
Tullow Oil Limited | Ireland | Direct | 11 Adelaide Road, Dublin 2, Dublin, Ireland | |
Tullow Congo Limited | 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 Exploration Limited | Jersey | Indirect | 44 Esplanade, St Helier JE4 9WG, Jersey | |
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 | Jersey | Direct | 44 Esplanade, St Helier JE4 9WG, Jersey | |
Tullow Oil International Limited | Jersey | Indirect | 44 Esplanade, St Helier JE4 9WG, Jersey | |
Tullow Ethiopia BV | Netherlands | Indirect | 9 Chiswick Park, 566 Chiswick High Road, | |
London W4 5XT, United Kingdom | ||||
Tullow Guyana BV | Netherlands | Indirect | 9 Chiswick Park, 566 Chiswick High Road, | |
London W4 5XT, United Kingdom | ||||
Tullow Hardman Holdings BV | 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 | Netherlands | Indirect | 9 Chiswick Park, 566 Chiswick High Road, | |
London W4 5XT, United Kingdom | ||||
Tullow Uganda Holdings BV | Netherlands | Indirect | Prinses Margrietplantsoen 33, | |
259 | 5AM ’s-Gravenhage, The Netherlands | |||
Tullow Zambia BV | Netherlands | Indirect | 9 Chiswick Park, 566 Chiswick High Road, | |
London W4 5XT, United Kingdom | ||||
Tullow Oil Norge AS | Norway | Indirect | Tordenskioldsgate 6B, 0160 Oslo, Norway | |
Energy Africa Bredasdorp (Pty) Ltd | South Africa | Indirect | Maitland House 1 – River Park, Gloucester Road, | |
Mowbray, Western Cape 7700, South Africa | ||||
Tullow South Africa (Pty) Limited | 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 | 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), Sasol, PetroEnergy |
DE8 | DE8 | 2,393 | 40.00% | Perenco | |
Ebouri | Ebouri | 15 | 7.50% | Vaalco | Addax (Sinopec), Sasol, PetroEnergy |
Echira | Echira | 76 | 40.00% | Perenco | Gabon Oil Company |
Etame | Etame, North Tchibala | 49 | 7.50% | Vaalco | Addax (Sinopec), Sasol, 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 | 11,569 | 100.00% | Tullow | ||
Block 10BB | Amosing, Ngamia | 6,172 | 100.00% | Tullow | |
Block 12B | 6,200 | 100.00% | Tullow | ||
Block 13T | 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 |