Smith noted the opposition from shareholders to the Tullow merger. “The message from shareholders was that there was a preference for cash returns over long-term delivery. We listened to that and [the NewMed deal] offers a lot of cashback, while also being energy transition led.”
Tullow Oil has signed a licence for a new block offshore Cote d’Ivoire, adjacent to a licence it already controls.
Tullow Oil expects to begin drilling wells on Jubilee South East this quarter, with the aim of boosting production beyond 100,000 barrels per day in 2025.
Africa Oil (TSX:AOI) expects a number of developments in the next month or so, including the spud of the Gazania well, an extension to its licence in Nigeria and the signing of a Kenya deal.
Tullow Oil remains committed to its merger with Egypt-focused Capricorn Energy, which has faced mounting headwinds.
Tullow Oil has come under fire in Ghana over alleged failure to abide by local content regulations – charges the company denies.
Tullow Oil has applied to cancel the listing of its ordinary shares on the Dublin market, saying the move would simplify compliance requirements.
Amid mounting opposition from some investors to its proposed merger with Tullow Oil, Capricorn Energy is “assessing all options to maximise value for shareholders”.
An investor in Capricorn Energy has expressed its opposition to the company’s merger plan, describing it as one sided in favour of Tullow Oil.
As Tullow Oil works to execute its merger with Capricorn Energy, the company is focusing on growth projects.
Capricorn Energy head Simon Thomson has defended the company’s merger with Tullow Oil in an interview with the Sunday Times.
A small group of deep-pocketed companies increasingly dominates exploration and, as yet, they are avoiding the boom-and-bust mentality of previous oil cycles.
Maersk Decom has confirmed it will close its doors, following the handover of its sole remaining decommissioning contract to Petrofac.
Exploration is back, emissaries of some of the world’s top oil companies have said, with Africa in a strong position to meet new demand.
Tullow Oil has chosen Petrofac to carry out well decommissioning offshore Mauritania, replacing Maersk Decom.
United Oil & Gas is replacing its CFO, David Quirke, with Peter Dunne, as of today.
Tullow Oil increased emissions in 2021 amid delays in installing gas capturing equipment offshore Ghana.
Tullow Oil has appointed Jonathan Swinney as its new CFO, joining from Enquest.
Amid higher oil prices, Tullow Oil is beginning to scale up its growth plans once more, raising near term possibilities for drilling around TEN and further out plans for gas and Kenya.
TotalEnergies and CNOOC Ltd have taken the final investment decision (FID) on Uganda’s Lake Albert development, finally triggering the start of work on the 240,000 barrel per day project.
Tullow Oil’s shift to a more conservative stance is paying off, it seems, with debt down and cash flow on the rise.
New Fortress Energy (NFE) has signed a preliminary deal with Mauritania to produce LNG from the offshore.