REG - Tullow Oil PLC - Amendment to Interim Gas Sales Agreement

Tullow OilAnnouncement

03/08/2023 07:00

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RNS Number : 1099I  Tullow Oil PLC  03 August 2023

TULLOW OIL PLC

 

 

Ghana update: Amendment to Interim Gas Sales Agreement

 

3 August 2023 - Tullow is pleased to announce, alongside its joint venture
partners, that it has agreed an amendment to the Interim Gas Sales Agreement
in Ghana. The amended agreement is valued at $2.90/mmbtu, utilising the price
for Jubilee gas referenced in the 2017 Jubilee Plan of Development.

This agreement is expected to continue until the end of the third quarter of
2023. An agreement on acceptable commercial terms for export of future
long-term volumes of Jubilee and TEN gas is in progress for completion by that
time.

Current export volumes are c.100 mmscf/d. The pricing remains lower than the
weighted average price of other sources of gas in Ghana, underscoring Tullow's
commitment to the economic development of its host nation.

 

Wissam Al-Monthiry, Ghana Managing Director, commented today:

"This amendment highlights the positive deliberations and collaboration with
the Government of Ghana and our joint venture partners. Significant progress
has been made and we look forward to continuing our discussions to secure a
long-term gas sales agreement in Ghana, which will be an important catalyst
for future investment and provide a long-term source of competitively priced
energy for Ghana."

 

- ENDS -

 

CONTACTS
 Tullow Oil plc (Investors)                   Camarco (Media)

 (London)                                     (London)

 ir@tullowoil.com (mailto:ir@tullowoil.com)   (+44 20 3757 4986)

 Nicola Rogers                                Billy Clegg

 Matthew Evans                                Georgia Edmonds

                                              Rebecca Waterworth

 

 

Notes to editors

Tullow is an independent oil & gas, exploration and production group which
is quoted on the London and Ghanaian stock exchanges (symbol: TLW). The Group
has interests in over 30 licences across eight countries. In March 2021,
Tullow committed to becoming Net Zero on its Scope 1 and 2 emissions by 2030.
For further information, please refer to our website at www.tullowoil.com
(http://www.tullowoil.com/) .

Follow Tullow on:

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Facebook: www.facebook.com/TullowOilplc (http://www.facebook.com/TullowOilplc)

LinkedIn: www.linkedin.com/company/Tullow-Oil
(http://www.linkedin.com/company/Tullow-Oil)

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