REG - Tullow Oil PLC - Start-up of Jubilee South East Project

Tullow OilAnnouncement

14/07/2023 07:00

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RNS Number : 9858F  Tullow Oil PLC  14 July 2023

TULLOW OIL PLC

Start-up of Jubilee South East Project

 

14 July 2023 - Tullow, alongside its joint venture partners Kosmos Energy,
Ghana National Petroleum Corporation, Petro SA and Jubilee Oil Holdings, is
pleased to announce the successful start-up of the Jubilee South East (JSE)
Project, offshore Ghana.

The first JSE production well has been brought onstream and a further two
producers and one water injector are expected onstream this year to help
sustain gross Jubilee production over 100,000 bopd. Tullow and its partners
plan to maintain this increased level of production at Jubilee over the next
few years through an ongoing infill drilling programme. The partnership has
identified multiple future drilling locations and is focused on high-grading
these opportunities to further extend the plateau and realise the full
potential of the significant Jubilee resource base.

Tullow and its partners have invested c.$1 billion over the last three years
on the JSE Project to drill wells and install the infrastructure needed to
bring previously undeveloped reserves to production. The project has advanced
the use of local suppliers and the majority of the complex offshore
infrastructure has been fabricated by local companies in Ghana, with more than
90% local workforce. This demonstrates the evolution of the Ghanaian supplier
base that can now support substantial elements of its oil and gas industry and
is testament to Tullow and its partners' commitment to developing local
capacity.

A ceremony to celebrate First Oil will be held in Ghana during the third
quarter of 2023.

Rahul Dhir, Chief Executive Officer, Tullow, commented today:

"Successful start-up at Jubilee South East is a significant milestone for
Tullow and for Ghana and I would like to thank all those who have played a
role in bringing this near-field Ghanaian development into production. Through
our strong project management and operating capability, we have delivered a
complex offshore development which is one of the key catalysts to unlock value
for our business. We are well positioned for future growth with production
ramping up in the second half of 2023 that will generate significant free
cashflow. This marks the start of material deleveraging as we continue our
transition into a low-debt business with the financial flexibility to pursue
value accretive opportunities."

Dr Matthew Opoku Prempeh, Minister of Energy, Ghana, commented today:

"At the Ministry of Energy, we are delighted by this important milestone and
wish to congratulate Tullow and the Jubilee partners who have contributed in
diverse ways to this journey.

"The approval of the Greater Jubilee Full Field Development Plan by the
Ministry in October 2017 paved the way for investment in the development of
the JSE project, which has now culminated in the delivery of the First Oil
from the JSE area. The government of President Nana Addo Dankwa Akufo-Addo
will continue to work with all our strategic partners with a view to
leveraging our God-given resources for the ultimate benefit of our people."

 

- ENDS -

 

CONTACTS
 Tullow Oil plc (Investors)                   Tullow Ghana         Camarco (Media)

 (London)                                     (Accra)              (London)

                                            (+233) 302 742 200

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

                                            Cynthia Lumor

 Nicola Rogers
                    Billy Clegg

                                            David Amoah

 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:

Twitter: www.twitter.com/TullowOilplc (http://www.twitter.com/TullowOilplc)

YouTube: www.youtube.com/TullowOilplc (http://www.youtube.com/TullowOilplc)

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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