REG - Tullow Oil PLC - Successful outcome of Ghana Tax Arbitration

Tullow OilAnnouncement

02/01/2025 17:30

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250102:nRSB9876Ra&default-theme=true

RNS Number : 9876R  Tullow Oil PLC  02 January 2025

 

Successful outcome of Ghana Tax Arbitration

02 January 2025 - Tullow notes that the International Chamber of Commerce
(ICC) today delivered the Tribunal's award with regard to the application of
Branch Profit Remittance tax (BPRT) to its operations under the Deepwater Tano
and West Cape Three Points Petroleum Agreements, offshore Ghana, which include
the Jubilee and TEN fields. The Tribunal determined that BPRT is not
applicable to Tullow Ghana since it falls outside of the tax regime provided
for in the Petroleum Agreements.

As a result of the Tribunal's award, Tullow Ghana is not liable to pay the
$320 million BPRT assessment issued by the Ghana Revenue Authority and will
have no future exposure to BPRT in respect of its operations under the
Petroleum Agreements. Tullow continues to engage with the Government of Ghana
on two further disputed tax claims
(https://www.tullowoil.com/media/press-releases/tullow-ghana-limited-refers-disputed-tax-claims-international-arbitration-london/)
, which were referred to the ICC in February 2023, with the aim of resolving
these disputes on a mutually acceptable basis.

Tullow Chief Executive Officer, Rahul Dhir, commented today:

"We are delighted with the outcome and decision of the Tribunal, which affirms
our assessment and removes a material overhang from our business. We have
continuously had confidence in the sanctity of our Petroleum Agreements and
the dispute resolution process, which has now brought certainty to all
parties. I look forward to constructive discussions with the Government of
Ghana to resolve the remaining claims so that our collective focus remains on
maximising value from the Jubilee and TEN fields".

------ENDS------

 

 CONTACTS
 Tullow Investor Relations                    Camarco (Media)

                                            (+44 20 3757 4980)
 ir@tullowoil.com (mailto:ir@tullowoil.com)

                                            Billy Clegg
 Matthew Evans

                                              Georgia Edmonds

                                              Rebecca Waterworth

 

This announcement contains inside information for the purposes of Article 7 of
Regulation 2014/596/EU which is part of domestic UK law pursuant to the Market
Abuse (Amendment) (EU Exit) Regulations (SI 2019/310) ("UK MAR"). Upon the
publication of this announcement, this inside information (as defined in UK
MAR) is now considered to be in the public domain. This announcement is being
made on behalf of Tullow by Adam Holland, Company Secretary.

Notes to editors

Tullow is an independent energy company that is building a better future
through responsible oil and gas development in Africa. The Company's
operations are focused on its West-African producing assets in Ghana, Gabon
and Côte d'Ivoire, alongside a material discovered resource base in Kenya.
Tullow is committed to becoming Net Zero on its Scope 1 and 2 emissions by
2030 and has a Shared Prosperity strategy that delivers lasting socio-economic
benefits for its host nations. The Group is quoted on the London and Ghanaian
stock exchanges (symbol: TLW). For further information, please refer to:
www.tullowoil.com (http://www.tullowoil.com/) .

 

Follow Tullow on:

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

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCMZGGMNZDGKZM