REG - Tullow Oil PLC - Termination of preliminary discussions with Kosmos

Tullow OilAnnouncement

17/12/2024 12:00

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RNS Number : 4357Q  Tullow Oil PLC  17 December 2024

 

FOR IMMEDIATE RELEASE

 

17 December 2024

 

Tullow Oil plc ("Tullow" or the "Company")

 

Termination of preliminary discussions with Kosmos Energy Ltd

 

The Board of Tullow (the "Board") notes the announcement from Kosmos Energy
Ltd ("Kosmos") confirming that it does not intend to make an offer for the
Company following an announcement on 12 December 2024 regarding a possible
all-share offer by Kosmos for the Company. As a result, Kosmos is bound by the
restrictions set out in Rule 2.8 of the Takeover Code. The preliminary
discussions, which were only confirmed on 12 December due to a media leak,
were at a very early stage and before due diligence had progressed between
the parties.

 

The Board remains confident in Tullow's standalone business. Tullow is well
positioned to optimise its capital structure and continues to progress plans
to address its remaining debt maturities, following receipt of the outcome on
the Branch Profits Remittance tax arbitration. Tullow has been informed by the
ICC that it has received the draft decision from the arbitration tribunal and
the ICC is now undertaking its customary final review. The Company expects to
be notified of the results of the award imminently and further updates will be
made in due course.

 

 

 For further information, please contact:
 Tullow                                                      ir@tullowoil.com

 Matthew Evans

 Camarco
 Billy Clegg                                         +44 (0) 203 757 4980

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 Ghana stock exchanges (symbol: TLW). 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)

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

 

 

 

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