REG - Tullow Oil PLC - Tullow signs SPA to acquire TEN FPSO in Ghana

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RNS Number : 7416T  Tullow Oil PLC  20 February 2026

Tullow Oil plc

Tullow signs Sale and Purchase Agreement to acquire the TEN FPSO in Ghana

20 February 2026 - Tullow Oil plc (Tullow) is pleased to announce that its
wholly-owned subsidiary Tullow Ghana Limited (TGL) on behalf of itself and its
joint venture (JV) partners has signed a Sale and Purchase Agreement (SPA)
with T.E.N. Ghana MV25 BV to acquire the floating production, storage and
offloading vessel (FPSO) Prof. John Evans Atta Mills, for a gross
consideration of $205 million (c.$125.6 million net to Tullow) (the
Transaction) to be paid upon completion of the Transaction at the end of the
first quarter of 2027.

The FPSO is the production facility for the TEN Fields on the Deep Water Tano
Block, offshore Ghana. Following completion of the Transaction Tullow intends
to maximise operational synergies with the adjacent Jubilee Field and drive
further cost efficiencies which will underpin the longer-term development of
the TEN and Jubilee fields.

Transaction highlights

·      TGL, as operator of the TEN fields on the Deep Water Tano Block,
offshore Ghana, has signed a SPA to acquire the TEN FPSO on behalf of itself
and its JV partners, Ghana National Petroleum Corporation, GNPC Explorco,
Kosmos Energy and PetroSA.

·      The Transaction is in line with Tullow's strategy to optimise
production, reduce fixed costs through the removal of the annual lease cost
and realisation of operating cost efficiencies, and drive long-term value
creation.

·      Completion is subject to the satisfaction of conditions precedent
and relevant regulatory approvals.

·      Tullow's net consideration, equivalent to approximately one year
of current net lease cost, is expected to be funded by in-year cash flow from
TEN and will be paid upon completion of the Transaction at the end of the
first quarter of 2027.

Ian Perks, Chief Executive Officer of Tullow, commented:

"This value accretive transaction is another important milestone for Tullow,
in line with our strategic priority to optimise production activities and
deliver improved economics as we leverage our operational expertise. The
acquisition of the FPSO will deliver material cost savings by removing the
annual lease cost and resetting our fixed costs at the TEN fields. By
extending the economic life and removing the annual lease cost we will create
additional free cash flow potential for the company beyond 2027. This
transaction is another key deliverable for Tullow, strengthening the
foundations for future value creation."

 

 CONTACTS
 Tullow Investor Relations                    Camarco (Media)

                                            (+44 20 3781 9244)
 ir@tullowoil.com (mailto:ir@tullowoil.com)

                                            Billy Clegg
 Matthew Evans

                                            Georgia Edmonds

                                              Rebecca Waterworth

 

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 core producing assets in Ghana and 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:

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

X: www.X.com/TullowOilplc (http://www.X.com/TullowOilplc)

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No 596/2014 (as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018 as amended by virtue
of the Market Abuse (Amendment) (EU Exit) Regulations 2019). Upon publication
of this announcement, this inside information will be considered to be in the
public domain. The person responsible for arranging the release of this
announcement on behalf of Tullow is Adam Holland, Company Secretary.

This announcement is not intended to, and does not, constitute or form part of
any offer, invitation or the solicitation of an offer to purchase, subscribe
for or otherwise acquire, or to sell, transfer or otherwise dispose of, any
securities or the solicitation of any vote or approval in any jurisdiction,
whether pursuant to this announcement or otherwise.

The release, publication or distribution of this announcement in, into or from
jurisdictions outside the United Kingdom may be restricted by law and
therefore persons into whose possession this announcement comes should inform
themselves about, and observe, such restrictions. Any failure to comply with
the restrictions may constitute a violation of the securities law of any such
jurisdiction.

 

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