Merger-bound Tullow sees ‘significant upside’ to key oil field

Tullow Oil chief executive Rahul Dhir said that the company has identified"significant upside” to the current 2025 target for its key TEN field off the coast of Ghana.Tullow Oil said on Wednesday that it sees “significant upside” to its current production target for a key oil field off the coast of Ghana, as the Irish-founded company continues to prepare for a merger with Capricorn Energy.

Tullow, led by chief executive Rahul Dhir, said in a trading statement that it now has “identified significant upside” to the current 2025 target for the TEN field. “A development concept is currently being finalised for the project, with detailed engineering expected to start later this year,” Mr Dhir said.

The £1.4 billion tie-up plan with UK-based Capricorn, announced at the start of June, would see Tullow shareholders take 53 per cent of the larger entity. It would combine Capricorn’s $700 million-plus net cash position with Tullow’s $2.1 billion net debt, speeding up a decline in the latter’s borrowings, which stood at more than $3 billion in the middle of 2020.

Edinburgh-based Capricorn shareholder Legal & General Investment Management , which owns almost 4 per cent of the business, and Kite Lake Capital Management, which owns about 4.6 per cent, have come out against the tie-up, saying it is skewed to benefit Tullow shareholders more.

Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

No Access: Bord na Móna companies blanket blocking release of informationCompanies owned by Bord na Móna say they fall outside of the scope of key regulations enabling access to environmental information, limiting transparency on the semi-state’s core operational activity, noteworthy_ie can reveal noteworthy_ie The proverbial 'Pandora's Box' comes to mind. When Winter comes, we'll probably have to put that on the fire too. noteworthy_ie Because the corruption in BNM is beyond comprehension . Makes FAS look like the infant such as it is on an scale to 5. A company with such trust. Riddled with fraud and corruption noteworthy_ie Don’t think they fall under the secrets act 🤥🤥
Herkunft: thejournal_ie - 🏆 32. / 50 Weiterlesen »

Enterprise Ireland companies see exports reach record in 2021Enterprise Ireland-companies see exports reach record in 2021 via IrishTimesBiz
Herkunft: IrishTimesBiz - 🏆 6. / 77 Weiterlesen »