Tullow Oil Acquires Interest in West Cape Three Points License and Jubilee Field in Offshore Ghana from EO Group – Tullow Oil Strengthens its Foothold in Ghana

Pages: 9 Published: August 01, 2011 Report Code: GDGE0317M&A

Tullow Oil plc (Tullow Oil) completed the acquisition of 3.5% interest in the West Cape Three Points license and 1.75% interest in the Jubilee field in offshore Ghana, from EO Group Limited (EO Group) for a purchase consideration of $305m. Tullow Oil funded the acquisition cost through the issue of 10,137,196 ordinary shares valuing approximately $216m, and the remainder was paid in cash, including certain working capital adjustments. Following the transaction, Tullow Oil holds 26.4% and 36.5% interest in the West Cape Three Points license and the Jubilee Oil field, respectively.


Rationale behind Tullow Oil acquiring stake in Ghanaian assets from EO Group

Strategic benefits for the companies involved,

Geography covered -Ghana

Reasons to Buy

Develop a sound understanding of the major M&A's, Partnerships, and Joint Ventures taking place in African industry,

Identify the most lucrative segments to leverage on the growth oppurtunities available in the Ghana's oil & gas market,

Get a detailed analysis of a deal to enable you to take better decisions.

Table of Contents

1 Table of Contents

1 Table of Contents 1

1.1 List of Tables 1

1.2 List of Figures 1

2 Tullow Oil Acquires Interest In West Cape Three Points License and Jubilee Field in Offshore Ghana from EO Group 1

2.1 Deal Overview 1

2.2 Deal in Brief 1

2.3 Current Deal Strengthens Tullow Oil’s Existing Ghanaian Acreage 1

2.4 Tullow Oil is Focused on Capitalizing Oil and Gas Potential of African Continent 3

2.5 Deal Financials and Valuations 5

2.5.1 Companies Involved 5

2.5.2 Deal Financials 5

2.5.3 Deal Rationale 5

2.5.4 Detailed Target Information 6

2.5.5 Detailed Acquirer Information 6

2.5.6 Detailed Vendor Information 6

3 Appendix 6

3.1 Methodology 6

3.1.1 Coverage 6

3.1.2 Secondary Research 7

3.1.3 Primary Research 7

3.1.4 Expert Panel Validation 7

3.2 Contact Us 7

3.3 Disclaimer 7

List of Tables

Table 1: West Cape Three Points, Key Statistics, July 2011 2

Table 2: West Cape Three Points, Equity Details, July 2011 2

Table 3: Jubilee Field, Key Statistics, July 2011 3

Table 4: Jubilee Field, Equity Details, July 2011 3

Table 5: Tullow Oil, Africa, Key Statistics 3

Table 6: Tullow Oil, Africa, Planned Exploration Program, 2011 4

Table 8: Companies Involved 5

Table 9: Deal Financials 5

Table 7: Tullow Oil, Africa, Asset Transactions and Acquisitions, 2010–2011 (July) 5

Table 10: Target Information 6

Table 11: Acquirer Information 6

Table 12: Vendor Information 6

List of Figures

Figure 1: West Cape Three Points Block and Jubilee Field, Ghana, Location Map 2

Figure 2: Tullow Oil, Africa, Operations Map, June 13, 2011 4


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