Following an announcement on December 12, 2024, about a potential all-share offer by Kosmos for the company, Tullow Oil’s Board and Management have confirmed that Kosmos Energy Ltd does not plan to make an offer for the company.
Consequently, Kosmos is subject to the limitations outlined in Takeover Code Rule 2.8. The initial talks were very early on and before the parties had completed their due diligence, as they were only confirmed on December 12th as a result of a media leak.
The Board continues to have faith in Tullow’s independent operations. They also show that, after receiving the results of the Branch Profits Remittance tax arbitration, Tullow is in a good position to maximize its capital structure and keeps moving forward with plans to pay off its outstanding debt maturities.
The ICC notified Tullow Oil that it has received the arbitration tribunal’s draft decision and is currently conducting its customary final review. The company anticipates receiving notification of the award’s outcome shortly, and more information will be provided when it is appropriate.
Through responsible oil and gas development in Africa, Tullow, an independent energy company, is creating a better future. The company’s activities are concentrated on its producing assets in West Africa.
Tullow has a Shared succession strategy that provides long-term socioeconomic benefits for its host countries, and it is dedicated to achieving Net Zero on its Scope 1 and 2 emissions by 2030.
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