Petroleum Africa
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Wednesday, December 18, 2024
Release
The Board of Tullow notes the announcement from Kosmos Energy confirming that it does not intend to make an offer for the company following an announcement on December 12 regarding a possible all-share offer by Kosmos.
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 December 12 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 optimize 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.
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