Petroleum Africa
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Friday, June 3, 2022
Tullow Oil PLC and Capricorn Energy, formerly Cairn Energy, have announced the two will complete a mega merger.
Capricorn shareholders CNE, +1.16% will receive 3.8068 new Tullow shares for each Capricorn share held, granting them a 47% stake in the enlarged entity.
The combined group will have an even enlarged presence across the African continent which could represent over 100,000 barrels per day of production out of Cote d’Ivoire, Egypt, Gabon, and Kenya, with additional projects in other countries ongoing.
Upon completion of the merger, the chief executive of the group will be Tullow’s CEO, Rahul Dhir, a statement conveyed, while Capricorn chief Simon Thomson will resign. CFO James Smith will continue in his role in the combined corporation.
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