Tullow - comment

Tullow continues its portfolio rationalising process with the disposal of its interest in Tullow Guyana, which includes the Orinduik license. Proceeds are insignificant, ($700k initially), with some potential further payments which are linked to successful commercial discoveries. Tullow wrote off $75m of well costs in FY22 in Guyana due to unsuccessful exploration due to the operator (Repsol) encountering water-bearing reservoirs, resulting in the well being plugged and abandoned. 

We are still awaiting an update on the Côte d’Ivoire assets, with Tullow considering all options concerning its interest in the Espoir field. Earlier in the year, Tullow signed an agreement with Perenco to swap certain assets in Gabon, further rationalising their portfolio.