RE: Recovery19 Jun 2025 08:34
Tullow Oil plc (Tullow), Kosmos Energy (Kosmos), PetroSA, Ghana National Petroleum Company (GNPC) and Explorco are pleased to announce that they have entered into a Memorandum of Understanding (MOU) to extend the West Cape Three Points (WCTP) and Deep Water Tano (DWT) licences to 2040, which cover the Jubilee and TEN fields in Ghana.
The MOU includes approval to drill up to 20 additional wells in the Jubilee field, representing investment of up to $2 billion in Ghana over the life of the licences. As a result of the extension the JV partnership expects to realise a material increase in gross 2P reserves.
This is key in negotiations and Kosmos will look for a strategic buy at these levels and current Oil prices.