Tullow Oil

completed

Tullow is an Africa-focused company with a large majority of its production as well as reserves in Africa. Its other operations include producing assets in the United Kingdom (North Sea), Bangladesh, and Pakistan. In 2007, Tullow and its partners discovered the Jubilee oil field offshore of Ghana. The Project involves the first phase of development of the Jubilee field. It involves the drilling of 17 wells (nine production wells, five water injection wells, and three gas injection wells), sub-sea production installations and leasing of a floating production, storage and offloading (“FPSO”) vessel for processing, storage and handling of crude. Initial estimated gross production capacity is 120,000 barrels of oil per day and will increase as the field is further developed and more reserves are proven. The total project cost of the Project is estimated at approximately $3.2 billion with Tullow’s share of costs estimated at $1.2 billion, with the remaining balance to be covered by Tullow’s other partners in the project. IFC proposes to provide loans of up to $115 million in parallel with a corporate debt facility provided by commercial banks. Tullow plans to secure additional funding through portfolio rationalization and/or from other corporate sources.