Business
Tullow publishes reserves report
Tullow Oil's mid-year reserves report as of June 30, 2025, reveals total reserves of 113.8 mmboe, excluding Gabon, compared to 128.5 mmboe at the end of 2024. This reduction includes 7.4 mmboe of production and revisions of 7.3 mmboe related to production performance, with Jubilee accounting for 6.3 mmboe and TEN for 1.0 mmboe. Following an agreement with the Government of Ghana to extend production licenses to 2040, it is estimated that 14.7 mmboe of Jubilee and 3.5 mmboe of TEN contingent resources could be reclassified as 2P reserves upon execution of the extensions. The company anticipates further increases in 2P reserves in Ghana, supported by new seismic data and ongoing development plans for Jubilee. Disclaimer*
About this update from Tullow Oil Plc
[{"type":"text","content":"\n\nTullow Oil plc\nTullow publishes reserves report as of 30 June 2025\n26 September 2025 Ð Tullow Oil plc (Tullow) has published its mid-year 2025 reserves report. Reserves estimates for Ghana have been extracted from a reserves report (dated 26 September 2025) prepared by the appointed external auditor, TRACS International Limited, based on data available to the end of June 2025. Reserves estimates for C™te d'Ivoire are based on the Reserves Report prepared by TRACS as of 31 December 2024, adjusted for 1H 2025 production.\nTotal reserves of 113.8 mmboe as of 30 June 2025 compare with total reserves of 128.5 mmboe as of 31 December 2024, both excluding Gabon. The reduction reflects 7.4 mmboe of production and revisions associated with production performance during 1H 2025 of 7.3 mmboe (Jubilee 6.3 mmboe and TEN 1.0 mmboe).\nFollowing the Memorandum of Understanding with the Government of Ghana to extend the production licences to 2040, TRACS has estimated that 14.7 mmboe of Jubilee Contingent Resources and 3.5 mmboe of TEN Contingent Resources would move to 2P Reserves once the extensions are executed.\nWith the new 4D seismic data acquired in 1Q 2025 and an Ocean Bottom Node (OBN) survey planned for 4Q 2025, Tullow expects to mature new projects and increase 2P reserves in Ghana. This is further supported by ongoing work with the Government of Ghana in relation to a Plan of Further Development for Jubilee, which covers the licence extensions and further drilling opportunities.\nThe report is available on the website here: https://www.tullowoil.com/investors/results-reports-and-presentations/\n \n\n\n\n\nCONTACTS\n\n\n \n\n\n\n\nTullow Investor Relations\[email protected]\nMatthew Evans\n\n\nCamarco (Media) (+44 20 3757 4980)\nBilly Clegg\nGeorgia Edmonds\nRebecca Waterworth\n\n\n\n\n \nNotes to editors\nTullow is an independent energy company that is building a better future through responsible oil and gas development in Africa. Tullow's operations are focused on its core producing assets in Ghana. Tullow is committed to becoming Net Zero on its Scope 1 and 2 emissions by 2030, with a Shared Prosperity strategy that delivers lasting socio-economic benefits for its host nations. The Group is quoted on the London and Ghanaian stock exchanges (symbol: TLW). For further information, please refer to: www.tullowoil.c...