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Tullow Oil PLC on Tuesday said it remains confident in its prospects as a standalone business after Kosmos Energy Ltd said it will not be making a bid for the company ‘at this time’. In a statement, West Africa-focused Tullow said it is ‘well positioned’ to optimise its capital structure and continues to progress plans to address remaining debt maturities, following receipt of the outcome on the branch profits remittance tax arbitration. Tullow said it has been informed by the International Chamber of Commerce that it has received the draft decision from the arbitration tribunal and the ICC is now undertaking a final review. Tullow expects the results of the award ‘imminently’ and said further updates will be made in due course. This relates to two disputed tax assessments received from the Ghana Revenue Authority amounting to $387 million. Shares in Tullow Oil fell back 9.1% to 21.19 pence in London on Tuesday. It has a market value of £311.5 million. In a brief statement, Kosmos, which has oil and gas assets in the Gulf of Mexico, Ghana and Equatorial Guinea, said ‘it does not intend to make a firm offer for Tullow at this time’. Shares in Kosmos were 10% higher at 261.90p for a market value of $1.28 billion. Last Thursday, Tullow Oil had said it was in early stage talks over a possible all-share takeover bid from Kosmos. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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