{"id":546937,"date":"2022-06-02T04:00:16","date_gmt":"2022-06-02T04:00:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/new-pan-african-oil-giant-in-town-as-tullow-capricorn-merge\/"},"modified":"2022-06-02T04:00:16","modified_gmt":"2022-06-02T04:00:16","slug":"new-pan-african-oil-giant-in-town-as-tullow-capricorn-merge","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/new-pan-african-oil-giant-in-town-as-tullow-capricorn-merge\/","title":{"rendered":"New pan-African oil giant in town as Tullow, Capricorn merge"},"content":{"rendered":"

<\/a> Tullow and Capricorn in big oil merger:<\/strong> UK-listed energy firm Tullow Oil<\/a> is merging with Capricorn Energy<\/a> \u2014 formerly Cairn Energy \u2014 in an all-stock transaction that Reuters<\/a> has valued at some USD 827 mn.<\/p>\n

Why do we care? <\/strong>Capricorn has had a presence in Egypt ever since it acquired<\/a> Shell\u2019s oil and gas assets in the Western Desert with partner Cheiron<\/a> under an agreement worth up to USD 926 mn. Those assets will form the second largest item on the newly merged company\u2019s balance sheet, after Tullow\u2019s flagship Ghanaian oil fields, according to Reuters. The new, larger group will be an \u201cimportant supplier of gas in Egypt and Ghana,\u201d the companies said.<\/p>\n

How it will work: <\/strong>Capricorn shareholders will receive just under four Tullow shares for each Capricorn share they hold, Tullow announced in a disc<\/a>losure<\/a>(pdf)<\/a> to the London Stock Exchange. Upon completion of the transaction, Tullow shareholders will own 53% of the merged entity, while Capricorn shareholders will hold the remaining 47%.<\/p>\n

Business as usual in Egypt:<\/strong> \u201cNo changes are expected in the operating asset organizations across the combined group\u201d including Egypt, according to the disclosure.<\/p>\n

Egypt a \u201clow-cost, self-funded\u201d market:<\/strong> The group\u2019s portfolio will consist of \u201cincremental high return investment opportunities\u201d in Ghana, Egypt, Gabon and C\u00f4te d'Ivoire, according to the statement. Capricorn\u2019s Egypt portfolio offers the chance for \u201cself-funded growth production\u201d through low-cost exploration \u201cwhilst championing electrification and decarbonisation initiatives.\u201d<\/p>\n

ADVISORS: <\/strong>Morgan Stanley and Rothschild & Co acted as Capricorn\u2019s financial advisers, while PJT Partners and Barclays advised Tullow. Slaughter and May and Shepherd and Wedderburn LLP are legal advisers to Capricorn, and Herbert Smith Freehills LLP is Tullow\u2019s legal adviser.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tullow and Capricorn in big oil merger: UK-listed energy firm Tullow Oil is merging with Capricorn Energy \u2014 formerly Cairn Energy \u2014 in an all-stock transaction that Reuters has valued at some USD 827 mn. Why do we care? Capricorn has had a presence in Egypt ever since it acquired Shell\u2019s oil and gas assets […]<\/p>\n","protected":false},"author":1,"featured_media":546938,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[9707,598,72,7128,1992],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-cairn","tag-capricorn-energy","tag-enterpriseam","tag-ma-watch","tag-tullow-oil","wpautop","entry"],"acf":{"mongo_id":"8243aacf-0536-4e50-9b1f-5d1e88971933","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/6\/112.jpg","photo_position":"above","related_issue":[546924],"teaser":"","voice_url":""},"yoast_head":"\nNew pan-African oil giant in town as Tullow, Capricorn merge - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/new-pan-african-oil-giant-in-town-as-tullow-capricorn-merge\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New pan-African oil giant in town as Tullow, Capricorn merge\" \/>\n<meta property=\"og:description\" content=\"Tullow and Capricorn in big oil merger: UK-listed energy firm Tullow Oil is merging with Capricorn Energy \u2014 formerly Cairn Energy \u2014 in an all-stock transaction that Reuters has valued at some USD 827 mn. 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There is \u201cno clear strategic rationale\u201d\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/oil-rig-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549203,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/capricorn-cuts-egypt-production-forecasts-on-rig-delays\/","url_meta":{"origin":546937,"position":1},"title":"Capricorn cuts Egypt production forecasts on rig delays","author":"enterpriseam admin","date":"7 September 2022","format":false,"excerpt":"Capricorn\u2019s entry to Egypt hasn\u2019t quite gone to plan: Capricorn Energy has lowered its full-year production forecasts in Egypt due to \u201clogistics and commissioning delays,\u201d the London-listed oil and gas company said in its latest earnings release (pdf). Issues bringing two rigs online mean that the company now expects to\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/149.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548495,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/10\/capricorn-tullow-saga-a-hard-landing-for-softbank\/","url_meta":{"origin":546937,"position":2},"title":"Capricorn \/ Tullow saga + a hard landing for SoftBank","author":"enterpriseam admin","date":"10 August 2022","format":false,"excerpt":"Yet another Capricorn shareholder is against the Tullow merger: Palliser Capital UK, one of the biggest shareholders in Capricorn Energy \u2014 with an ownership stake of over 5% \u2014 has asked the company to scrap merger plans with rival producer Tullow Oil, Bloomberg reported, citing a letter by Pallisier\u2019s CIO\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549810,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/is-israel-about-to-acquire-a-piece-of-egypts-oil-and-gas-sector\/","url_meta":{"origin":546937,"position":3},"title":"Is Israel about to acquire a piece of Egypt\u2019s oil and gas sector?","author":"enterpriseam admin","date":"2 October 2022","format":false,"excerpt":"Israel\u2019s NewMed could acquire Egypt oil + gas assets via Capricorn merger: Capricorn Energy has abandoned contested plans to merge with Tullow Oil in favor of an all-share tie-up with Israel\u2019s NewMed, according to a joint statement (pdf) out Thursday. Under the proposed terms, shareholders of NewMed \u2014 formerly Delek\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/93.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578232,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/capricorn-shareholder-revolts-against-board-ahead-of-potential-merger-with-israels-newmed\/","url_meta":{"origin":546937,"position":4},"title":"Capricorn shareholder revolts against board ahead of potential merger with Israel\u2019s NewMed","author":"enterpriseam admin","date":"20 December 2022","format":false,"excerpt":"Another roadblock in the Capricorn-NewMed tie-up: One of Capricorn Energy biggest shareholders, Palliser Capital, is calling for a general meeting to vote on removing seven of the company\u2019s directors \u2014 including CEO Simon Thompson and CFO James Smith, Reuters reports. Palliser is the company\u2019s third-largest shareholder and is one of\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/419.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547501,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/23\/capricorn-energy-doesnt-want-a-merger-biden-eyes-petrol-tax-holiday\/","url_meta":{"origin":546937,"position":5},"title":"Capricorn Energy doesn\u2019t want a merger + Biden eyes petrol tax holiday","author":"enterpriseam admin","date":"23 June 2022","format":false,"excerpt":"A second shareholder in Capricorn Energy has come out against the proposed GBP1.4 bn merger with rival producer Tullow Oil, the Financial Times reports, saying there was no benefit in the transaction for Capricorn and that it would slow the company\u2019s transition away from fossil fuels. Hedge fund Kite Lake\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546937","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=546937"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546937\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546924"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546938"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546937"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546937"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}