Tullow Oil & Capricorn Energy Reach Agreement on the terms of Anticipated Merger

Tullow Oil and Capricorn Energy have reached an agreement on the terms of a recommended all-share combination.

The ‘merger of equals will create a leading African energy company with a material and diversified asset base and a portfolio of investment opportunities delivering visible production growth’.

Under the terms of the Combination, each Capricorn Shareholder will be entitled to receive: for each Capricorn Share: 3.8068 New Tullow Shares. On completion of the Combination, Capricorn Shareholders will hold approx. 47 per cent of the Combined Group and Tullow Shareholders will hold approx. 53 per cent.