Ghana tax arbitration update

Tullow Oil PLC

30 September 2026

 

Tullow Oil plc
 

Ghana tax arbitration update

30 September 2026 – Tullow Oil plc (Tullow) notes that the International Chamber of Commerce (ICC) has delivered the Tribunal’s award with regard to the $196.5 million corporate income tax assessment relating to proceeds received by Tullow during the financial years 2016 to 2019 under Tullow’s corporate Business Interruption insurance policy, ruling that the assessment is not in breach of Tullow’s Petroleum Agreements. The Tribunal has also ruled that the assessment of penalties of 100%, fall outside the scope of the contractual protections in Tullow’s Petroleum Agreements.

Tullow is disappointed that the Tribunal has come to this decision and will now consider next steps after further engagement with the Government of Ghana. An update will be provided in due course.

CONTACTS
Tullow Investor Relations [e-mail] Matthew Evans	Camarco (Media) ([phone]) Billy Clegg Georgia Edmonds Rebecca Waterworth

Notes to editors

Tullow is an independent energy company committed to building a better future through the responsible oil and gas development of its core producing assets in Ghana. The Group is quoted on the London and Ghanaian stock exchanges (symbol: TLW). For further information, please refer to: www.tullowoil.com.

Follow Tullow on:

LinkedIn: www.linkedin.com/company/Tullow-Oil

X: www.X.com/TullowOilplc

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 (as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019). Upon publication of this announcement, this inside information will be considered to be in the public domain. The person responsible for arranging the release of this announcement on behalf of Tullow is Adam Holland, Company Secretary.

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, subscribe for or otherwise acquire, or to sell, transfer or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction, whether pursuant to this announcement or otherwise.

The release, publication or distribution of this announcement in, into or from jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

 

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