Latest news with #RichardMiller
Zawya
2 days ago
- Business
- Zawya
Tullow Oil signs $120m Kenyan assets sale deal to Gulf Energy
Tullow Oil Plc has signed a sale and purchase agreement with Auron Energy E&P Limited, an affiliate of Gulf Energy Ltd, to divest its entire interest in Kenya for a minimum cash consideration of $120 million. The deal, which marks an exit of the London-based firm from the country, was executed through Tullow Overseas Holdings BV, a wholly owned subsidiary of Tullow Oil Plc. Gulf Energy will act as guarantor for Auron Energy, while Tullow will guarantee the seller's obligations.'We are pleased to announce the signing of the Kenyan SPA (sale and purchase agreement), marking another step closer to completion of the transaction with Gulf Energy. For a total consideration of at least $120 million, the transaction supports our strategic priority to strengthen the balance sheet, with the first two payments totalling $80 million expected before the end of the year,' said Richard Miller, Tullow's chief financial officer and interim chief executive officer. The transaction involves the transfer of 100 percent of the shares in Tullow Kenya BV, the entity that holds all of Tullow's Kenyan assets. These assets include approximately 463 million barrels of potential oil reserves. The deal will be split into a $40 million payment due on completion, $40 million payable at the earlier of Field Development Plan (FDP) approval or June 30, 2026, and $40 million payable over five years from the third quarter of 2028 onwards. An FDP outlines how an oil company intends to develop a petroleum field, manage the impact on the environment and society, as well as give forecasts for production and costs.'In addition, Tullow will be entitled to royalty payments, subject to certain conditions. Tullow also retains a no-cost back-in right for a 30 percent participation in potential future development phases. This right can be exercised if a third-party investor participates in future development phases, whether through a sale or farm-down of the purchaser's interest in the assets,' Tullow said. In addition to transferring the assets, Auron Energy will assume all past and future decommissioning responsibilities and material environmental liabilities associated with the Kenyan operations, except for a single outstanding community petition, which remains Tullow's responsibility. The completion of the deal is subject to the approval of the Competition Authority of Kenya, and the successful physical and functional separation of Tullow Kenya from the wider Tullow group. Tullow expects the deal to be finalised later in 2025, with the first payment received upon closing and subsequent payments aligned with key project milestones. Tullow began exploring for oil in Kenya in 2010, having partnered with Africa Oil and Centric Energy to acquire interests in five onshore licences. Their first significant exploratory drilling occurred in early 2012, culminating in the discovery of oil at the Ngamia-1 well in Turkana County. This marked Kenya's first confirmed oil find. These early efforts put Kenya on the path towards becoming an oil-producing nation. The delays in full-scale production stemmed from a combination of infrastructure, regulatory, and financial challenges. In 2023, the withdrawal of Tullow's joint venture partners, TotalEnergies and Africa Oil, left it as the sole operator and funder of the project, increasing financial pressure. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
Malaysian Reserve
29-06-2025
- Business
- Malaysian Reserve
Payments Platform Optty Kicks Off Next Stage of Growth with Appointment of Industry Leader Richard Miller as New CEO
SYDNEY, June 30, 2025 /PRNewswire/ — Optty™, the Australian-founded global payments technology company, has appointed global industry leader Richard Miller as its new Chief Executive Officer, effective immediately. Alan Miltz, Chairman of Optty said: 'As CEO, Richard Miller will lead Optty's next phase of global expansion, scaling and streamlining our pioneering platform that connects more than 145 payment methods (including digital wallets, Buy Now Pay Later (BNPLs) and credit/debit cards) through a single integration.' Optty's Board of Directors sees Miller's appointment as key to Optty's commitment to growth through partnerships, financial inclusion and product innovation. Miller will continue to build enduring relationships with merchants, processors and payment providers as the Singapore-headquartered company scales up. Miller says: 'I'm thrilled to join Optty at this pivotal time. Optty has built an extraordinary proposition that simplifies and accelerates eCommerce and in-person payments for the world's merchants, processors and acquirers. In a world where ways to pay have proliferated, Optty offers a uniquely powerful solution to simplify the technical challenge of offering broad consumer choice.' 'It will be my privilege to lead Optty's dedicated team as we work with our partners around the world to unlock the next wave of value and impact.' Miller's experience spans more than two decades of global leadership in fintechs, payments, and strategic consulting. His previous senior roles include ConnectID/ Australian Payments Plus, Deloitte, National Australia Bank and The Boston Consulting Group. Miller is widely respected across the Australian and international payments landscape for his strategic insight, collaborative leadership and deep industry expertise. Miltz said: 'Richard brings a rare combination of strategic clarity and execution experience across global payments. His leadership, deep fintech expertise, and commitment to partnership will be critical to delivering on our global ambitions. The Board and I are delighted to welcome Richard's appointment as CEO.' 'For Optty it marks a significant step as we scale our reach and relevance in what is a rapidly evolving global payments landscape.' 'We would also like to thank Steven Ritchie for his exceptional leadership as interim CEO and are pleased to announce that Steven will continue to help lead the business in an expanded capacity as Chief Operating Officer.' For interviews/more contact Media@ About Optty: Optty is a global payments infrastructure platform for PSPs, gateways, acquirers and merchants that provides a single integration to 145+ payment partners in 140 countries and 120 currencies (and growing). Optty empowers partners to access and provide payment innovation at scale, enabling them to add local payment methods across nine payment types; BNPL, digital wallets, credit/debit, gift cards/virtual cards, crypto, pay with points, open banking, P2P and payouts as well as additional value-added services in ESG, Fraud Prevention and Tokenization. Optty's simplified API integration requires no further development for any payment methods to be enabled, saving thousands of development hours for partners and merchants alike. Optty is a Certified B Corp, founded out of Australia and the UK, headquartered in Singapore and global in its service coverage. Optty powers limitless ways to pay with unrivalled simplicity. Media@
Yahoo
29-06-2025
- Business
- Yahoo
Payments Platform Optty Kicks Off Next Stage of Growth with Appointment of Industry Leader Richard Miller as New CEO
SYDNEY, June 30, 2025 /PRNewswire/ -- Optty™, the Australian-founded global payments technology company, has appointed global industry leader Richard Miller as its new Chief Executive Officer, effective immediately. Alan Miltz, Chairman of Optty said: "As CEO, Richard Miller will lead Optty's next phase of global expansion, scaling and streamlining our pioneering platform that connects more than 145 payment methods (including digital wallets, Buy Now Pay Later (BNPLs) and credit/debit cards) through a single integration." Optty's Board of Directors sees Miller's appointment as key to Optty's commitment to growth through partnerships, financial inclusion and product innovation. Miller will continue to build enduring relationships with merchants, processors and payment providers as the Singapore-headquartered company scales up. Miller says: "I'm thrilled to join Optty at this pivotal time. Optty has built an extraordinary proposition that simplifies and accelerates eCommerce and in-person payments for the world's merchants, processors and acquirers. In a world where ways to pay have proliferated, Optty offers a uniquely powerful solution to simplify the technical challenge of offering broad consumer choice." "It will be my privilege to lead Optty's dedicated team as we work with our partners around the world to unlock the next wave of value and impact." Miller's experience spans more than two decades of global leadership in fintechs, payments, and strategic consulting. His previous senior roles include ConnectID/ Australian Payments Plus, Deloitte, National Australia Bank and The Boston Consulting Group. Miller is widely respected across the Australian and international payments landscape for his strategic insight, collaborative leadership and deep industry expertise. Miltz said: "Richard brings a rare combination of strategic clarity and execution experience across global payments. His leadership, deep fintech expertise, and commitment to partnership will be critical to delivering on our global ambitions. The Board and I are delighted to welcome Richard's appointment as CEO." "For Optty it marks a significant step as we scale our reach and relevance in what is a rapidly evolving global payments landscape." "We would also like to thank Steven Ritchie for his exceptional leadership as interim CEO and are pleased to announce that Steven will continue to help lead the business in an expanded capacity as Chief Operating Officer." For interviews/more contact Media@ About Optty: Optty is a global payments infrastructure platform for PSPs, gateways, acquirers and merchants that provides a single integration to 145+ payment partners in 140 countries and 120 currencies (and growing). Optty empowers partners to access and provide payment innovation at scale, enabling them to add local payment methods across nine payment types; BNPL, digital wallets, credit/debit, gift cards/virtual cards, crypto, pay with points, open banking, P2P and payouts as well as additional value-added services in ESG, Fraud Prevention and Tokenization. Optty's simplified API integration requires no further development for any payment methods to be enabled, saving thousands of development hours for partners and merchants alike. Optty is a Certified B Corp, founded out of Australia and the UK, headquartered in Singapore and global in its service coverage. Optty powers limitless ways to pay with unrivalled simplicity. Media@ View original content to download multimedia: SOURCE Optty Pte Ltd
Yahoo
04-06-2025
- Business
- Yahoo
The Government of Ghana, Tullow Oil, Kosmos Energy, PetroSA, GNPC and Explorco Sign Memorandum of Understanding to Extend Ghana Production Licenses to 2040
DALLAS, June 04, 2025--(BUSINESS WIRE)--The Government of Ghana, Tullow Oil plc (Tullow), Kosmos Energy (NYSE/LSE: KOS), PetroSA, Ghana National Petroleum Company (GNPC) and Explorco are pleased to announce that they have entered into a Memorandum of Understanding (MOU) to extend the West Cape Three Points (WCTP) and Deep Water Tano (DWT) licenses to 2040, which cover the Jubilee and TEN fields in Ghana. The MOU includes approval to drill up to 20 additional wells in the Jubilee field, representing investment of up to $2 billion in Ghana over the life of the licenses. As a result of the extension, the JV partnership expects to realize a material increase in gross 2P reserves. A number of principles are covered within the MOU that will help underpin the continued development of the Jubilee and TEN fields, including: A commitment to work to increase the supply of gas from the Jubilee and TEN fields to approximately 130 mmscf/day A reduced gas price for Jubilee associated gas A guaranteed reimbursement mechanism for gas sales Investment in GNPC and the Petroleum Commission's capacity with a focus on the use of advanced technology All terms and conditions of the existing WCTP and DWT Petroleum Agreements remain in place and continue unchanged. The next steps, following this MOU, are the submission for approval of a Jubilee Plan of Development (PoD) Addendum, entering into new fully termed gas sales agreements (GSA), and the submission for parliamentary approval of the payment security mechanism and license extensions planned before the end of the third quarter of 2025. The Honorable John Abdulai Jinapor, Ghana's Minister for Energy and Green Transition, said: "This Memorandum of Understanding between the Republic of Ghana and the DWT and WCTP partners marks a significant step forward in our nation's energy sector. Extending the licenses to 2040 demonstrates our commitment to fostering a stable and attractive investment climate. This MOU will not only ensure the continued production of oil, supporting our economic growth, but also allow us to further develop our infrastructure and create more job opportunities for our citizens. We are dedicated to responsible resource management and look forward to a prosperous future fuelled by sustainable energy practices." Richard Miller, Chief Financial Officer and Interim Chief Executive Officer of Tullow, commented: "This is a valuable step forward for the Government of Ghana, Tullow and our JV partners, highlighting the collaborative and constructive relationship we all have in reaching our shared goal of building a better future for the people of Ghana, through responsible oil and gas development. This extension and the fiscal stability of our contracts emphasizes the opportunity Ghana represents to deliver additional value through production and reserves additions, providing greater long-term optionality and materiality to these core assets." Andrew G. Inglis, Chairman and Chief Executive Officer of Kosmos, commented: "This memorandum of understanding recognizes the importance of oil and gas in Ghana and the desire of the new administration to create an attractive environment for new investment in the sector. Extending the Ghana production licenses is highly accretive, adding material reserves and enabling the partnership to continue investing in the country for the long-term. This investment is expected to maximize the value of the fields for the benefit of the country's economic development and Kosmos' shareholders. We look forward to working with President Mahama and his government to invest in and advance Ghana's energy sector." About Kosmos Energy Kosmos Energy is a leading deepwater exploration and production company focused on meeting the world's growing demand for energy. We have diversified oil and gas production from assets offshore Ghana, Equatorial Guinea, Mauritania, Senegal and the Gulf of America (formerly the U.S. Gulf of Mexico). Additionally, in the proven basins where we operate we are advancing high-quality development opportunities, which have come from our exploration success. Kosmos is listed on the NYSE and LSE and is traded under the ticker symbol KOS. As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company's Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in the Kosmos Sustainability Report. For additional information, visit Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Kosmos expects, believes or anticipates will or may occur in the future are forward-looking statements. Kosmos' estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Kosmos believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Kosmos. When used in this press release, the words "anticipate," "believe," "intend," "expect," "plan," "will" or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Kosmos, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Kosmos' Securities and Exchange Commission ("SEC") filings. Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. Management does not provide a reconciliation for forward looking non GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of our control or cannot be reasonably predicted. For the same reasons, management is unable to address the probable significance of the unavailable information. Forward looking non GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. View source version on Contacts Investor Relations Jamie Buckland+44 (0) 203 954 2831jbuckland@ Media Relations Thomas Golembeski+1-214-445-9674tgolembeski@ Sign in to access your portfolio
Yahoo
04-06-2025
- Business
- Yahoo
The Government of Ghana, Tullow Oil, Kosmos Energy, PetroSA, GNPC and Explorco Sign Memorandum of Understanding to Extend Ghana Production Licenses to 2040
DALLAS, June 04, 2025--(BUSINESS WIRE)--The Government of Ghana, Tullow Oil plc (Tullow), Kosmos Energy (NYSE/LSE: KOS), PetroSA, Ghana National Petroleum Company (GNPC) and Explorco are pleased to announce that they have entered into a Memorandum of Understanding (MOU) to extend the West Cape Three Points (WCTP) and Deep Water Tano (DWT) licenses to 2040, which cover the Jubilee and TEN fields in Ghana. The MOU includes approval to drill up to 20 additional wells in the Jubilee field, representing investment of up to $2 billion in Ghana over the life of the licenses. As a result of the extension, the JV partnership expects to realize a material increase in gross 2P reserves. A number of principles are covered within the MOU that will help underpin the continued development of the Jubilee and TEN fields, including: A commitment to work to increase the supply of gas from the Jubilee and TEN fields to approximately 130 mmscf/day A reduced gas price for Jubilee associated gas A guaranteed reimbursement mechanism for gas sales Investment in GNPC and the Petroleum Commission's capacity with a focus on the use of advanced technology All terms and conditions of the existing WCTP and DWT Petroleum Agreements remain in place and continue unchanged. The next steps, following this MOU, are the submission for approval of a Jubilee Plan of Development (PoD) Addendum, entering into new fully termed gas sales agreements (GSA), and the submission for parliamentary approval of the payment security mechanism and license extensions planned before the end of the third quarter of 2025. The Honorable John Abdulai Jinapor, Ghana's Minister for Energy and Green Transition, said: "This Memorandum of Understanding between the Republic of Ghana and the DWT and WCTP partners marks a significant step forward in our nation's energy sector. Extending the licenses to 2040 demonstrates our commitment to fostering a stable and attractive investment climate. This MOU will not only ensure the continued production of oil, supporting our economic growth, but also allow us to further develop our infrastructure and create more job opportunities for our citizens. We are dedicated to responsible resource management and look forward to a prosperous future fuelled by sustainable energy practices." Richard Miller, Chief Financial Officer and Interim Chief Executive Officer of Tullow, commented: "This is a valuable step forward for the Government of Ghana, Tullow and our JV partners, highlighting the collaborative and constructive relationship we all have in reaching our shared goal of building a better future for the people of Ghana, through responsible oil and gas development. This extension and the fiscal stability of our contracts emphasizes the opportunity Ghana represents to deliver additional value through production and reserves additions, providing greater long-term optionality and materiality to these core assets." Andrew G. Inglis, Chairman and Chief Executive Officer of Kosmos, commented: "This memorandum of understanding recognizes the importance of oil and gas in Ghana and the desire of the new administration to create an attractive environment for new investment in the sector. Extending the Ghana production licenses is highly accretive, adding material reserves and enabling the partnership to continue investing in the country for the long-term. This investment is expected to maximize the value of the fields for the benefit of the country's economic development and Kosmos' shareholders. We look forward to working with President Mahama and his government to invest in and advance Ghana's energy sector." About Kosmos Energy Kosmos Energy is a leading deepwater exploration and production company focused on meeting the world's growing demand for energy. We have diversified oil and gas production from assets offshore Ghana, Equatorial Guinea, Mauritania, Senegal and the Gulf of America (formerly the U.S. Gulf of Mexico). Additionally, in the proven basins where we operate we are advancing high-quality development opportunities, which have come from our exploration success. Kosmos is listed on the NYSE and LSE and is traded under the ticker symbol KOS. As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company's Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in the Kosmos Sustainability Report. For additional information, visit Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Kosmos expects, believes or anticipates will or may occur in the future are forward-looking statements. Kosmos' estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Kosmos believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Kosmos. When used in this press release, the words "anticipate," "believe," "intend," "expect," "plan," "will" or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Kosmos, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Kosmos' Securities and Exchange Commission ("SEC") filings. Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. Management does not provide a reconciliation for forward looking non GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of our control or cannot be reasonably predicted. For the same reasons, management is unable to address the probable significance of the unavailable information. Forward looking non GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. View source version on Contacts Investor Relations Jamie Buckland+44 (0) 203 954 2831jbuckland@ Media Relations Thomas Golembeski+1-214-445-9674tgolembeski@ Sign in to access your portfolio
