Tullow Oil PLC to Merge with Capricorn Energy PLC Call Transcript
Well, good morning, everybody, and thank you for joining this meeting. I'm Simon Thomson, CEO of Capricorn. And with me are Rahul Dhir, CEO of Tullow; and James Smith, CFO of Capricorn. We've got a presentation to run through with you this morning, and we'd be very happy to take questions at the end. It is being webcast. (Operator Instructions)
So this is a very exciting day for both companies as we announce our intention to combine in a merger of equals to create a leading African energy company. Our view is that this merger creates a compelling investment proposition built around scale, focus, growth and returns. In terms of scale, the combined group, which will have a new name, will have a significant 1 billion-barrel resource base and it will produce around about 100,000 barrels equivalent per day net. And that will be from a material and diversified resource base across the African continent.
That brings me to the next point, focus. We will have a focus on Africa where we are well positioned to build on our
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