What a difference a word makes. Tullow and Kosmos have both made statements stating the preliminary discussions between the two are taking place, with a
Read MoreRahul Dhir, the CEO of Tullow has indicated his intention to resign from Tullow in 2025. This is a surprise with Tullow entering into a crucial period with
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Production, as always, is the key. Tullow Oil released its November trading statement confirming its full-year guidance. But behind the headline, there are
Read MoreWhat about the LOC? Tullow has downsized its undrawn RCF from $500m to $250m and extended to June 2025, with no mention of the LOC. Tullow has a
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H1 results in line with expectations following the lowering of guidance at the AGM in May. Tullow still targets reducing Net Debt to $1.4bn or 1.0x Net Debt/EBITDAX. CAPEX and
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A concise trading statement from Tullow before their AGM today. Tullow are maintaining their cash flow guidance for FY24 and FY25 but production in Q1 was
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Tullow had already given us the headline numbers about FY23, so our main focus was production guidance for FY24 and beyond. Guidance is 62-68k boepd, up from
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Tullow released its trading statement this morning, confirming FY23 production levels and providing guidance for FY24. Headlines will be dominated by
Read MoreOnly $141m of Tullow Sub Bonds were tendered at 92%, spending c.$130m of the $300m allocated to the tender. With the bonds trading in the
Read MoreS&P downgraded Tullow’s corporate rating to SD (selective default) as a result of the sub-par tender for the 2026 Senior Secured Notes. We have previously highlighted that this was probable, but still
Read MoreTullow is a frustrating name for us as we were unable to convince clients about the merits of a long position in the name over the summer. Tullow announced the
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The headlines will all be about the bond tenders, but firstly, the underlying results are a little disappointing. Yes, Net debt figure is c.$100m lower than
Read MoreTullow have secured a 5-year debt facility from Glencore, which will be pari-passu with the “sub-2025 Notes”, and subordinated to the Senior Secured
Read MorePress reports that a group of senior secured bondholders are working with Cleary Gottlieb to attempt to stop the Company from doing further buybacks of
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Tullow had previously reported in mid-July the headline numbers for H1, so today’s H1 results are not new news. “Inflection point” is the key theme for
Read MoreThere has been no material change in Tullow’s share price this morning after the army seized power from President Ali Bongo in
Read MoreTullow continues its portfolio rationalising process with the disposal of its interest in Tullow Guyana, which includes the Orinduik license. Proceeds are
Read MoreThe Petroleum Commission, Ghana have updated their website with monthly production figures to June 2023, with Jubilee and TEN monthly figures equal to
Read MoreLast week Tullow updated the market on process (or lack of) on their negotiations for the Gas Sales Agreement with the
Read MoreTullow has successfully brought on two production wells in the South East quadrant of the Jubilee field, with Gross Production from the Jubilee field now above 100,000 boepd. It is earlier than we had expected. With two further wells expected to
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