Tullow Oil | AGM update – strengthening the balance sheet
Tullow has released an AGM update which confirms the strong progress the company has made in strengthening the balance sheet with completion of the US$300m Gabon disposal expected imminently and a potential acceleration of receipts from Kenya with US$80m now expected this year. Previous production guidance was reiterated and the first well in the Jubilee programme has just spudded. The revolving credit facility (RCF) has been extended from the end of June to the end of October when it is expected to be repaid and cancelled. Tullow has provided new guidance for free cash flow of US$400m at US$65/bbl oil with projected YE25 net debt of US$1.1bn. The process to find a new CEO is progressing.Tullow Oil is an independent oil and gas exploration and production company. Co.'s focus is on finding oil in Africa and South America. Co.'s primary activities include targeted exploration and appraisal, selective development projects and growing its production. As of Dec 31 2017, Co.'s portfolio included 90 licences in 16 countries. Co.'s operations are organized into three business delivery teams: West Africa; East Africa; and New Ventures. As of Dec 31 2017, on a working interest basis, Co. had commercial reserves of 245.7 million barrels of oil, 268.90 billion cubic feet of gas, and 290.5 million barrels of oil equivalent (petroleum).
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