Tullow Oil plc: Tullow Oil's Proposed Rights Issue Is Credit Positive
CORPORATES ISSUER COMMENT 21 March 2017 Contacts Shruti Kulkarni 44-20-7772-1388 Analyst [email protected] Anke N. Richter, CFA 44-20-7772-1433 Associate Managing Director [email protected] Tullow Oil plc Tullow Oil's Proposed Rights Issue Is Credit Positive On 17 March 2017, UK-based oil & gas exploration & production company Tullow Oil Plc (B2 negative) announced a prTullow 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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