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Tullow Oil PLC (TLW.L)

TLW.L on London Stock Exchange

209.90GBp
28 Apr 2017
Change (% chg)

3.30 (+1.60%)
Prev Close
206.60
Open
208.10
Day's High
211.70
Day's Low
207.00
Volume
8,506,713
Avg. Vol
9,702,138
52-wk High
299.86
52-wk Low
154.23

Latest Key Developments (Source: Significant Developments)

Tullow Oil keeps FY production forecast
Wednesday, 26 Apr 2017 02:00am EDT 

April 26 (Reuters) - Tullow Oil Plc ::Full year production forecast remains unchanged.2017 West Africa working interest oil production, including production-equivalent insurance payments, expected to average 78,000-85,000 bopd.2017 Europe working interest gas production expected to average 6,000-7,000 boepd.Q1 West Africa net working interest oil production, including production-equivalent insurance payments, averaged 85,700 bopd.Q1 Europe working interest gas production averaged 6,300 boepd.Q1 gross production from jubilee field averaged 82,500 bopd (net: 29,300 bopd).Q1 gross production from jubilee field averaged 82,500 bopd (net: 29,300 bopd).Q1 gross production from ten field averaged around 50,000 bopd, in line with guidance.Q1 gross production from ten field averaged around 50,000 bopd, in line with guidance.2017 annual production forecast for ten field remains unchanged at around 50,000 bopd (net: 23,600 bopd).Completed scheduled 6-mthly re-determination of RBL facilities in march.Group intends to refinance its RBL facilities in H2.As at March 31, 2017, total facility headroom and free cash was $1.2 billion and net debt at $4.6 billion.Capex guidance for 2017 remains unchanged.Offshore Ghana, Jubilee FPSO interim spread mooring completed in feb; TEN field performed in line with expectations.Successful exploration, appraisal drilling and water injectivity testing campaign ongoing in Kenya, with new exploration wells planned.  Full Article

Tullow Oil announces results of rump placing
Tuesday, 25 Apr 2017 05:45am EDT 

April 25 (Reuters) - Tullow Oil Plc :Results of the rump placing.Procured subscribers for 21,9 million new ordinary shares at a price of 211.9 pence per new ordinary share.  Full Article

Tullow Oil says to raise about £607 mln from rights issue
Friday, 17 Mar 2017 03:08am EDT 

Tullow Oil Plc : Fully underwritten rights issue to raise approximately £607 million . 25 for 49 fully underwritten rights issue of 466,925,724 new ordinary shares to raise gross proceeds of approximately £607 million . Issue price of 130 pence per new ordinary share .During 2017, underlying cash operating costs per barrel are materially in line with those achieved during 2016 financial year.  Full Article

Tullow says to work with Total, CNOOC to conclude farm-down sale documentation
Friday, 17 Mar 2017 03:04am EDT 

Tullow Oil Plc : Tullow will now work with Total and CNOOC to conclude definitive sale documentation in relation to farm-down . Tullow will cease to be an operator in Uganda but will retain a presence in-country to manage its non-operated position .CNOOC Uganda Limited notified co it exercised its pre-emption rights to buy 50% of interests being transferred to Total.  Full Article

Tullow Oil founder to step down as CEO
Wednesday, 11 Jan 2017 02:00am EST 

Tullow Oil Plc : COO Paul McDade to be appointed CEO following AGM on April 26 . CEO Aidan Heavey to become Chairman for up to two years, subject to AGM vote .Chairman Simon Thompson to step down from board.  Full Article

Tullow Oil FY rev expected to have fallen 19 pct
Wednesday, 11 Jan 2017 02:00am EST 

Tullow Oil Plc : West Africa 2016 production in line with guidance at average 65,000 bpd . West Africa 2017 production expected to average between 78,000-85,000 bpd . Expects 12-week shutdown at Jubilee oil field in 2017 for modifications . Expects 2017 production from 10 oil fields of around 50,000 bpd, lower than previously estimated . Started Kenya exploration & appraisal programme in mid-Dec, first results expected shortly . Plans to drill offshore Suriname in second half of 2017 . Year-end facility headroom and free cash of $1 billion, net debt $4.8 billion . Expects 2016 revenue of around $1.3 billion, gross profit of around $500 million . Expects 2016 operating cashflow of around $700 million . To incur 2016 accounting charges of around $700 million due to low oil prices, disposals . Hedging contributed $363 million to revenue in 2016 . Around 60 percent of 2017 oil production hedged at average of $60.23/bl .2017 capex to fall to $500 million.  Full Article

Tullow sells 21.57 pct exploration stake in Uganda to Total S.A.
Monday, 9 Jan 2017 10:34am EST 

Tullow Oil Plc : Announces a substantial farm down to total in Uganda . Agreed to transfer 21.57 pct of its 33.33 pct interests in exploration areas 1, 1A, 2 and 3A in Uganda to total for a total consideration of $900 mln . Has agreed a substantial farm-down of its assets in Uganda to Total E&P Uganda B.V. (Total). . Sale and purchase agreement with an effective date of Jan.1 2017 . Agreement will allow co to retain an 11.76 pct interest in upstream and pipeline .Says group expects a pre-tax write-off as a result of this disposal of approximately $0.4 bln to be booked in its 2016 full year results.  Full Article

Tullow completes redetermination of loan facility
Friday, 28 Oct 2016 02:30am EDT 

Tullow Oil Plc : Says successful completion of six-monthly redetermination of its Reserve Based Lend (RBL) facility . Debt capacity generated by asset base remains in excess of commitments . Following scheduled amortisation at beginning of October, available credit under RBL is now $3.3 bln . Has secured $345 mln of new commitments from its existing lenders by exercising an accordion facility embedded in existing RBL which will take effect from April 1 2017 . New commitments will largely offset impact of scheduled amortisation in April 2017 . New commitments will ensure Tullow has appropriate headroom throughout 2017 as it refinances its bank facilities .Says group has free cash and unutilised debt capacity of $0.9 bln with no near term maturities, and overall net debt of approximately $4.7 bln.  Full Article

Statoil buys stakes in Norway licenses from Tullow
Tuesday, 6 Sep 2016 02:36am EDT 

Statoil Asa : Says increases share in the Wisting discovery . Statoil and Tullow Norge as have agreed on a transaction whereby Statoil will increase its equity in four licences on Norwegian Continental Shelf . Transaction includes Wisting discovery in Barents Sea . Reflects our strong belief in exploration potential on Norwegian continental shelf and our commitment to create value in barents sea . Statoil has a strong position in hoop area and sees further exploration potential which can bring synergies to area . Through this transaction Statoil becomes biggest equity holder in wisting discovery, so far only big discovery in hoop area of barents sea . Npd estimates wisting discovery to contain 241 million boe of recoverable resources . New, substantial discoveries are required to maintain production on ncs, and resource additions from northern norway are central in reaching this target . Agreement also gives access to interesting exploration prospects in norwegian sea and barents sea that will be matured for possible drilling in 2018 .Transaction is contingent upon approval of authorities.  Full Article

Tullow opens up over 4 pct as oil firm returns to profit in H1
Wednesday, 27 Jul 2016 02:00am EDT 

Tullow Oil Plc shares open up over 4 percent after co returns to profit in first half For full story, click on:.  Full Article

More From Around the Web

Royal London to oppose election of Tullow Oil chair at AGM

LONDON, April 25 Investor Royal London Asset Management said on Tuesday it would oppose the election of Tullow Oil founder and Chief Executive Aidan Heavey as chairman at the firm's annual general meeting on Wednesday.