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Tullow Oil PLC (TLW.L)

TLW.L on London Stock Exchange

246.70GBp
15 Oct 2018
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Latest Key Developments (Source: Significant Developments)

Tullow Oil mulls reducing stake in Kenya project before FID
Wednesday, 25 Jul 2018 07:46am EDT 

July 25 (Reuters) - Tullow ::TULLOW OIL CONSIDERS REDUCING 50 PERCENT STAKE IN KENYA OPERATIONS BEFORE FID PLANNED FOR LATE 2019 -SPOKESMAN.  Full Article

Tullow Oil sees year-end net debt at around $2.5 bln
Wednesday, 25 Jul 2018 02:52am EDT 

July 25 (Reuters) - Tullow Oil PLC tells Reuters ::TULLOW CFO SAYS SEES NET DEBT AT YEAR-END AT AROUND $2.5 BILLION.TULLOW SAYS CAPEX FOR 2019 EXPECTED TO BE SLIGHTLY ABOVE 2018'S $460 MILLION.TULLOW CEO SAYS COSTS RELATED TO SEADRILL DISPUTE IS NOT IMPACTING ABILITY TO INVEST, NOT AFFECTING PLANS.  Full Article

Tullow Oil Raises FY Production Forecast
Wednesday, 25 Jul 2018 02:01am EDT 

July 25 (Reuters) - Tullow Oil PLC ::HY SALES REVENUE $905 MILLION VERSUS $788 MILLION; HY GROSS PROFIT $521 MILLION VERSUS $303 MILLION.HY WORKING INTEREST PRODUCTION VOLUME 79,100 BOEPD VERSUS 82,400 BOEPD.WEST AFRICA H1 OIL PRODUCTION AVERAGED 88,200 BOPD, IN LINE WITH EXPECTATIONS.2018 CAPEX FORECAST REMAINS $460 MILLION, INCLUDES SECOND RIG IN GHANA.FY WORKING INTEREST OIL PRODUCTION GUIDANCE UPGRADED TO 86-92,000 BOPD FROM 82-90,000 BOPD.THREE-YEAR COST REDUCTION PROGRAMME DELIVERS $708 MILLION OF SAVINGS VERSUS ORIGINAL TARGET OF $500 MILLION.AT HY-END, NET DEBT & GEARING REDUCED TO $3.1 BILLION AND 2.0X; FACILITY HEADROOM AND FREE CASH NOW $1.2 BILLION.TEN FIELDS PERFORMED WELL IN H1, WITH GROSS PRODUCTION AVERAGING 65,100 BOPD (NET: 30,700 BOPD).INCREASED GROSS FY PRODUCTION FORECAST FOR TEN TO AROUND 65,500 BOPD (NET:30,900 BOPD).BOARD CONSIDERED PAYING INTERIM DIVIDEND BUT CONCLUDED FREE CASH FLOW IS BEST USED TO CONTINUE TO PAY DOWN DEBT & INVEST IN ASSETS.OVERALL GROUP PRODUCTION GUIDANCE FOR THE FULL YEAR IS INCREASED TO 89-95,000 BOEPD.  Full Article

Tullow Oil Announce High Court Judgment On Seadrill Versus Tullow Ghana
Tuesday, 3 Jul 2018 07:00am EDT 

July 3 (Reuters) - Tullow Oil Plc ::HIGH COURT JUDGMENT: SEADRILL VERSUS TULLOW GHANA LTD.LEGAL FEES AMOUNT TO APPROXIMATELY $254 MILLION.TULLOW WILL NOW EXAMINE ITS OPTIONS, INCLUDING SEEKING LEAVE TO APPEAL JUDGMENT.SAYS TULLOW IS DISAPPOINTED WITH DECISION.TULLOW WILL NOW EXAMINE ITS OPTIONS, INCLUDING SEEKING LEAVE TO APPEAL JUDGMENT.SAYS MAINTAINS VIEW THAT IT WAS RIGHT TO TERMINATE WEST LEO CONTRACT FOR FORCE MAJEURE.EXPECTS TO BE REQUIRED TO PAY THESE FEES WITHIN NEXT 14 DAYS WITH TULLOW BEING LIABLE FOR A NET AMOUNT OF ABOUT $140 MILLION.HON. MR JUSTICE TEARE RULED CO NOT ENTITLED TO END ITS WEST LEO RIG CONTRACT WITH SEADRILL ON 4 DEC 2016 BY INVOKING CONTRACT'S FORCE MAJEURE PROVISIONS.RULING REQUIRES TULLOW TO PAY SEADRILL CONTRACTUAL TERMINATION FEE, STANDBY FEES THAT ACCRUED IN 60 DAYS PRIOR TO TERMINATION OF CONTRACT.  Full Article

Tullow Says Full Year Production Forecast Unchanged
Wednesday, 25 Apr 2018 02:00am EDT 

April 25 (Reuters) - Tullow Oil PLC ::SAYS Q1 WORKING INTEREST GAS PRODUCTION FROM UK AVERAGED 2,700 BOEPD.Q1 PRODUCTION AT TEN IN GHANA, ACROSS NON-OPERATED PORTFOLIO DELIVERED AVERAGE NET OIL PRODUCTION OF 87,700 BOPD.SAYS NET DEBT REDUCED TO $3.4 BILLION AT 31 MARCH 2018; CURRENT HEADROOM AND FREECASH OF ABOUT $1 BILLION.2018 CAPEX FORECAST OF $460 MILLION REMAINS UNCHANGED; PLANS TO REPAY UGANDA EXPENDITURE OF $110 MILLION AFTER COMPLETION OF UGANDA FARM-DOWN.DOROTHY THOMPSON TO SUCCEED CHAIRMAN, FOUNDER AIDAN HEAVEY AFTER BOARD MEETING ON JULY 20.SAYS Q1 TEN FIELDS GROSS PRODUCTION AVERAGED AROUND 68,600 BOPD; EXPECT GAS SALES FROM TEN TO COMMENCE IN JUNE.SAYS Q1 GROSS PRODUCTION FROM JUBILEE FIELD AVERAGED 63,800 BOPD.SAYS 2018 FULL YEAR PRODUCTION FORECAST UNCHANGED AT 82,000-90,000 BOPD.EXPECTS ANNUALISED 2018 UK GAS PRODUCTION TO BE AROUND 1,900 BOEPD AS FINAL PRODUCING FIELDS TO CEASE PRODUCTION IN Q3.UGANDA FARM-DOWN TO TOTAL AND CNOOC AWAITING GOVERNMENT APPROVAL; LAKE ALBERT DEVELOPMENT PROGRESSING TOWARDS FID IN H2.FPSO KWAME NKRUMAH PLANNED SHUTDOWN OF ABOUT 3 WEEKS SCHEDULED FOR MAY; FURTHER PLANNED SHUTDOWN OF ABOUT 1 WEEK EXPECTED END OF 2018.PLANS DRILLING OF CORMORANT WILDCAT WELL, OFFSHORE NAMIBIA, IN Q3.KENYA AMOSING, NGAMIA FIELDS TESTING COMMENCED IN Q1, COMPREHENSIVE RESULTS EXPECTED IN Q3; RESULTS TO DATE POSITIVE.KENYA FEED CONTRACT EXPECTED TO BE AWARDED THIS MONTH; COMMERCIAL DISCUSSIONS WITH POTENTIAL PIPELINE CONTRACTORS ONGOING.  Full Article

Tullow Oil Appoints Dorothy Thompson As Chair-Designate
Tuesday, 17 Apr 2018 02:01am EDT 

April 17 (Reuters) - Tullow Oil PLC ::APPOINTMENT OF DOROTHY THOMPSON AS INDEPENDENT NON-EXECUTIVE DIRECTOR AND CHAIR-DESIGNATE OF TULLOW WITH EFFECT FROM CONCLUSION OF AGM ON APRIL 25.ANTICIPATED DOROTHY WILL SUCCEED AIDAN HEAVEY, TULLOW'S CURRENT CHAIRMAN AND FOUNDER, AS CHAIR AT CONCLUSION OF BOARD MEETING.  Full Article

Tullow Oil Says 2018 Group Production Guidance To Between 86,000 Boepd And 95,000 Boepd
Wednesday, 10 Jan 2018 02:26am EST 

Jan 10 (Reuters) - Tullow Oil Plc ::WEST AFRICA 2017 OIL PRODUCTION EXCEEDED EXPECTATIONS FOR THE YEAR AVERAGING 89,100 BOPD.IN EUROPE, WORKING INTEREST GAS PRODUCTION PERFORMED IN LINE WITH EXPECTATIONS WITH FULL YEAR NET PRODUCTION AVERAGING 5,600 BOEPD.2018 GROUP PRODUCTION GUIDANCE, FOR BOTH OIL AND GAS, TO BETWEEN 86,000 AND 95,000 BOEPD.FULL YEAR 2017 GROSS PRODUCTION FROM THE JUBILEE FIELD AVERAGED 89,600 BOPD.EXPECTS 2018 GROSS PRODUCTION FROM THE JUBILEE FIELD TO AVERAGE 75,800 BOPD.EXPECTS 2018 GROSS OIL PRODUCTION FROM THE TEN FIELDS TO AVERAGE 64,000 BOPD.EXPECTS TO REPORT REVENUE OF ABOUT $1.7 BILLION AND GROSS PROFIT OF ABOUT $0.8 BILLION FOR 2017.AS OF YEAR-END 2017, TULLOW HAS TOTAL HEADROOM INCLUDING FREE CASH OF $1.0 BILLION WITH NO MATERIAL NEAR-TERM DEBT MATURITIES.GROUP’S 2018 CAPITAL EXPENDITURE ASSOCIATED WITH OPERATING ACTIVITIES IS EXPECTED TO TOTAL ABOUT $460 MILLION.GROUP EXPECTS YEAR-END NET DEBT TO BE $3.5 BILLION; A REDUCTION OF OVER $1.3 BILLION OVER THE COURSE OF THE YEAR.  Full Article

Tullow Secures $2.5 Billion Debt Refinancing
Wednesday, 29 Nov 2017 02:00am EST 

Nov 29 (Reuters) - TULLOW OIL PLC ::TULLOW SECURES $2.5 BILLION DEBT REFINANCING.‍US$2.5 BILLION OF CREDIT FACILITIES ARE SPLIT BETWEEN A COMMERCIAL BANK FACILITY OF US$2.4 BILLION AND AN IFC FACILITY OF US$100 MILLION​.‍FULLY COMMITTED FACILITIES ARE REVOLVING WITH A THREE-YEAR GRACE PERIOD AND FINAL MATURITY OF NOVEMBER 2024​.HAVE NO MATERIAL NEAR-TERM DEBT MATURITIES AND WILL ENTER 2018 IN A STRONG FINANCIAL POSITION​.  Full Article

Tullow Oil raises 2017 West Africa net oil production guidance
Wednesday, 8 Nov 2017 02:00am EST 

Nov 8 (Reuters) - Tullow Oil Plc ::2017 WEST AFRICA NET OIL PRODUCTION GUIDANCE REVISED UPWARDS TO 85,000 BOPD-89,000 BOPD FROM 78,000 BOPD-85,000 BOPD.2017 CAPEX GUIDANCE REDUCED TO ABOUT $300 MILLION; 2017 FREE CASH FLOW FORECAST OF AROUND $400 MILLION.NET DEBT AT OCT. 31 REDUCED TO $3.6 BILLION FROM $3.8 BILLION AT HY; RBL RE-FINANCING ON SCHEDULE TO COMPLETE BEFORE YEAR-END.FULL YEAR GROSS PRODUCTION GUIDANCE FROM GHANA'S JUBILEE FIELD INCREASED TO AROUND 89,000 BOPD (NET: 31,600 BOPD).  Full Article

Tullow Oil says ‍no significant reservoir quality rocks were encountered at ‍ARAKU-1 exploration
Friday, 27 Oct 2017 02:00am EDT 

Oct 27 (Reuters) - Tullow Oil Plc ::‍ARAKU-1 EXPLORATION WELL IN SURINAME HAS BEEN DRILLED TO A TOTAL DEPTH OF 2,685 METRES AND PENETRATED OBJECTIVES OF ARAKU PROSPECT​.‍NO SIGNIFICANT RESERVOIR QUALITY ROCKS WERE ENCOUNTERED ALTHOUGH LOGGING AND SAMPLING PROVED PRESENCE OF GAS CONDENSATE.‍ARAKU-1 EXPLORATION WELL IS NOW BEING PLUGGED AND ABANDONED​.  Full Article

Eco Atlantic reveals large oil resource in Guyana

* Orinduik licence estimate to contain 2.9 bln barrels of oil, gas