In 2017, Paul McDade became Tullow's new CEO as founder-CEO Aidan Heavey, stepped into the role of Chairman. Tullow moved into a much stronger financial position, generating $543 million of free cash flow (FCF) and reducing debt to $3.5 billion. This achievement was in part thanks to the hard work of the business to maximise FCF from operations, but also a result of the loyalty shareholders showed through the $750 million Rights Issue, which was the final part of resetting the business.
We generated record production of 94,700 boepd, beating original guidance and boosted by strong performance at TEN and Jubilee. The ITLOS ruling in September, which had no adverse impact on Tullow, provided clarity for our business in both Ghana and Cote d'Ivoire.
In Kenya, we completed the South Lokichar Basin appraisal programme and through confirming material oil resources to support substantial production, we defined a development project focused on the Amosing and Ngamia fields as the Foundation Stage.