Dividend information

Tullow held a Capital Markets Day in London on 29 November 2018 and announced a capital returns policy to start from the 2019 financial year. The policy states that the Group intends to pay an annual ordinary dividend based on its free cash flow generation, while ensuring an appropriate balance with debt reduction and investment in the business. It is expected that the total ordinary dividend in any year will be no less than $100 million and will be payable semi-annually, split between the interim and final dividend (1/3:2/3). In periods of particularly strong free cash flow generation, the Board will also look to supplement the ordinary dividend with additional returns to shareholders.

2019 Financial Year

The Board has approved an interim dividend of 2.35 cents/share (c.$33 million) which will be paid on 4 October 2019. This is in line with the Group’s Capital Returns Policy of intending to pay shareholders at least $100 million per year.

 The dates for the 2019 Interim Dividend are set out below.


Announcement date

24 July (H1 Results)

2019 HY results and USD cash dividend announcement date

24 July 2019

GHS currency conversion date *

24 July 2019

Ex-dividend date

29 August 2019

Record date

30 August 2019

Dividend Reinvestment Election and Currency Election dates

13 September 2019

GBP and EUR cash dividend announcement date

18 September 2019

Dividend payment date

4 October 2019

* Using the Bank of Ghana Interbank mid-rate from 23 July 2019, published on 24 July 2019


UK, EUROZONE & ghana

Tullow declares its dividends in US dollars. Tullow ordinary shareholders with registered addresses in the UK will receive payment of their dividend in Sterling. Those with registered addresses in European countries which have adopted the Euro will receive payment of their dividend in Euros. Those holding through the Ghana Stock Exchange will receive payment of their dividend in Ghanaian Cedi (GHS). The relevant exchange rates used to determine the payment of the Sterling and Euro dividends will be the average market exchange rates over 3 dealing days  prior to the Sterling and Euro cash dividend announcement date. The relevant exchange rate used to determine the Ghanaian Cedi cash dividend will be the published Bank of Ghana Interbank mid-rate on the USD cash dividend announcement date.  


Shareholders with registered addresses in all other countries will be paid in  Sterling. Most overseas shareholders may be eligible to sign up for the global payments service which allows dividends to be paid directly into a shareholder bank account in their local currency.





All shareholders except Ghana

Computershare Investor Services PLC
PO Box 82
Bridgwater Road
BS99 6ZZ, UK

Ghana Shareholders

Central Securities Depository Ghana Limited (CSD)
4th Floor
Cedi House
PMB CT 465
Accra - Ghana

Shareholder Reference Number

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