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This demonstrates the continued support of Tullow’s lending banks during this period of low oil prices and the high quality of Tullow’s asset portfolio.
As of 30 September 2015, the Group has cash and undrawn credit facilities amounting to US$2.1 billion of headroom with no near term maturities. This successful outcome builds on the US$450 million capital increase and covenant renegotiation achieved in March 2015.
IAN SPRINGETT, CHIEF FINANCIAL OFFICER, TULLOW OIL PLC, COMMENTED TODAY:
“Today’s announcement demonstrates the robustness of Tullow’s debt capital structure and emphasises the strong support that we are receiving from our relationship banks. Generating such significant liquidity at this time reflects our prudent hedging programme and the quality of our producing and development assets. We are fully funded to meet all of our commitments including the ongoing investment in the TEN development. This important project remains on schedule and on budget to deliver first oil and significant additional cash flow in mid-2016.”
Contacts
| Tullow Investor Relations | Camarco (Media) |
|---|---|
|
ir@tullowoil.com |
(+44 20 3757 4980) |
Notes to editors
Tullow is an independent energy company that is building a better future through responsible oil and gas development in Africa. Tullow's operations are focused on its core producing assets in Ghana. Tullow is committed to becoming Net Zero on its Scope 1 and 2 emissions by 2030, with a Shared Prosperity strategy that delivers lasting socio-economic benefits for its host nations. The Group is quoted on the London and Ghanaian stock exchanges (symbol: TLW). For further information, please refer to: www.tullowoil.com.
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