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.”