Tullow Oil - comment

Tullow issued a trading update before hosting its AGM later this morning. With no drilling in Q1, which included a 2-week planned maintenance shutdown, there isn’t much to glean from the brief numbers released. 

Tullow has extended its RCF to October 2025 as the Company tries to deleverage. Unfortunately, the oil price has fallen, which has reduced FCF expectations for the year by c. $ 150 m. Net Debt is still expected to end the year at $1.1 billion when the Gabonese and Kenyan asset sales are completed.