Tullow - comment

Initial reaction is one of disappointment as we genuinely expected the Company to have purchased back some bonds. Leverage and overall performance are in line with previous guidance and our model and guidance for FY23 is in the range of expectation. There is a line about management reviewing its options in relation to debt purchases but we remain disappointed it has not yet occurred.

Away from this point, there is no update on the Ghanaian tax claims or the Kenyan projection. Tullow have reached an agreement for 19 bcf at $0.50/mmbtu ( market price is $2.70/mmbtu) which will be satisfied by mid-year, with the hope further volumes will be agreed at more commercial rates. We will publish an update post the FY22 call at 9 am.