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Tullow Oil PLC (TLW.L)

TLW.L on London Stock Exchange

231.70GBp
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Latest Key Developments (Source: Significant Developments)

Calima Energy Enters Agreement To Sell Stake In Namibia Pel 90 Licence To Tullow Namibia
Friday, 28 Jun 2019 

June 28 (Reuters) - Calima Energy Ltd ::ENTERS AGREEMENT TO SELL INTEREST IN NAMIBIA PEL 90 LICENCE (BLOCK 2813B) TO TULLOW NAMIBIA.WILL RECEIVE US$2.0 MILLION ON COMPLETION OF DEAL PLUS SUCCESS BONUSES.  Full Article

Tullow CEO: Uganda delay does not change aim of reducing stake to 11%
Wednesday, 26 Jun 2019 

June 26 (Reuters) - Tullow Oil PLC ::TULLOW OIL CEO SAYS TOO EARLY TO SAY WHEN IN 2020 KENYA FID MIGHT COME.TULLOW OIL CEO SAYS STILL WANTS TO REDUCE UGANDA STAKE TO CA 11%, RESTRUCTURING FARM-DOWN A POSSIBILITY.TULLOW OIL CEO SAYS UGANDA TALKS FOCUS ON COST RECOVERY AFTER TRANSFER OF STAKE.TULLOW OIL CEO SAYS KENYA DEAL SIGNED ON TUESDAY PROVES PROJECT VIABLE AT $50/BBL.TULLOW OIL CEO SAYS HAS NO CONCERNS ABOUT LICENSE IN GUYANA DESPITE GOV'T ATTENTION TO HOW LICENSES WERE AWARDED.  Full Article

Africa Oil Announces Heads Of Terms Signed For First Ever Oil Development In Kenya
Wednesday, 26 Jun 2019 

June 26 (Reuters) - Africa Oil Corp ::AFRICA OIL ANNOUNCES HEADS OF TERMS SIGNED FOR FIRST EVER OIL DEVELOPMENT IN KENYA.HEADS OF TERMS AGREEMENTS WITH KENYA GOVERNMENT AND JOINT VENTURE PARTNERS, AFRICA OIL, TULLOW OIL PLC AND TOTAL S.A. HAVE BEEN SIGNED.AFRICA OIL- JOINT VENTURE PARTNERS AND GOVERNMENT OF KENYA HAVE CONCLUDED NEGOTIATIONS AROUND KEY FISCAL AND COMMERCIAL PRINCIPLES FOR PROJECT OIL KENYA.CO HAS 25% WORKING INTEREST IN PROJECT OIL KENYA WITH TULLOW (50% AND OPERATOR) AND TOTAL (25%) HOLDING REMAINING INTERESTS.OVER 150,000 BBLS OF OIL HAVE BEEN SAFELY DELIVERED TO MOMBASA SO FAR; TULLOW EXPECTS FIRST EXPORT CARGO TO BE SOLD AND LIFTED IN Q3.JOINT VENTURE PARTNERS AND GOVERNMENT OF KENYA REVIEWING MOST LIKELY TIMELINE TO FINAL INVESTMENT DECISION WHICH IS NOW EXPECTED IN 2020.  Full Article

Tullow CFO Says At Crude Oil Price Of $70/Bbl, 2019 Free Cash Flow Can Be $700 Million
Thursday, 29 Nov 2018 

Tullow Oil PLC ::TULLOW CFO SAYS AT CRUDE OIL PRICE OF $70/BBL, 2019 FREE CASH FLOW CAN BE $700 MILLION.  Full Article

Tullow Oil CEO sees market volatility but protected by cost discipline
Thursday, 15 Nov 2018 

Nov 15 (Reuters) - Tullow Oil PLC ::CEO SAYS SEES MORE SHORT-TERM OIL PRICE VOLATILITY BUT COMPANY IS PROTECTED BY COMMITMENT TO COST DISCIPLINE, HEDGING.TULLOW OIL CEO SAYS CONSIDERING DRILLING THREE, RATHER THAN TWO, WELLS IN GUYANA AROUND MID-2019.CEO SAYS EXPECTS CAPEX IN 2019 TO COME IN AT UPPER END OF $200-600 MILLION RANGE.  Full Article

Tullow Oil mulls reducing stake in Kenya project before FID
Wednesday, 25 Jul 2018 

July 25 (Reuters) - Tullow ::TULLOW OIL CONSIDERS REDUCING 50 PERCENT STAKE IN KENYA OPERATIONS BEFORE FID PLANNED FOR LATE 2019 -SPOKESMAN.  Full Article

Tullow Oil sees year-end net debt at around $2.5 bln
Wednesday, 25 Jul 2018 

July 25 (Reuters) - Tullow Oil PLC tells Reuters ::TULLOW CFO SAYS SEES NET DEBT AT YEAR-END AT AROUND $2.5 BILLION.TULLOW SAYS CAPEX FOR 2019 EXPECTED TO BE SLIGHTLY ABOVE 2018'S $460 MILLION.TULLOW CEO SAYS COSTS RELATED TO SEADRILL DISPUTE IS NOT IMPACTING ABILITY TO INVEST, NOT AFFECTING PLANS.  Full Article

Tullow Oil Raises FY Production Forecast
Wednesday, 25 Jul 2018 

July 25 (Reuters) - Tullow Oil PLC ::HY SALES REVENUE $905 MILLION VERSUS $788 MILLION; HY GROSS PROFIT $521 MILLION VERSUS $303 MILLION.HY WORKING INTEREST PRODUCTION VOLUME 79,100 BOEPD VERSUS 82,400 BOEPD.WEST AFRICA H1 OIL PRODUCTION AVERAGED 88,200 BOPD, IN LINE WITH EXPECTATIONS.2018 CAPEX FORECAST REMAINS $460 MILLION, INCLUDES SECOND RIG IN GHANA.FY WORKING INTEREST OIL PRODUCTION GUIDANCE UPGRADED TO 86-92,000 BOPD FROM 82-90,000 BOPD.THREE-YEAR COST REDUCTION PROGRAMME DELIVERS $708 MILLION OF SAVINGS VERSUS ORIGINAL TARGET OF $500 MILLION.AT HY-END, NET DEBT & GEARING REDUCED TO $3.1 BILLION AND 2.0X; FACILITY HEADROOM AND FREE CASH NOW $1.2 BILLION.TEN FIELDS PERFORMED WELL IN H1, WITH GROSS PRODUCTION AVERAGING 65,100 BOPD (NET: 30,700 BOPD).INCREASED GROSS FY PRODUCTION FORECAST FOR TEN TO AROUND 65,500 BOPD (NET:30,900 BOPD).BOARD CONSIDERED PAYING INTERIM DIVIDEND BUT CONCLUDED FREE CASH FLOW IS BEST USED TO CONTINUE TO PAY DOWN DEBT & INVEST IN ASSETS.OVERALL GROUP PRODUCTION GUIDANCE FOR THE FULL YEAR IS INCREASED TO 89-95,000 BOEPD.  Full Article

Tullow Oil Announce High Court Judgment On Seadrill Versus Tullow Ghana
Tuesday, 3 Jul 2018 

July 3 (Reuters) - Tullow Oil Plc ::HIGH COURT JUDGMENT: SEADRILL VERSUS TULLOW GHANA LTD.LEGAL FEES AMOUNT TO APPROXIMATELY $254 MILLION.TULLOW WILL NOW EXAMINE ITS OPTIONS, INCLUDING SEEKING LEAVE TO APPEAL JUDGMENT.SAYS TULLOW IS DISAPPOINTED WITH DECISION.TULLOW WILL NOW EXAMINE ITS OPTIONS, INCLUDING SEEKING LEAVE TO APPEAL JUDGMENT.SAYS MAINTAINS VIEW THAT IT WAS RIGHT TO TERMINATE WEST LEO CONTRACT FOR FORCE MAJEURE.EXPECTS TO BE REQUIRED TO PAY THESE FEES WITHIN NEXT 14 DAYS WITH TULLOW BEING LIABLE FOR A NET AMOUNT OF ABOUT $140 MILLION.HON. MR JUSTICE TEARE RULED CO NOT ENTITLED TO END ITS WEST LEO RIG CONTRACT WITH SEADRILL ON 4 DEC 2016 BY INVOKING CONTRACT'S FORCE MAJEURE PROVISIONS.RULING REQUIRES TULLOW TO PAY SEADRILL CONTRACTUAL TERMINATION FEE, STANDBY FEES THAT ACCRUED IN 60 DAYS PRIOR TO TERMINATION OF CONTRACT.  Full Article

Tullow Says Full Year Production Forecast Unchanged
Wednesday, 25 Apr 2018 

April 25 (Reuters) - Tullow Oil PLC ::SAYS Q1 WORKING INTEREST GAS PRODUCTION FROM UK AVERAGED 2,700 BOEPD.Q1 PRODUCTION AT TEN IN GHANA, ACROSS NON-OPERATED PORTFOLIO DELIVERED AVERAGE NET OIL PRODUCTION OF 87,700 BOPD.SAYS NET DEBT REDUCED TO $3.4 BILLION AT 31 MARCH 2018; CURRENT HEADROOM AND FREECASH OF ABOUT $1 BILLION.2018 CAPEX FORECAST OF $460 MILLION REMAINS UNCHANGED; PLANS TO REPAY UGANDA EXPENDITURE OF $110 MILLION AFTER COMPLETION OF UGANDA FARM-DOWN.DOROTHY THOMPSON TO SUCCEED CHAIRMAN, FOUNDER AIDAN HEAVEY AFTER BOARD MEETING ON JULY 20.SAYS Q1 TEN FIELDS GROSS PRODUCTION AVERAGED AROUND 68,600 BOPD; EXPECT GAS SALES FROM TEN TO COMMENCE IN JUNE.SAYS Q1 GROSS PRODUCTION FROM JUBILEE FIELD AVERAGED 63,800 BOPD.SAYS 2018 FULL YEAR PRODUCTION FORECAST UNCHANGED AT 82,000-90,000 BOPD.EXPECTS ANNUALISED 2018 UK GAS PRODUCTION TO BE AROUND 1,900 BOEPD AS FINAL PRODUCING FIELDS TO CEASE PRODUCTION IN Q3.UGANDA FARM-DOWN TO TOTAL AND CNOOC AWAITING GOVERNMENT APPROVAL; LAKE ALBERT DEVELOPMENT PROGRESSING TOWARDS FID IN H2.FPSO KWAME NKRUMAH PLANNED SHUTDOWN OF ABOUT 3 WEEKS SCHEDULED FOR MAY; FURTHER PLANNED SHUTDOWN OF ABOUT 1 WEEK EXPECTED END OF 2018.PLANS DRILLING OF CORMORANT WILDCAT WELL, OFFSHORE NAMIBIA, IN Q3.KENYA AMOSING, NGAMIA FIELDS TESTING COMMENCED IN Q1, COMPREHENSIVE RESULTS EXPECTED IN Q3; RESULTS TO DATE POSITIVE.KENYA FEED CONTRACT EXPECTED TO BE AWARDED THIS MONTH; COMMERCIAL DISCUSSIONS WITH POTENTIAL PIPELINE CONTRACTORS ONGOING.  Full Article

UPDATE 2-Tullow to drill at least 3 new Guyana wells in 2020 after second discovery

LONDON, Sept 16 Tullow Oil plans to drill three or more oil exploration wells in Guyana next year, Chief Executive Officer Paul McDade said on Monday after the firm's second offshore oil discovery in the South American country.