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Tullow Oil plc (TUWOY) Discusses Strategic Refinancing, Operational Progress, and Focus on Core Ghana Assets Prepared Remarks Transcript
Tullow Oil PLC (LSE:TLW) has agreed to acquire the FPSO (floating production, storage and offloading vessel) used at Ghana's TEN fields for $205 million, a move it says will remove annual lease costs and lower fixed spending as it looks to extend the economic life of both TEN and the adjacent Jubilee hub. The company said its subsidiary Tullow Ghana Limited, acting for the TEN joint venture, has signed a sale and purchase agreement with T.E.N.
London-listed, West Africa-focused oil and gas company Tullow Oil has entered refinancing deals with Glencore and owners of about two-thirds of its $1.3 billion senior secured notes, extending debt maturities by over two years to November 2028.
Tullow Oil on Monday launched a major board reset and appointed independent non-executive director Roald Goethe as chair, replacing Phuthuma Nhleko, as the West Africa-focused oil producer looks to refinance its debt.
Panmure Liberum has repeated a 'Sell' for Tullow Oil PLC (LSE:TLW) shares, and slashed its price target to 5.4p, warning that the group is “going backwards” at a time when a critical refinancing is fast approaching. In a sharply bearish note, the stockbroker argues that Tullow's flagship Jubilee field continues to disappoint, with production issues and early water breakthrough dragging output to the bottom end of guidance at 40,000 to 45,000 boepd - although the TEN field is performing well, its scale is far too small to offset Jubilee's underperformance.
Tullow Oil PLC (LSE:TLW) reported average group production of about 40,700 boepd to the end of October as it issued a trading update. The company said output was in line with expectations after completing the sale of its Kenya and Gabon interests earlier in the year.
West Africa-focused Tullow Oil said on Friday it was in talks with its bondholders, commodity traders and other private sources of funding to refinance its capital, and forecast 2025 production at the lower end of its 40,000 to 45,000 barrels of oil equivalent per day (boepd) range.
Finance Executive, Bill Torr, Appointed Director Calgary, Alberta--(Newsfile Corp. - November 6, 2025) - Record Resources Inc. (TSXV: REC) has appointed to its board of directors ex-Tullow Oil executive, Bill Torr. Further to the recent appointment of Robin Sutherland as a Record Resources director, Bill Torr was also part of the original executive team at Energy Africa, Cape Town.
Tullow Oil PLC (LSE:TLW) has appointed Ian Perks as its new Chief Executive Officer, effective 15 September 2025. Richard Miller, who has been serving as interim CEO, will return to his previous position as chief financial officer.
Shares in Tullow Oil PLC (LSE:TLW) fell a further 7% on Friday, extending losses to 29% for the week, as investors continued to react (negatively) to the company's plans to refinance its capital structure. The move, outlined alongside below-par interim results, raised concerns over potential ramifications for shareholders, overshadowing the first-half figures.
The outlook for Tullow Oil PLC (LSE:TLW) is “pretty bleak”, that's according to analysts at Panmure Liberum, repeating a ‘sell' recommendation and nudging lower its target price. Pitching a new bearish target price of 7.8p (from 9p) the broker sees quite significant downside to the current share price of 11.3p.
Tullow Oil PLC (LSE:TLW) shares slumped in Wednesday's early deals, as the oiler reported a $61 million first-half loss. It compares to a $196 million profit for the same period a year ago.
West Africa-focused Tullow Oil lowered its 2025 production forecast to 40,000-45,000 barrels of oil equivalent per day after it sold its Gabonese assets, and reported a first-half loss of $80 million on Wednesday.
Mid-tier oil and gas exploration stocks rose on Thursday, led by gains in Tullow Oil PLC (LSE:TLW) and Enquest PLC (AIM:ENQ), following signals that the UK government will move to unlock new drilling in the North Sea. Labour's Ed Miliband is preparing to lift legal barriers that had blocked major fossil fuel projects, reversing a January court decision that halted the Rosebank and Jackdaw fields.
Panmure Liberum has described the potential extension of oil production licences in Ghana as a “positive development” for both Tullow Oil PLC (LSE:TLW) and Kosmos Energy Ltd (LSE:KOS, NYSE:KOS), but warned that it is unlikely to shift investor focus away from more immediate concerns. The two companies announced a memorandum of understanding with the Ghanaian government that could see licences for the Jubilee and TEN oilfields extended to 2040.
Tullow Oil PLC (LSE:TLW) and Kosmos Energy Ltd (LSE:KOS, NYSE:KOS) have signed an agreement in Ghana to extend offshore oil field out to 2040. A memorandum of understanding with the Government of Ghana and the joint venture partners, envisage the extension to the West Cape Three Points and Deep Water Tano licences – which host Tullow's Jubilee and TEN oil fields.
Panmure Liberum has downgraded Tullow Oil PLC (LSE:TLW) to a 'sell', warning that the company remains trapped in a cycle of weak production, asset sales and mounting financial stress. The broker slashed its target price from 21p to 9p, citing a bleaker outlook for cash flow and an increasingly urgent need for refinancing.
Tullow Oil PLC (LSE:TLW) proposed asset sale in Gabon is “value accretive”, according to stockbroker Peel Hunt, who has repeated a ‘Buy' recommendation. With a price target of 50p, the broker sees more than 200% upside to the current price of around 15p.
Tullow Oil Plc said on Tuesday its unit, Tullow Gabon Limited, has agreed to sell its entire stake in Tullow Oil Gabon S.A. to Gabon Oil Company for $300 million in cash.
Tullow Oil PLC (LSE:TLW) has agreed to sell its Kenyan business to Gulf Energy in a deal worth at least $120 million. It will see Tullow receive $80 million of cash in the near, plus the transfer of all past and future liabilities.