Tullow is an oil producer that now depends almost entirely on two offshore fields in Ghana, Jubilee and TEN. After a run of Jubilee underperformance, it sold its Gabon and Kenya assets in 2025 and refinanced $1.3bn of 10.25% notes in April 2026. Output and oil prices recovered in 2026 and net debt is still $1.4bn. The shares touched 4.8p in November 2025, reached 20.5p in August 2026 and ended September at 10.3p, the month a Ghana tax ruling went against Tullow.
Two Ghanaian oil fields, each worked from a floating ship
Tullow produces oil and gas from the Jubilee and TEN fields off Ghana. Each field is processed on an FPSO, a floating production, storage and offloading vessel. Tullow is listed in London and Ghana.
In the first half of 2026 it produced 43.7 thousand barrels of oil equivalent a day (kboepd), 7.5 of them gas. Jubilee produced 70.8 thousand barrels of oil a day gross, of which Tullow's share was 27.6. TEN produced 14.8 gross, of which Tullow's share was 8.1. Tullow expects to sell 14 oil cargoes in 2026. It also sells gas in Ghana, with the Government of Ghana as the counterparty on gas receivables.
It exited its last other producing stake, the Espoir field in Côte d'Ivoire, on 24 July 2026. 28 Sep 2026 28 Apr 2026
Debt paid down, then Jubilee disappoints
CEO Rahul Dhir joined in July 2020 with a plan to cut debt. By the end of 2023 Tullow had generated over $1.1bn of free cash flow and cut gearing (net debt against earnings) from 3x to 1.4x. Jubilee South East lifted Jubilee above 100,000 barrels a day gross. In November 2023 Tullow took a $400m five-year Glencore loan and set a target of about $800m free cash flow over 2023-25 at $80 a barrel.
In 2024 a new Jubilee well, J69, underperformed because water injection did not reach it. Production sat at the low end of guidance. Reserves fell from 212 to 164.5 million barrels of oil equivalent (mmboe). In November 2024 free cash flow guidance was cut from $200-300m to $150-200m. The shares fell from 39p in May 2024 to 21p in December.
Kosmos Energy held preliminary talks about an all-share offer and walked away on 17 December 2024. Dhir announced he would step down, and CFO Richard Miller became interim CEO in February 2025. 6 Mar 2024 13 Nov 2023 7 Aug 2024 25 Mar 2025 28 Nov 2024 17 Dec 2024 5 Dec 2024 4 Feb 2025
Selling Gabon and Kenya to cut debt
In January 2025 an international arbitration tribunal ruled that a Ghanaian remittance tax did not apply to Tullow, removing a $320m assessment. In March Tullow repaid $493m of 2025 notes, using a $270m Glencore drawdown and cash.
It then sold its Gabon assets for $307m net of tax in July and repaid and cancelled its $150m credit facility. It sold Kenya to a Gulf Energy affiliate for at least $120m in September, of which $80m has been received. In July 2026 it gave up the Kenyan royalty and back-in right for $9m more.
Jubilee kept slipping. Higher water cut hit production, and production excluding Gabon fell from 53.5 kboepd in the first half of 2024 to 40.6 in the first half of 2025. Year-end 2025 net debt was $1.35bn, against guidance of about $1.1bn given in August. The company has not given a reason for the gap. Reserves fell to about 100 mmboe. The shares hit 4.8p in November 2025. 2 Jan 2025 3 Mar 2025 29 Jul 2025 25 Sep 2025 6 Aug 2025 28 Apr 2026 20 Feb 2026 13 Jul 2026
Licences to 2040, a new debt deal and a new board
Ian Perks became CEO on 15 September 2025. In December Roald Goethe became chair and four directors left, cutting the board to four. Four new independent directors were named in April 2026.
Ghana ratified extensions of the Jubilee and TEN licences to 2040 in February 2026. The terms include a Jubilee gas price of $2.50/mmbtu, a gas payment security mechanism and a 10% higher state share from 2036. A June 2025 memorandum had allowed up to 20 more Jubilee wells. Tullow also agreed to buy the TEN FPSO for $205m gross, $125.6m net, to end a lease cost, with completion expected at the end of the first quarter of 2027.
On 27 April 2026 it completed the refinancing. Notes due May 2026 were extended to November 2028 and the Glencore loan to May 2030, with a new $100m cargo prepayment facility. Over 99% of noteholders consented. The one-off costs were $70m. The shares rose from 6.1p in December 2025 to 15.0p in April 2026. 5 Sep 2025 1 Dec 2025 8 Apr 2026 4 Jun 2025 20 Feb 2026 27 Apr 2026 28 Sep 2026
Debt targets missed, cost cuts and well results delivered
The record is mixed. Management cut debt fast through 2023 and finished the 2024 drilling programme six months early. The targets set for the later years were missed. The $800m free cash flow goal for 2023-25 came with reported figures of $170m, $156m and $99m. The 2025 results do not mention that goal. The aim of net debt below $1bn was first stated in August 2024 and not reached. Net G&A (overheads) was $45m in 2025 against the $40m aimed for.
Jubilee drove both the setbacks and the recovery. Water injection and gas lift shortfalls hurt it in 2024 and 2025. In 2026 the 4D seismic (repeat reservoir imaging) guided new wells that beat expectations. 13 Nov 2023 25 Mar 2025 7 Aug 2024 6 Aug 2025 28 Apr 2026 28 Sep 2026
A new chief executive, a new chair and directors buying shares
Ian Perks has been CEO since September 2025. Richard Miller is CFO and filled the CEO role in between. Roald Goethe chairs a board rebuilt in 2025-26. Perks set his first aim in plain terms.
In 2026 Miller bought 115,000 shares for about £19,500. Non-executive director Garrett Soden bought 426,000 for about £64,750. A person closely associated with the chair bought 960,000 for about £130,000. 5 Sep 2025 1 Dec 2025 26 May 2026 15 Jun 2026 17 Jun 2026
“My near term priority will be to work with Richard, the Tullow team and our stakeholders to put the Company on a long-term sustainable financial footing.” 5 Sep 2025
Strong first half, heavy debt and a tax ruling
First-half 2026 production rose to 43.7 kboepd from 40.6. Revenue was $496m, with oil realised at $95 a barrel before hedging against $71 a year earlier. Free cash flow was $4m after $64m of cash interest and the $70m refinancing costs. The loss after tax was $101m. Net debt was $1.4bn, 1.9x earnings. Proven and probable reserves rose to 121.7 mmboe, replacing about 380% of what was produced. Ghana repaid its remaining historic gas receivables by 28 September.
The 2025-26 drilling campaign finished in September with six Jubilee producers and one water injector.
On 30 September an arbitration tribunal ruled that Ghana's $196.5m corporate income tax assessment and 100% penalties do not breach Tullow's petroleum agreements. Tullow says it will update on next steps in due course. 28 Sep 2026 30 Sep 2026 24 Jun 2026
Cash flow upgraded; 2027 drilling and the FPSO ahead
Tullow expects 2026 production at the high end of its 34-42 kboepd guidance. Free cash flow guidance was $70-175m at $70-100 a barrel in April, then raised to $170-250m in August. Capex is about $200m and the company plans 14 cargoes.
A rig is contracted for up to 10 wells in a 2027-28 Ghana campaign. The TEN FPSO purchase, about $126m net, is due to complete at the end of the first quarter of 2027. Subsea pumps, infill drilling and gas sales are being matured into reserves. The company says further reserves growth is possible before year-end. It targets about $50m of overhead savings over 2025-27 against 2024. Its notes now mature in November 2028. 28 Sep 2026 28 Apr 2026 5 Aug 2026 20 Feb 2026
Written by AI from Tullow Oil's own announcements since Oct 2023 · every paragraph links to its sources