Tullow Oil
TLW · Main Market · Energy · mcap £141m · 10.6p
Tullow Oil produces oil and gas, now almost entirely from the Jubilee and TEN fields offshore Ghana. It has sold its Gabon and Kenya assets to focus on Ghana.
The case for
- Refinancing in April 2026 extended the main debt to November 2028 and cut cash interest, removing the near-term maturity wall. 20 Feb 2026 27 Apr 2026
- Ghana licences extended to 2040, with plans for up to 20 more Jubilee wells and up to $2bn of investment. 4 Jun 2025 20 Feb 2026
- 2026 free cash flow guidance was upgraded to $170-250m and production is at the high end of guidance. 5 Aug 2026 28 Sep 2026
- Reserves rose to 121.7 mmboe at mid-2026 and the TEN FPSO purchase should remove an annual lease cost. 28 Sep 2026 20 Feb 2026
The case against
- Production fell from about 63 kboepd in 2023 to 40 kboepd in 2025, and year-end 2025 2P reserves dropped to 100m barrels. 6 Mar 2024 20 Feb 2026
- Net debt is still about $1.4bn, well above the stated target of under $1bn and gearing below 1x. 28 Sep 2026 6 Aug 2025
- The tribunal rejected Tullow's challenge to a $196.5m Ghana tax assessment with 100% penalties. 30 Sep 2026
- Management has repeatedly missed or cut targets, including 2024 free cash flow guidance and the 2025 deleveraging goal. 28 Nov 2024 20 Feb 2026
Both sides use only facts from the company's announcements · not investment advice
Company filings. Not investment advice.