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.

Recent signals

Negative 30 Sep 2026

ICC ruled Ghana's $196.5m tax assessment with 100% penalties not in breach

Adverse ruling on a disputed tax claim creates potential liability. 30 Sep 2026

Positive 28 Sep 2026

Free cash flow guidance raised to $170-250m from $70-175m

Guidance firmed on production and oil price realisations of about $95/bbl. 28 Sep 2026 5 Aug 2026

Mixed 24 Jun 2026

Board reset with new Chair, four directors leaving and new independents; value-maximisation sub-committee

Board overhaul and sub-committee tied to refinancing and exploring strategic options. 24 Jun 2026 8 Apr 2026 20 Feb 2026 1 Dec 2025

Positive 17 Jun 2026

CFO, a director and Chair's associate bought shares in May-June 2026

Several insiders bought on the market around a share price of 12-15p, ahead of the guidance upgrade. 17 Jun 2026 15 Jun 2026 26 May 2026

Capital actions

2026-07-13 disposal · $9m – Additional Kenya consideration; royalty and back-in rights terminated 13 Jul 2026
2026-06-24 debt refinancing · $48.2m – Repaid Senior Notes due 2028 at 101% 24 Jun 2026
2026-04-27 debt refinancing · $1.285bn – Refinanced 2026 notes into 2028 senior and junior notes; $100m redeemed; $100m Glencore prepayment facility 27 Apr 2026
2026-02-20 acquisition · $205m – Agreed TEN FPSO purchase, $125.6m net to Tullow, completion end Q1 2027 20 Feb 2026
2025-09-25 disposal · $120m – Completed Kenya sale for minimum $120m; $40m Tranche A received 25 Sep 2025
2025-07-29 disposal · $307m – Completed Gabon sale; repaid and cancelled $150m RCF 29 Jul 2025
2025-03-03 debt refinancing · $493m – Repaid 2025 Senior Notes using $270m Glencore drawdown and cash 3 Mar 2025
2023-12-15 tender offer · $129.7m – Accepted $140.9m of 2025 Notes at $920 per $1,000 15 Dec 2023
2023-11-30 buyback programme · $102.5m – Repurchased $114.8m of 2026 Notes at 89.3% via Dutch auction 30 Nov 2023

Risks & opportunities

Opportunities

Licence extensions to 2040 and drilling campaign unlocking reserves growth since 2025-06 28 Sep 2026
Material oil price leverage to free cash flow since 2026-04 28 Sep 2026
TEN FPSO acquisition removes annual lease cost since 2026-02 20 Feb 2026

Risks

Historic Ghana receivables and disputed tax claims remain unresolved with Government of Ghana since 2025-01 30 Sep 2026
Jubilee underperformance from water cut and injection shortfalls reduced production since 2024-08 28 Sep 2026
High leverage: net debt $1.4bn and notes maturing November 2028 since 2025-03 28 Sep 2026

As the company itself describes them.

Coming up

End Q1 2027 Completion of TEN FPSO acquisition
Mid 2027 Campaign 2 rig arrival, up to 10 wells
Nov 2028 Extended Senior Secured Notes maturity
Q3 2028 to 30 Jun 2033 Final $40m Kenya tranche payable
H2 2026 Business interruption insurance arbitration result

From the company's own announcements · not investment advice

Company filings. Not investment advice.