Tullow Oil

TLW · Main Market · Energy · mcap £161m · 10.3p 5 open situations →

EV: £1.2bn
EV / EBIT: 4.3x
Net debt: £1.0bn
FCF yield: 72.9%
Revenue: £694m
Share price 1y: +2%
Insiders 12m: bought £215k
Next report: around 27 Apr

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.

Timeline · every situation

dots = announcements

202420252026 Jubilee drilling and seismic programme TEN FPSO acquisition Ghana tax disputes and receivables Profit upgrade Asset value-maximisation process 3 directors buying Refinancing of 2026 notes Refinancing and May 2026 bond maturity 1 director buying 1 director buying Possible offer 1 director buying Results ahead of expectations 2 directors buying

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Project milestones◷ in 67 days

Jubilee drilling and seismic programme

2025-26 campaign complete; Campaign 2 contracted

Jubilee programme targeted for 2026 since Nov 2025; by 5 Aug 2026 five of six wells were onstream. On 28 Sep 2026 Tullow said the 2025-26 campaign was complete, with six producers and the water injector onstream, and new wells outperformed. A Campaign 2 rig contract for up to 10 wells (2027-28) is signed.

2026 capex: c.$200 million, unchanged 28 Sep 2026 ↗
Production: H1 43.7 kboepd versus 34-42 kboepd guidance; high end expected for the year 28 Sep 2026 ↗
Future drilling: Greater Jubilee PoFD approved; up to 20 wells after current campaign 10 Jun 2026 ↗
Capex guidance: c.$200m capex and c.$25m decommissioning in 2026, unchanged 5 Aug 2026 ↗
H1 production: 43.7 kboepd versus 34-42 kboepd guidance; high end expected for the year 28 Sep 2026 ↗
Campaign 2: Rig contract signed for up to 10 wells, 2027-28 programme 28 Sep 2026 ↗

Next: Campaign 2 drilling of up to 10 wells · 1 Jan 2027

28 Sep 2026 2025-26 campaign complete; Campaign 2 contracted
28 Sep 2026 2025-26 campaign complete; Campaign 2 contracted
5 Aug 2026 Five of six wells onstream
10 Jun 2026 Third of six 2026 wells onstream this week

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Large acquisition / reverse takeover◷ in 156 days

TEN FPSO acquisition

SPA signed; completion expected end Q1 2027

Led to Refinancing of 2026 notes – Refinancing completed 27 April 2026, closed 28 Apr 2026

Tullow signed an SPA in Feb 2026 to buy the TEN FPSO for c.$126m net, payable on completion. On 28 Sep 2026 completion was still expected at the end of Q1 2027. Tullow plans to use synergies with Jubilee to cut costs.

Price: c.$126 million net, paid on completion 28 Sep 2026 ↗
Completion: Expected end of Q1 2027 28 Sep 2026 ↗
Rationale: Operational synergies with Jubilee and further cost efficiencies 28 Sep 2026 ↗

Next: Completion of TEN FPSO purchase · 31 Mar 2027

28 Sep 2026 SPA signed; completion expected end Q1 2027
28 Sep 2026 SPA signed; completion expected end Q1 2027
20 Feb 2026 SPA signed; completion expected end Q1 2027
20 Feb 2026 SPA signed; completion expected end Q1 2027

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Legal & regulatory

Ghana tax disputes and receivables

ICC award against Tullow, 30 Sep 2026

On 30 Sep 2026 the ICC Tribunal ruled that Ghana's $196.5m corporate income tax assessment on 2016-2019 Business Interruption insurance proceeds does not breach Tullow's Petroleum Agreements. It also held the 100% penalties outside the agreements' contractual protections. Tullow is disappointed and will consider next steps after engaging the Government of Ghana.

Update 5 Aug 2026: Progress on recoverability cited in the guidance upgrade; no amount stated 5 Aug 2026 ↗
H1 recovery: $73 million pre-2026 gas receivables recovered in first half 2026 28 Sep 2026 ↗
Remaining historic gas: Recovered as of 28 September 2026 28 Sep 2026 ↗
Forum: International Chamber of Commerce (ICC) Tribunal; award delivered, announced 30 September 2026 30 Sep 2026 ↗
Amount at stake: $196.5 million corporate income tax assessment, plus penalties of 100% 30 Sep 2026 ↗
Period: Proceeds received in financial years 2016 to 2019 under Business Interruption insurance policy 30 Sep 2026 ↗