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.

Target	Promise	Said	Status
2024
2024	Complete Jubilee drilling programme about six months early	16 May 2024	✓ Kept
	“On track to reduce net debt to less than $1.4 billion and cash gearing of net debt to EBITDAX to c.1x at $80/bbl by the end of 2024” Result Half-year results confirmed Ghana drilling completed ahead of schedule. “Five new Jubilee wells (three producers and two water injectors) were brought onstream during the first half of 2024, bringing the current drilling programme to an end, approximately six months ahead of schedule and with no recordable safety incidents.”7 Aug 2024 · 2024 Half Year Results
2025
30 Jun 2025	Complete Gabon sale for $300m around mid-2025	24 Mar 2025	✓ Kept
	“completion of the transaction expected around the middle of the year, subject to relevant governmental and regulatory approvals.” Also stated 25 Mar 2025 Result Completed 29 July 2025 for $307m, slightly after mid-year. 29 Jul 2025 · Tullow completes sale of Gabon assets
31 Dec 2025	Complete Kenya sale and receive first payment in 2025	15 Apr 2025	✓ Kept
	“completion of the Transaction and receipt of first payment during 2025” Result Completed September 2025 with $40m Tranche A received. “Tullow Oil plc (Tullow) is pleased to announce that it has successfully completed the sale of its entire working interest in Kenya to Auron Energy E&P Limited, an affiliate of Gulf Energy Ltd, following satisfaction of all conditions precedent under the Sale and Purchase Agreement (SPA) announced on 21 July 2025. Tullow has received the full proceeds of Tranche A (US$40 million) under the terms of the SPA.”25 Sep 2025 · Tullow completes sale of Kenya assets
2026
1 May 2026	Appoint at least three new independent directors after refinancing	20 Feb 2026	✓ Kept
	“appointment of at least three new independent non-executive directors and formation of a dedicated board sub-committee to oversee a disciplined process for value-maximisation” Result Four independent non-executive directors appointed in April 2026. 8 Apr 2026 · Appointment of four Independent NEDs
30 Jun 2026	Complete refinancing in Q2 2026 extending notes to 2028	20 Feb 2026	✓ Kept
	“the Transaction is expected to complete in the second quarter of 2026” Also stated 26 Feb 2026 Result Completed 24 April 2026 with new notes due 2028. “issued c. $1.185 billion senior secured notes due 2028 (the "New Notes") pursuant to the Indenture”27 Apr 2026 · Refinancing Transaction successfully completed “Tullow Oil plc ("Tullow" or the "Company") is pleased to announce the successful completion of the refinancing transaction”27 Apr 2026 · Refinancing Transaction successfully completed
Today · 10 Oct 2026
2026-05	Address all 2025 Notes and refinance the 2026 Notes	13 Nov 2023	✓ Kept
	“will allow us to fully address all outstanding 2025 Notes and positions us for a successful refinancing of the 2026 Notes” Result 2025 Notes repaid March 2025; 2026 notes refinanced to 2028 on 24 April 2026. “issued c. $1.185 billion senior secured notes due 2028 (the "New Notes")”27 Apr 2026 · Refinancing Transaction successfully completed
2026	Extend Ghana Jubilee and TEN licences to 2040	4 Jun 2025	✓ Kept
	“licence extensions for Jubilee and TEN to the end of 2040” Result Petroleum agreements extended to 31 December 2040 in February 2026. “the extension of its West Cape Three Points and Deep Water Tano Petroleum Agreements, which cover the Jubilee and TEN fields in Ghana, have been ratified by the Ghanaian Parliament. Accordingly, these agreements have been extended to 31 December 2040.”20 Feb 2026 · Ghana Petroleum Agreements Extended