Tullow Oil PLC November Trading Update (4620T)
15 Noviembre 2023 - 1:05AM
UK Regulatory
TIDMTLW
RNS Number : 4620T
Tullow Oil PLC
15 November 2023
November Trading Update
Full year 2023 free cash flow guidance increased to c.$150
million
Material step in refinancing strategy with new $400 million debt
facility
On track to deliver c.$800 million free cash flow between 2023
and 2025 at $80/bbl
15 November 2023 - Tullow Oil plc (Tullow) issues the following
business and full year guidance update. Tullow's next scheduled
update will be its Trading Statement on 24 January 2024. The
information contained herein has not been audited and may be
subject to further review and amendment.
Rahul Dhir, Chief Executive Officer, Tullow, commented
today:
"As we approach the end of the year, Tullow's financial position
continues to improve. The $400 million debt facility agreed with
Glencore is a material step in our refinancing strategy and
demonstrates Tullow's continued ability to access long-term
capital. With Jubilee South East onstream, our portfolio is
generating increased free cash flow, which is accelerating our
deleveraging, and we remain on track to deliver c.$800 million of
free cash flow between 2023 and 2025."
Business and full year guidance update
-- Full year 2023 free cash flow guidance increased from c.$100
million to c.$150 million primarily driven by increased sales
volumes in Gabon and deferral of some capital expenditure.
-- Expected year-end net debt of c.$1.6 billion and gearing of 1.3 times, ahead of guidance.
-- Capital expenditure expected to reduce to c.$370 million
(from $400 million) for the full year due to deferrals and cost
reductions; decommissioning spend remains c.$70 million.
-- Full year net oil production is expected to be marginally
below guidance of 58-60 kbopd, primarily due to Jubilee South East
schedule delays and reduced water injection, which is being
resolved with higher water injection rates anticipated by year end.
Production from the TEN fields and the non-operated portfolio
continues broadly in line with expectations.
-- Two Jubilee water injection wells brought onstream in
October, three further wells (two producers and one water injector)
expected to be drilled before year end, ready for tie-in during the
first half of 2024.
-- Ghana interim Gas Sales Agreement extended to allow for
ongoing gas export, continuing the c.$4 million per month
additional revenue stream; full year net gas production remains
c.7kboepd.
-- New $400 million five-year debt facility secured, with
proceeds available for liability management of the senior notes
maturing in March 2025.
-- Tender offers launched for notes maturing in March 2025 and
May 2026 to optimise and proactively manage cash, debt profile and
capital structure.
-- On track to deliver c.$800 million of free cash flow from
2023 to 2025 at $80/bbl, supported by a strong production outlook
with Jubilee production expected to be maintained at around 100
kbopd gross.
CONTACTS
========================= ===================
Tullow Investor Relations Camarco (Media)
ir@tullowoil.com (+44 20 3781 9244)
Nicola Rogers Billy Clegg
Matthew Evans Andrew Turner
Rebecca Waterworth
========================= ===================
Notes to editors
Tullow is an independent oil & gas, exploration and
production group, quoted on the London and Ghanaian stock exchanges
(symbol: TLW). The Group has interests in over 30 licences across
eight countries. In March 2021, Tullow committed to becoming Net
Zero on its Scope 1 and 2 emissions by 2030. For further
information, please refer to our website at www.tullowoil.com .
Follow Tullow on:
Twitter: www.twitter.com/TullowOilplc
YouTube: www.youtube.com/TullowOilplc
Facebook: www.facebook.com/TullowOilplc
LinkedIn: www.linkedin.com/company/Tullow-Oil
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END
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