RSS   Newsletter   Contact   Advertise with us

Tullow Oil sees 2018 as a productive year after $2.5 billion in loans

Share on Twitter Share on LinkedIn
Staff Writer | November 29, 2017
Refinancing $2.5 billion in loans means that, after resolving potentially pivotal West African issues, Tullow Oil enters 2018 on good footing, an officer said.
Tullow Oil
Oil exploration   Tullow has its headquarters in London
The company said it completed the refinancing of $2.5 billion in credit facilities, leaving it with about $900 million in free cash.

"The transaction, which was formally launched in early October following the resolution of the Ghana - Ivory Coast border dispute, was materially over-subscribed and extends the maturity of the Group's existing reserves-based lending credit facilities," the company explained.

Tullow, which has its headquarters in London, posted a loss of around $519 million for the first half of the year, after taking a pre-tax profit of $24 million during the same period last year.

It reported an operating loss of $395 million, said its realized oil price of $57.30 per barrel for first half of the year was 6 percent lower than last year, and lowered its spending guidance for the year by 20 percent to $400 million.