Please find our previous Tullow Oil analysis here. We will update our assumptions and models when the Company release its full-year numbers. 

Tullow Oil made multiple announcements this morning (Friday 20th), but in substance, little has changed. While the proposed Amend and Extend transaction provides the Company with an additional 30 months of runway, this period is clearly intended to facilitate a sale of the business, which now appears to be the sole viable exit route.

In early September, we noted that the Company was unlikely to appoint a new CEO, arguing that the CFO and Chairman were adequately positioned to oversee a sale process. The subsequent appointment of Mr Perks briefly raised market expectations that the company was pursuing alternative strategic outcomes. However, it has now become apparent to all stakeholders that this is fundamentally a liquidation-led equity story.

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With options exhausted, the proposed A&E represents the Company’s only viable path. 66% of bondholders, alongside Glencore, have agreed to

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There are several headlines concerning the ongoing court case between Tullow and Vallourec, but in reality, the litigation remains at

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Tullow has experienced a significant departure of its independent non-executive directors, with the Chairman and three other directors stepping down with

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Tullow’s endgame may be approaching, or perhaps not. As we stated previously, a delisting, debt for equity and/or Amend and Extend are the only

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Although Tullow does not publish quarterly results, its Ghanaian partner, Kosmos, does, providing a useful read-across. The implications for

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Please find our updated analysis on Tullow here.

The Tullow Oil situation has changed significantly over the past few years, yet we once again find ourselves concentrating on the same fundamental issue, production, as we

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Tullow appointed Ian Perks as its new CEO. Mr Perks worked for BG Group and Total, but since January 2021, he has been working as a

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Tullow remains without a clear strategic direction, with the first half results offering little additional clarity. Jubilee production came

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Last man standing, and not as planned. The Senior Secured Notes, issued with a springing maturity and other protections, now find themselves the

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Tullow has taken another step in completing the sale of its Kenyan assets, signing the sale and purchase agreement with Auron Energy, an affiliate of

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In acknowledgement that Tullow will not be able to make it on its own, management has been attempting to initiate merger talks with

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The Ghanaian Government (Ghana National Petroleum Company) have signed a Memorandum of Understanding to extend oil

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Tullow issued a trading update before hosting its AGM later this morning. With no drilling in Q1, which included a 2-week planned

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Rahul Dhir, the CEO, is looking for a quicker exit than we anticipated, as he is resigning from the Board on February 14th. Tullow continues to

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Our projections for net debt was $1.5bn, $100m higher than Tullow’s own guidance in November. Now, Tullow is guiding $1.45bn, splitting the difference, with

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Please find our updated analysis on Tullow Oil here.

Tullow Oil is facing a pivotal 3 months with upcoming maturities and a near-impossible refinancing. Tullow was quick to announce to the markets the

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