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.

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

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

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

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

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

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

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

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

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

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