rns12 Mar 2021 10:37
Tullow Oil PLC, up 7.8% at 59.48 pence, 12-month range 7.17p-59.96p - hitting this high earlier on Friday. Morgan Stanley raises the oil and gas firm to Overweight from Equal Weight. On Wednesday, Tullow had said its 2020 results were in line with its expectations despite difficulties caused by the Covid-19 pandemic. Tullow said it had been reviewing its business plan and operating strategy with creditors and their advisers, and the plan is expected to generate material cash flow and create a "solid foundation" to address near-term debt maturities. "The group is confident that a mutually satisfactory agreement on debt refinancing can be reached in the first half of this year," said Tullow.