Moody’s my ARRRSSSEEE17 Dec 2019 21:05
Tullow Oil announces $350m CAPEX for 2020, rejects financial distress tag
Source: JoyBusiness
Date: 17-12-2019 Time: 05:12:59:pm
Tullow Oil has rejected suggestions that it is in financial distress a development that could open it up forceful takeover by another oil firm.
Tullow has maintained its operations are profitable and will deliver at least $150 million in free cash flow in 2020.
The company is also working to invest about $350 million in Capital Expenditure next year adding that “this shows that we have the resource to invest in the business and its operations.”
Speaking to JoyBusiness the Executive Vice President and Managing Director of Tullow Ghana, Kwaku Awotwi says developments in the coming days would show that the company is poised to quickly turn things around in the coming months.
The Oil exploration firm has also maintained that the planned comprehensive review of the company to turn things around, would not include employee cuts of the business.