RE: Buy27 Jan 2021 22:43
The positives..!!
The re-financing will happen
Underlying operating cash flow(1) is expected to be c.$0.5 billion at $50/bbl for the first year of Tullow's new business plan which aims to deliver c.$7 billion underlying operating cash flow over the next 10 years; 2021 pre-financing cash flow is expected to be c.$0.2 billion at $50/bbl(2)
. -- In Ghana, oil production from Jubilee and TEN for the year to date is in line with expectations, supported by gas offtake from the Government of Ghana of c.125 mmscfd.
-- A new oil offloading system is being commissioned on Jubilee and is expected to be ready for a first lifting in February. -- A drilling rig is being mobilised to Ghana to commence operations in the second quarter of the year and the first new production well on Jubilee is forecast to be onstream in the third quarter.
-- In the Non-operated portfolio, development drilling is restarting in Gabon and Equatorial Guinea, whilst decommissioning activity continues in Mauritania and the United Kingdom.
-- In Kenya, following approval of the 2021 Work Programme and Budget, Tullow received an extension to its exploration licences to the end of 2021. Tullow and its Joint Venture Partners are now re-working the development project to ensure that it is robust at low oil prices and expect to submit a revised plan to the Government of Kenya later this year.
-- In Côte d'Ivoire, Tullow has reduced its onshore exploration portfolio to focus on unlocking value from the CI-520 block.
-- In the Suriname-Guyana basin, drilling of the Goliathberg-Voltzberg North exploration well in Block 47 in Suriname is expected to commence shortly. Work also continues on developing the prospect inventory on the Orinduik and Kanuku licences offshore Guyana.
Multi bagger in my opinion!
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