From the RNS yesterday!13 Mar 2020 11:01
DT.....” Even with recent events in oil markets, Tullow's assets remain robust: we are a low-cost African oil producer, with a strong hedging position, substantial reserves that underpin our business and a high potential exploration portfolio."
2020 outlook....
· Group production year-to-date in line with expectations; full year guidance of 70,000 - 80,000 bopd
· Jubilee performing well after gas processing facility upgraded, increased gas offtake agreed, and sea-water injection capacity optimised; Nt-09 production well at TEN on-stream in Q2; non-operated West African production in line with expectations
· Capex of c.$350 million, down c.30% from 2019; exploring options to reduce further if required
· 2020 free cash flow forecast of $50-$75 million at $50/bbl; free cash flow breakeven of c.$45/bbl
· 60% of 2020 sales revenue hedged with a floor of $57/bbl; 40% of 2021 sales revenue hedged with a floor of $53/bbl