Nice7 Oct 2020 08:32
7 October 2020 - Tullow Oil plc (Tullow) is pleased to announce that it has completed the bi-annual redetermination of its RBL credit facility with $1.8 billion of debt capacity approved by the lending syndicate. As a result, the Group retains c.$500 million liquidity headroom of undrawn facilities and free cash at the start of the fourth quarter of the year, which the Board deems appropriate given Tullow's capital commitments.
At Tullow's request, the next redetermination will commence following Tullow's Capital Markets Day, which is scheduled for 25 November 2020, and is expected to be completed in January 2021.