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Tullow Oil - Launches US$300m convertible bond

August 2016

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • TLW
  • Price:
  • 215p
Tullow noted that its working interest  share of West African production averaged 51,900 gross bopd in H1 ‘16, lower than previous guidance due to previously flagged issues with its FPSO turret, which resulted in an extended shut down although new procedures enabled a restart in early May. Production has been gradually ramped up and stabilised at 90,000 bopd in June.The flagship TEN field is now 96% complete and within budget and expected to deliver first oil within the next 3-6 weeks. Overall West African production should be net 62,000-68,000 for 2016. This is below guidance but could be made up through an insurance claim.Meanwhile, in East Africa exploration has progressed well and led to an upgrade at it ...

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