Full Year Results 

Tullow bringing the debt burden down

Tullow bringing the debt burden down

It's hard to fault Tullow Oil (TLW) in terms of ambition. Undaunted by last April's major rights issue and refinancing, and with free cash flow surging, the frontier driller is already looking to build on its established production base through farm-downs on assets in Uganda and Mauritania, new licence awards in Côte d'Ivoire, and a near-term drilling campaign in Namibia. Management has also confirmed the potential of the South Lokichar basin in Kenya following an appraisal campaign, with the best estimate of contingent resources given at 560m barrels. A final investment decision on that front is expected next year.

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