While the assets in Ghana are producing in line with expectations, declaring force majeure in Kenya will slow down the divestment process. The company expects to breach its financial covenants on the RBL facility in H1 21 and seeks to amend its terms with the banks. This adds further stress on the stock and confirms once more the speculative nature of the company, even with a new management on-board.
09 Sep 2020
H1: Ugandan proceeds needed, renegotiation with banks ongoing
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H1: Ugandan proceeds needed, renegotiation with banks ongoing
Tullow Oil plc (TLW:LON) | 35.3 0 (-0.2%) | Mkt Cap: 513.5m
- Published:
09 Sep 2020 -
Author:
Kevin VO -
Pages:
3
While the assets in Ghana are producing in line with expectations, declaring force majeure in Kenya will slow down the divestment process. The company expects to breach its financial covenants on the RBL facility in H1 21 and seeks to amend its terms with the banks. This adds further stress on the stock and confirms once more the speculative nature of the company, even with a new management on-board.