Tullow reported sharply reduced results for 1H25, on lower production and weaker oil prices. However, the financial performance belies the underlying strategic progress the company made in the half towards refinancing its debt. That includes generating US$380m in 2025 disposal proceeds, with US$300m already received in July, together with significant reductions in costs and interest which will benefit the second half, as well as entering a MoU to extend the Ghana licences to 2040. Production guidance, excluding Gabon is unchanged, at 40-45kboed as is expected net debt at YE25 of c.US$1.1bn with gearing at 1.3x at US$65/bbl Brent. Moreover, despite a difficult return from maintenance at Jubilee, the first well in the current six well programme on the field is performing well with another due onstream towards the end of the year. Management remain confident that it will complete the refinancing of the capital structure before the end of the year.