Tullow Oil

H1 operational stability sets scene for major business review

  • Sectors : Resource
  • Companies : Tullow Oil

Ratings and price correct at time of issue.

  • Tullow Oil

    Closing Price: 19.4p

  • RATING 15/01/20

  • PREVIOUS RATING 09/12/19

    UNDER REVIEW

DAVY VIEW

Tullow’s H1 report shows that it has stabilised operations and reduced costs. The second half of the year will see its new management complete a review of the optimal financial structure for the group and the best way to deliver upside in its assets. A planned late year Capital Markets Day (CMD) will update on the outcome of this review. Notwithstanding the very difficult industry backdrop, this sets a natural watershed for investor judgement on the group. In the meantime, the market’s focus on financial risk ensures delivery of the Uganda sale, and results of the October semi-annual RBL review with the banks will be actively monitored.

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Sep 9 2020, 07:15 IST/BST

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