Tullow Oil plc (Tullow), the independent oil and gas exploration and production group (Group), announced its Full Year Results for the year ended 31 December 2024.
Richard Miller, Interim Chief Executive Officer and Chief Financial Officer, Tullow Oil plc, commented: “In 2024 we had a number of successes but also some operational challenges, most notably with Jubilee production and a reserves revision, however there is now strong momentum within the business with a return to drilling at Jubilee, and the commencement of production optimisation and reserves maturation activities in Ghana.
In addition, several key achievements have recently been realised, including the resolution of the Ghana Branch Profits Remittance Tax arbitration which eliminated a material overhang, the repayment of our 2025 senior notes and as announced on 24 March, the signed binding heads of terms for the sale of our Gabonese assets for a cash consideration of $300 million.
This will accelerate our deleveraging progress this year. “I am clear on the levers required to unlock Tullow’s full potential.
The team remains fully focused on our near-term priorities; advancing our refinancing plan, reducing costs, optimising production activities at Jubilee and TEN, and driving reserve growth.
We will continue to maintain our financial discipline and prioritise investments that add value and deliver high returns. “Tullow’s core strength as a trusted partner with a cash-generative business and attractive assets with reserves growth opportunities positions us well as we lay the foundations for value creation.”
Full report: file:///Users/masahudu/Downloads/PR-087%20TULLOW%20OIL%20PLC%20TULLOW%20%202024%20FULL%20YEAR%20RESULTS(2).pdf
