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Tullow Oil has $700 mln liquidity, cuts capex to $300 mln

Reuters - UK Focus

LONDON, April 3 (Reuters) - Tullow Oil's lenders have approved the size of its reserves-based lending facility at $1.9 billion, giving the group $700 million of undrawn loans and cash at the start of the second quarter, it said on Friday.

The company also said it was cutting its 2020 capital expenditure to $300 million, down $50 million from previous guidance, mainly through delaying activity. It said its cashflow breakeven point was an oil price of $35 a barrel. (Reporting by Shadia Nasralla Editing by David Goodman)