TLW.L - Tullow Oil plc

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

Tullow Oil's lenders have approved the size of its reserves-based lending facility at $1.9 billion (1.53 billion pounds), giving the group $700 million of undrawn loans and cash at the start of the second quarter, it said on Friday. Tullow, which had a market capitalisation of about $204 million before markets opened on Friday, is due to pay back a $300 million convertible bond in July 2021. Tullow said it expects its hedging to result in a $30 million receipt for March.

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

RPT-Tullow Oil expects 2020 cash flow of up to $75 mln at $50 a barrel

Africa-focused Tullow Oil expects its free cash flow this year to reach $50 million to $75 million at an oil price of $50 a barrel, and to break even at prices of $45 a barrel, it said on Thursday. Tullow said it would slash its investment budget by about a third to $350 million this year and cut its spending on exploration, historically the focus of the group, by almost half to $75 million. The group, whose shares have shed around 90% of their value in the past six months, said it aims to cut its general and administrative budget by around $200 million over the next three years.

Bets against Tullow Oil shares at highest in over a year - data

Short positions on Tullow Oil shares hit a more than 15-month high on Monday, data from industry tracker FIS' Astec Analytics showed, in a sign of investors growing pessimism over the company's prospects ahead of its 2019 results on Thursday. Shares in Tullow have nosedived around 92% in the past six months on the back of weak output in Ghana, delays in East Africa, lower-than-hoped-for oil quality in Guyana and a dry well in Peru. Tullow is cutting around a third of its workforce, seeking to sell stakes in some of its assets and hunting for a new chief executive.

Thomas moves to Neptune Energy from Tullow Oil

GLOBAL MARKETS-Coronavirus shock, oil crash sinks world stocks

LONDON/SYDNEY/HONG KONG, March 9 (Reuters) - Global stocks plunged on Monday and prices for crude oil tumbled as much as 33% after Saudi Arabia launched a price war with Russia, sending investors already panicked by the coronavirus fleeing for the safety of bonds and the yen. Saudi Arabia had stunned markets with plans to raise its production significantly after the collapse of OPEC's supply cut agreement with Russia, a grab for market share reminiscent of a drive in 2014 that sent prices down by about two thirds.

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LIVE MARKETS-STOXX at new record: Now what?

* Wall Street closed for Washington's Birthday Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters. You can share your thoughts with Thyagaraju Adinarayan (thyagaraju.adinarayan@tr.com), Joice Alves (joice.alves@tr.com), Julien Ponthus (julien.ponthus@tr.com) in London and Danilo Masoni (danilo.masoni@tr.com) in Milan. After failing four times to break above the 400-points threshold over the last 20 years, the STOXX 600 has finally made it and by a decent margin!

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Tullow Oil to abandon well offshore Peru after no oil found

Tullow Oil will plug and abandon its Marina-1 well offshore Peru after drilling reached total depth with no oil encountered, it said on Monday. "The well tested the La Cruz and Mal Pelo formations where minor gas shows were encountered," Tullow said in a statement. The London-listed company holds a 35% interest in the well, while Australia's Karoon Energy holds a 40% operating equity interest through a subsidiary and Pitkin Petroleum owns the remaining 25%.

REFILE-Israel's Leviathan gas group seeks partners to expand

The energy companies that own Israel's offshore Leviathan gas field are seeking partners to build a floating liquefied natural gas (FLNG) platform and possibly to explore for oil in ultra-deep water, a CEO from the group said. Leviathan, one of the world's biggest offshore gas discoveries of the last decade, has turned Israel into an energy exporter in a tumultuous region and has weaned it off more polluting imports, notably coal.

Tullow Oil plans to cut third of workforce seeking $20 mln savings

Tullow Oil plans to cut a third of its staff to slash its administration costs by a fifth, or around $20 million, a source with direct knowledge of the matter said, after weak output in Ghana, delays in East Africa and lower-than-hoped-for oil quality in Guyana. The move would shrink Tullow, which industry sources told Reuters is looking to sell its Kenya projects once vaunted as a growth engine for the group, to a workforce of around 650 people and come alongside pay and hiring freezes, the source said. This would allow Tullow to cut its annual net administration costs by around a fifth to $80 million which, across Tullow's projects including costs to its partners, equates to $100 million less administration spending, the source said.

Eco Atlantic, Tullow and Total to meet this month for next steps in Guyana

Canada's Eco Atlantic, UK's Tullow Oil and France's Total SA will meet early this month to assess recent drilling results and set budgets and targets for their jointly operated Orinduik block offshore Guyana, Eco Atlantic said on Monday. The Toronto-listed company said an independent Competent Persons Report (CPR) showed an increase in the gross prospective resources to 5,141 million barrels of crude oil equivalent (MMBOE) from the block from a prior estimate of 3,981 MMBOE in March last year. London-listed shares of Eco Atlantic rose 11% in early trade, while Tullow slipped 1.3%.