https://www.miningweekly.com
Energy
Energy
energy

Tullow signs $400m debt facility deal with Glencore

13th November 2023

By: Reuters

  

Font size: - +

Tullow Oil said on Monday it had entered into a $400-million five-year debt facility deal with Glencore, which would help manage its senior notes maturing through 2026.

The facility, with Glencore Energy UK, will be available to draw for 18 months and allow Tullow to address all its outstanding 2025 notes and also refinance its 2026 notes, CEO Rahul Dhir said in a statement.

Analysts at Peel Hunt believe the facility "significantly de-risks" Tullow's ability to refinance its 2026 notes.

"This uncertainty has been a key drag on the share price and we expect the shares to react well to today's announcement," the brokerage said.

Tullow's shares were 3.6% higher at 31.5p in early trade. They have fallen more than 17% so far this year.

The company also signed an oil marketing and offtake contract with Glencore for Tullow's crude oil entitlements in Ghana and Gabon.

Edited by Reuters

Comments

Showroom

Showroom image
Alcohol Breathalysers

Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 10 May 2024
Magazine round up | 17 May 2024
17th May 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.2 0.239s - 108pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: