Tullow Oil on Friday introduced a vast victory revamp and a sequence of offers to deepen its presence in West Africa, because the closely indebted enterprise strikes to secure its operations and protected longer-term business leader.

The corporation has signed a refinancing maintain Glencore and homeowners of about two-thirds of its $1.3 billion senior secured notes due May 2026, extending debt maturities by means of greater than two years to November 2028, it mentioned.

Tullow has been combating with herbal manufacturing declines and not on time executive bills, that have strained money float and compelled the unbiased oil manufacturers to chop prices amid mounting debt.

The corporation additionally one by one agreed to shop for the floating manufacturing, garage, and offloading vessel serving Ghana’s TEN oilfields for $205 million, in a deal CEO Ian Perks mentioned will lower fastened prices and spice up long-term money float.

It has additionally struck a maintain the Ghanaian executive to increase its West Cape Three Points and Deep Water Tano Petroleum agreements.

RUNWAY FOR DEVELOPMENT

“By extending maturities and optimising our money pastime profile, we’ve got secured the monetary runway to make stronger efficiency, execute our trade field and protected further price for stakeholders,” Perks mentioned in a remark.

Shares of the corporation, which rose about 23% on Thursday after falling greater than 70% in 2025, swung between positive factors and losses in early Friday buying and selling.

Following the refinancing, Tullow now expects to have liquidity headroom of unfastened money and undrawn amenities in far more than $200 million.

The London-listed oil manufacturer mentioned it expects its 2026 output to reasonable between 34,000 and 42,000 barrels of oil identical in keeping with day, when compared with 40,400 boepd reported in 2025.

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by means of Readers and Contributors in this platform don’t essentially constitute the perspectives or coverage of Multimedia Group Limited.