1st Oct 2015 06:18
LONDON (Alliance News) - Oil and gas company Tullow Oil PLC on Thursday said its banks have completed their reserve-based lend redetermination process and said its financing arrangement remain the same as a result.
FTSE 250-listed Tullow said is available debt capacity remains at USD3.7 billion. At the end of September, the company had cash and undrawn credit facilities totalling USD2.1 billion with headrooms and no near-term maturities.
"Today's announcement demonstrates the robustness of Tullow's debt capital structure and emphasises the strong support that we are receiving from our relationship banks. Generating such significant liquidity at this time reflects our prudent hedging programme and the quality of our producing and development assets," said Tullow Chief Financial Officer Ian Springett.
By Sam Unsted; [email protected]; @SamUAtAlliance
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