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MarketScreener Homepage  >  Equities  >  Irish Stock Exchange  >  Tullow Oil    TQW   GB0001500809

TULLOW OIL

(TQW)
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Tullow, Partners Sign Heads of Terms With Government of Kenya

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06/25/2019 | 10:04am EDT

By Oliver Griffin

Tullow Oil said Tuesday that it and its joint venture partners in Kenya have signed a heads of terms agreement with the country's government for the development of the South Lokichar Basin.

The oil-and-gas company said it signed the agreement alongside Total and Africa Oil Corp to capture all the key commercial principles related to implementing their joint oil project in Kenya.

Describing the agreement as a major and important milestone toward reaching a final investment decision, Tullow said the parties have agreed that the Amosing, Ngamia and Twiga fields should form the development's foundation stage, complete with a central processing facility that can process 60,000 to 80,000 barrels of oil a day.

Tullow said the joint venture partners will focus their efforts on securing financing for constructing a pipeline for the project while continuing to progress other works that lead to the selection of contractors ready for a final investment decision.

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

Stocks mentioned in the article
ChangeLast1st jan.
AFRICA OIL CORP -1.63% 1.21 Delayed Quote.13.89%
AFRICA OIL CORP -1.41% 8.77 Delayed Quote.28.63%
TOTAL -2.75% 48.59 Real-time Quote.8.20%
TOTAL -2.55% 48.705 Delayed Quote.7.53%
TULLOW OIL -2.83% 202.7 Delayed Quote.16.47%
TULLOW OIL 3.53% 2.378 Delayed Quote.0.00%
WTI -1.81% 56.54 Delayed Quote.32.38%
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Financials (GBP)
Sales 2019 2 063 M
EBIT 2019 832 M
Net income 2019 326 M
Debt 2019 2 499 M
Yield 2019 -
P/E ratio 2019 -
P/E ratio 2020 -
EV / Sales2019 2,45x
EV / Sales2020 2,14x
Capitalization 2 549 M
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Last Close Price 212,95  GBp
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Managers
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Paul McDade Chief Executive Officer & Executive Director
Dorothy Carrington Thompson Chairman
Sandy Stash EVP-Safety, Operations, Engineering & External
George Leslie Wood Chief Financial Officer & Executive Director
Angus Murray McCoss Executive Director & Exploration Director
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