LONDON, March 6 (Reuters) - Tullow Oil swung into a loss in 2023 after cutting the value of reserves in its flagship West African oilfield as its chief executive said the company would consider shareholder returns after 2025.

The London-listed company said on Wednesday it posted a $110 million in loss after tax last year, compared with a profit after tax of $49 million in 2022.

The loss surprised analysts at Jefferies who had forecast a profit of $257 million in 2023.

It booked some $435 million in impairments and write-offs, including over $301 million for reduced reserves at its TEN oilfield in Ghana amid investment delays.

Shares in the company fell about 3% to hit their lowest since June.

The company generated around $170 million in free cash flow last year, ahead of the $150 million guidance but below the $267 million generated in 2022, and cut net debt to $1.61 billion from $1.86 billion in 2022.

"We've got an opportunity to invest both organic and inorganically within our portfolio, and also at the same time, start to consider shareholder returns in the post-2025 timeframe," said CEO Rahul Dhir told Reuters.

The Africa-focused oil producer expects to generate more than $600 million in free cash flow in 2024 and 2025, as output grows from its newly expanded Jubilee oilfield in Ghana.

The company's market capitalisation stood at $410 million as of March 6.

The company pegged its working interest output in 2023 at around 62,700 barrels of oil equivalent per day (boe/d) and forecast 2024 production between 62,000 and 68,000 boe/d.

Its turnover declined to $1.63 billion, from $1.78 billion in 2022. Last year, its revenue would have been $139 million higher without hedges.

The company expects $250 million of capital expenditure in 2024, compared with $380 million last year. About 60% of the capital costs this year will be allocated to Jubilee.

The company reiterated its guidance for $200-300 million of free cash flow this year at the $80 a barrel level for crude, largely driven by the timing of revenue receipts for 18 to 19 cargoes lifted in Ghana during the year. (Reporting by Deep Vakil in London; editing by Miral Fahmy)