UK's Tullow Oil in talks to refinance $1.3 billion bond, Bloomberg News reports (updated)

Tullow Oil

19/08/2025 16:04

Adds details from the report in paragraph 2, Tullow response in paragraph 3

Aug 19 (Reuters) - West Africa-focussed Tullow Oil TLW.L is in talks with its bondholders to refinance its debt of about $1.3 billion due next year, Bloomberg News reported on Tuesday, citing people familiar with the matter.

Some of the company's bondholders have begun working with the law firm Weil, Gotshal & Manges LLP ahead of more formal discussions and potential amendments to the debt, Bloomberg reported.

"We are making good progress with plans to refinance the group's capital structure during 2025," Tullow told Reuters.

Tullow, which has been struggling with high level debt, operates mainly in Ghana, Gabon, Côte d'Ivoire, and a few other African countries, with most of its output coming from the Jubilee and TEN oilfields in Ghana.

It had net debt of around $1.5 billion at the end of last year. As of Tuesday, its market capitalization was about 160.6 million pounds ($216.81 million).

($1 = 0.7407 pounds)

 (Reporting by Shanima A in Bengaluru; Editing by Anil D'Silva)

 ((shanima.a@thomsonreuters.com; (Direct: +91 72 5956 7774);))