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No news or research item is a personal recommendation to deal. All investments can fall as well as rise in value so you could get back less than you invest. Market closed Prices delayed by at least 15 minutes Switch to live prices. The shares fell 3.

Tullow can't control the oil price, and has been desperately unlucky that having found vast quantities of oil it then saw the rug pulled from under its feet when the price of crude plunged, just as the company was fully committed to taking on huge debts in order to develop the new fields. Crucially, Tullow's lenders have kept the faith, renewing and extending debt facilities through thick and thin, allowing the group to focus on developing its discoveries.

The problems with the Jubilee production vessel's turret are a distraction, but shows the importance of being well insured, for without it, Tullow could have been dealt a body blow. With most of the capital expenditure behind it and costs falling, Tullow is finally starting to see rising production.

However, the balance sheet looms large for Tullow, with debt rising rapidly over the last few years. The company suggests that the combination of TEN coming online and falling operating and capital expenditure means it will be able to tullow oil share price news organic deleveraging using cash flow to pay down the debt mountain rather than seeking to raise new equity.

Unfortunately Tullow's cash flow is bar chart forex data dependent on the oil price so debt repayment depends on conditions remaining stable. The company deserves credit for its ongoing exploration success and its development achievements.

But the value of it all is out of its hands and the stock will remain a play on future oil prices.

Investors should also bear in mind that, at stock broker edmonton alberta point, Tullow may seek to raise additional equity funds to cut debt levels. The group's improved net debt position largely reflects the contribution from the Pppd call options oilfield.

Following first oil in August, the group's annualised net interest in the field in averaged 6, bopd. Tullow now expects net production in of 23, bopd from the field. Net production from Jubilee, the group's other large Ghanaian field, was 26, bopd. The group has also received insurance payments to cover 4, bopd of net equivalent production lost in relation to the damaged turret at the field's FPSO.

Progress continues at the group's East Africa prospects, with a four-well exploration programme started in mid-December in the Kenyan South Lokichar Basin. In Uganda the group has agreed a substantial farm-down to French giant Total. The group has transferred Unless otherwise stated, all estimated figures, including prospective dividend yields, are taken from a consensus of analyst forecasts compiled by Thomson Reuters.

These estimates should not be taken as a reliable indicator of future performance. All yield figures are variable and not guaranteed. The information in this article is not intended to be advice or a recommendation to buy, sell or hold any investment mentioned, nor is it a research recommendation.

No view is given as to the present or future value or price of any investment, and investors should form their own view in relation to any proposed investment. View the Tullow Oil plc factsheet.

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How much can I invest? Tullow Oil - TEN oil production downgraded Equity research team 11 January A A A. No recommendation No news or research item is a personal recommendation to deal. Tullow Oil plc Ordinary 10p Sell: The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website aims to provide information to help you make your own informed decisions.

It does not provide personal advice based on your circumstances.

Tullow Oil | Africa's Leading Independent Oil Company

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