LONDON (dpa-AFX) - Tullow Oil plc (TLW.L) said, for full year 2020, it anticipates: revenue to be approximately $1.4 billion; and gross profit to be approximately $0.4 billion. Group working interest oil production averaged 74,900 bopd in 2020, in line with guidance. Year-end net debt reduced to approximately $2.4 billion, as a result of $430 million free cashflow.
For 2021, Tullow Oil projects Group working interest oil production to average 60-66,000 bopd. Capital expenditure is estimated to be approximately $265 million.
Tullow Oil also announced that the Group and its lending banks have agreed to extend the redetermination of Reserve Base Lending facility, which was due to complete in January, by up to one month.
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