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Tullow trims RBL at redetermination

Tullow Oil has completed its twice yearly redetermination of its reserve-based lending facility, with $1.8 billion of debt capacity approved by lenders.

The company has $500 million of liquidity headroom, it said. This consists of undrawn facilities and free cash as of the start of the fourth quarter. The board said this was appropriate, given the company’s capital commitments.

The next redetermination will begin following Tullow’s Capital Markets Day. The company will hold this investor event on November 25. The redetermination should be completed in January 2021. Tullow announced its last redetermination on April 3. At this point, lenders confirmed the RBL at $1.9bn.

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Source: EnergyVoice

Tullow trims RBL at redetermination

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