Tullow Oil plc has signed a binding lock-up agreement for refinancing of circa 66% of its $1,285,245,000 (£953m) 10.25% senior secured notes, due in May 2026.
REVENUE
The agreement, with debt holders including Glencore Energy UK Ltd’s $400 million notes,is expected to complete during the second quarter of 2026.
The Irish company said that the transaction released its senior secured notes and issued new extended notes with an increased maturity by more than two years, to November 2028.
Chief executive officer Ian Perks added: “Securing support from c.66% of noteholders alongside Glencore is a strong vote of confidence in our assets, our team and our strategy.
“By extending maturities and optimising our cash interest profile, we have secured the financial runway to improve performance, execute our business plan and secure additional value for stakeholders.”
The news comes as Tullow published its trading statement ahead of full year results for 2025, which included $847m (£628m) revenue.
Free cash flow of $100m (£74m) was below previous guidance, due to delays in the second instalment from the $40m sale of its Kenya assets, $40m cash calls, $100m gas payments from the Government of Ghana, as well as lower revenue in November and December 2025.