Tullow Oil’s chief financial officer will resign after securing the company’s future by offering $ 1.8 billion in significant bonds in May.
An African-focused explorer and producer said Wednesday that Leswood, who has been Chief Financial Officer since 2017, has “mutually agreed” with the board to resign at the end of March next year.
NS Refinancing Tullow, who had previously warned of the “significant risk” of bankruptcy, soared after years of rocky years if it couldn’t secure the money.
December 2019, Significantly reduced production forecastsSaid that he embarked on a significant cost-cutting and disposal program, leaving both then CEO Paul McDade and his exploration officer.
Tullow announced Wood’s resignation after announcing half-year results on Wednesday. This shows that it returned to the black in the first half of this year.
The new CEO, Rahul Dhir, is refocusing on West Africa’s core assets, with $ 1.4 billion in the same period in 2020, despite revenues dropping to just $ 727 million. From the loss, we recorded a pre-tax profit of $ 213 million. , From $ 731 million in the previous year.
The result was supported by a decrease in write-downs. Last year, it significantly lowered the value of Uganda’s assets and was subsequently sold to TotalEnergies in France.
Production in the first half was as expected, averaging 61,230 barrels of oil equivalent per day. The company succeeded in reducing its net debt from $ 3 billion in the previous year to $ 2.3 billion through disposal.
After deciding to postpone the planned closure of one of Ghana’s key areas until next year, full-year production is now projected at 58,000-61,000 barrels per day, a previous forecast. It has been revised slightly upward from 55,000 to 61,000 b / d. .. Production from the project in Gabon also increased.
“It’s a good time to leave Tullow five years later as CFO,” Wood said, after “a comprehensive refinancing earlier this year.”
Deal, who was appointed last year to revive Taro’s fortune, said Wood was “essential to the group’s financial turnaround.”
Tullow also said Wednesday that it began searching for “strategic” partners to support the development of large-scale projects in Kenya.
Investec analyst Alex Smith said the group’s first-half results “reflect strong performance combined with the results of asset sales and their transformative debt refinancing.”
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