{"id":4814,"date":"2016-07-08T09:40:45","date_gmt":"2016-07-08T09:40:45","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=4814"},"modified":"2017-01-25T07:00:20","modified_gmt":"2017-01-25T07:00:20","slug":"tullow-oil-to-raise-300-million-to-fund-east-west-africa-operations","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-to-raise-300-million-to-fund-east-west-africa-operations\/","title":{"rendered":"Tullow Oil to raise $300 million to Fund East & West Africa Operations"},"content":{"rendered":"

Tullow Oil has said it will be raising $300 million of Convertible Bonds due 2021 to diversify the company\u2019s sources of funding and the proceeds will be used for general corporate purposes and to fund capital investment in the Group\u2019s assets in West and East Africa.<\/p>\n

According to Tullow Oil Chief Financial Officer Ian Springett the bond has strengthened the exploration company liquidity position and will diversify its sources of capital.<\/p>\n

\u201cWe are very pleased with the result of this bond offer which reflects the confidence that the market has shown in the Group\u2019s business and financing strategy. The high level of demand has enabled us to strengthen our liquidity position and diversify our sources of capital,\u201d said Ian.<\/p>\n

The monies are likely to be used to fund ongoing projects such as the early oil pilot scheme EOPS<\/a> project and appraisal<\/a> activities in Kenya, entry into the development phase in Uganda with the pipeline <\/a>already funded by Total<\/p>\n

At the Jubilee project in Ghana the company and its partners will be converting the FPSO to a permanently spread moored facility, with offtake through a new deepwater offloading buoy, as the preferred long-term solution.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tullow Oil has said it will be raising $300 million of Convertible Bonds due 2021 to diversify the company\u2019s sources of funding and the proceeds will be used for general … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":4243,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[171,4635,671,997,4637,1252,2042,4636,2571,2603,2720],"class_list":["post-4814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-appraisal","tag-convertible-bond","tag-east-africa","tag-ghana","tag-jubilee-project","tag-kenya","tag-pipeline","tag-ten-project","tag-tullow-oil","tag-uganda","tag-west-africa","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-1fE","jetpack-related-posts":[{"id":2040,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-cuts-on-offshore-exploration-to-focus-on-east-africa-acreage-as-crude-oil-price-drop\/","url_meta":{"origin":4814,"position":0},"title":"Tullow Oil cuts on offshore exploration to focus on East Africa acreage as crude oil price drop","author":"Samuel Kamau Mbote","date":"November 12, 2014","format":false,"excerpt":"Following the drop in global crude oil prices Tullow Oil says I will be reducing on exploration cost as well as focus on high margin oil and its major basin-opening potential. \u201cIn light of current oil and gas sector challenges including the commodity price environment, we are reviewing our capital\u2026","rel":"","context":"In "Prices"","block_context":{"text":"Prices","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/prices\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/11\/tullow-oil-jubilee.jpg?fit=600%2C400&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/11\/tullow-oil-jubilee.jpg?fit=600%2C400&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/11\/tullow-oil-jubilee.jpg?fit=600%2C400&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":2317,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-cuts-exploration-capital-expenditure-by-80-in-2015-following-oil-price-drop\/","url_meta":{"origin":4814,"position":1},"title":"Tullow Oil cuts exploration capital expenditure by 80% in 2015 following oil price drop","author":"Samuel Kamau Mbote","date":"January 15, 2015","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] Tullow Oil has said it will be shrinking its 2015 exploration expenditure capital to just $200 million from $1 billion in 2014 as it takes steps to strengthen the business to adapt to current market conditions. The company that has exploration and production licenses in West and East\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12286,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-ceo-issues-statement-ahead-of-agm\/","url_meta":{"origin":4814,"position":2},"title":"Tullow Oil CEO Issues Statement Ahead of AGM","author":"","date":"May 25, 2022","format":false,"excerpt":"Our company now has solid financial and operational foundations with a well-defined opportunity set to drive growth and create value. With new leadership at the Board, we are now well-placed to build on these firm foundations to achieve our ambitions in the African oil and gas sector and fulfil our\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":9387,"url":"https:\/\/www.oilnewskenya.com\/index.php\/uganda-tullow-completes-575-million-sale-of-uganda-assets-to-total\/","url_meta":{"origin":4814,"position":3},"title":"UGANDA: Tullow completes $575 million sale of Uganda assets to Total","author":"","date":"November 10, 2020","format":false,"excerpt":"Tullow Oil\u00a0 has announced that the sale of its assets in Uganda to Total has completed with $500 million consideration received earlier today. Tullow is also due to receive a further $75 million when a Final Investment Decision is taken on the development project plus contingent payments linked to the\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/05\/Uganda-rig.jpg?fit=699%2C466&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/05\/Uganda-rig.jpg?fit=699%2C466&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/05\/Uganda-rig.jpg?fit=699%2C466&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":4242,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-slashes-east-africa-exploration-budget-focuses-on-pre-development-stage\/","url_meta":{"origin":4814,"position":4},"title":"Tullow Oil Slashes East Africa Exploration Budget Focuses on Pre-Development Stage","author":"","date":"January 13, 2016","format":false,"excerpt":"Tullow Oil has slashed its exploration and appraisal budget by 50 percent compared to 2015 to just $100 million as the company allocated $150 million to pre-development expenditure. The reduction is an overall cut in the group\u2019s capital expenditure associated with operating activities which has reduced from $1.7 billion in\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/Tullow-Oil.jpg?fit=699%2C466&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":8128,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tullow-oil-offloads-uganda-assets-to-total\/","url_meta":{"origin":4814,"position":5},"title":"Tullow Oil Offloads Uganda Assets to Total","author":"","date":"April 23, 2020","format":false,"excerpt":"Tullow and Total E&P Uganda B.V. (Total Uganda) have signed a Sale and Purchase Agreement (SPA), with an effective date of 1 January 2020 (the Effective Date), in which Tullow has agreed to transfer its entire interests in Blocks 1, 1A, 2 and 3A in Uganda and the proposed East\u2026","rel":"","context":"In "Eastern Africa"","block_context":{"text":"Eastern Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/eastern-africa\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/4814","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=4814"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/4814\/revisions"}],"predecessor-version":[{"id":4815,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/4814\/revisions\/4815"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/4243"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=4814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=4814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=4814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}