In a major blow, Tullow Oil stated on Wednesday to have made $1.3 billion in the past six months. Meanwhile, it had earned a profit of $103 million the previous year. It was when there was an impairment of $1.4 billion amid the Group lowered the outlook of its oil price.
The company with $3 billion debt and a market cap of $361 billion was thinking of other financing alternatives suiting the structure of Group’s capital. Further, it said that cash flow projections were forecasting the shortfall of liquidity during the 18 month period in relevance to a Liquidity Forecast Test with respect to January 2021.