Jubilee startup provides cash flow boost for Tullow

(Sharecast News) - Tullow Oil on Wednesday said the start-up of the Jubilee South East operation off Ghana helped to drive production and lifted 2023 cash flow ahead of expectations. The oil and gas explorer on Wednesday said it was on track to deliver around $600m in free cash flow over the next two years to achieve its stated target of $800m from 2023 to 2025.

Five Jubilee wells were expected to come onstream in 2024, concluding the activity planned at the start of the drilling programme approximately six months ahead of schedule with excellent drilling performance.

Year-end net debt was reduced by about $250m to $1.6 bn.

Reporting by Frank Prenesti for Sharecast.com