UPDATE 2-Tullow Oil future in doubt if oil drop thwarts planned asset sales [Reuters (UK)]
TULLOW OIL PLC UNSP/ADR (TUWOY)
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tullowoil.com/investors
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Source: Reuters
UPDATE 2-Tullow Oil future in doubt if oil drop thwarts planned asset sales - Reuters 4 Min Read * Tullow shortlisted new CEO candidates * Slashes capex to $350 mln * Targets at least $1 bln in asset sales * Hedged 45,000 bpd in 2020 at floor of $57.28/bbl (Adds detail) By Shadia Nasralla LONDON, March 12 (Reuters) - Tullow Oil said on Thursday the oil price slump may jeopardise planned $1 billion asset sales designed to refill its coffers as the Africa-focused group’s lenders may baulk at approving loans, threatening its future. The company said it expects its free cash flow to slide to $50 million-75 million this year at an oil price of $50 a barrel, but hopes to raise cash from the asset sales. Free cash flow at the group had already fallen last year to $355 million from $411 million in 2018. Highly-indebted Tullow expects to break even at prices of $45 a barrel. Brent crude was trading just below $34 a barrel early on Thursday, down from above $70 at its January highs. Tullow said
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