{"id":156657,"date":"2015-10-02T17:39:32","date_gmt":"2015-10-02T17:39:32","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=156657"},"modified":"2015-10-02T10:55:56","modified_gmt":"2015-10-02T10:55:56","slug":"tullow-share-price-soars-as-lenders-maintain-debt-capacity","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2015\/10\/tullow-share-price-soars-as-lenders-maintain-debt-capacity\/","title":{"rendered":"Tullow share price soars as lenders maintain debt capacity"},"content":{"rendered":"<p>Tullow Oil Plc announced today that its lending banks have decided to maintain the firm\u2019s available credit capacity at $3.7 billion following a routine half-annual reserve-based lend redetermination process.<\/p>\n<p>[contextly_sidebar id=&#8221;Pf7tStxNtw65auBdKYOQuXWxNe18yOJD&#8221;]The banks\u2019 decision was welcomed by Tullow, which has suffered from the plunge in oil prices over the past year.<\/p>\n<p>\u201cToday\u2019s announcement demonstrates the robustness of Tullow\u2019s debt capital structure and emphasises the strong support that we are receiving from our relationship banks,\u201d chief financial officer Ian Springett said.<\/p>\n<p>The company noted that as of September 30, it has cash and undrawn credit amounting to $2.1 billion, with no near-term maturities.<\/p>\n<p>\u201cWe are fully funded to meet all of our commitments including the ongoing investment in the TEN development. This important project remains on schedule and on budget to deliver first oil and significant additional cash flow in mid-2016.\u201d<\/p>\n<p>Tullow\u2019s share price had surged 9.64 percent to 185.40p, adding to the upside since Monday, when the company\u2019s stock plunged to a 10-year low.<\/p>\n<p>The Africa-focused oil explorer added a little over seven percent on Tuesday and Wednesday, as Macquarie predicted that\u00a0<a href=\"http:\/\/invezz.com\/news\/equities\/20451-Tullow-Oil-share-price-extends-rebound-off-10-year-low\">banks will indeed support<\/a>\u00a0Tullow\u2019s cash needs.<\/p>\n<p>However, despite the rebound, Tullow shares are still more than 70 percent in the red on an annual basis, amid the depressed oil price.<\/p>\n<p>The weak commodity market prompted the company to slash capex and suspend its dividend, as its\u00a0<a href=\"http:\/\/invezz.com\/news\/equities\/19516-Tullow-Oil-share-price-H1-sales-sink-by-a-third\">H1 gross profit<\/a>\u00a0halved.<\/p>\n<p>&#8211;<\/p>\n<p>Source:\u00a0 invezz.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tullow Oil Plc announced today that its lending banks have decided to maintain the firm\u2019s available credit capacity at $3.7 billion following a routine half-annual reserve-based lend redetermination process. [contextly_sidebar id=&#8221;Pf7tStxNtw65auBdKYOQuXWxNe18yOJD&#8221;]The banks\u2019 decision was welcomed by Tullow, which has suffered from the plunge in oil prices over the past year. \u201cToday\u2019s announcement demonstrates the robustness [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":132258,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[22,4],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tullow share price soars as lenders maintain debt capacity - Citi 97.3 FM - Relevant Radio. 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[contextly_sidebar id=&#8221;Pf7tStxNtw65auBdKYOQuXWxNe18yOJD&#8221;]The banks\u2019 decision was welcomed by Tullow, which has suffered from the plunge in oil prices over the past year. \u201cToday\u2019s announcement demonstrates the robustness [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/citifmonline.com\/2015\/10\/tullow-share-price-soars-as-lenders-maintain-debt-capacity\/\" \/>\n<meta property=\"og:site_name\" content=\"Citi 97.3 FM - Relevant Radio. 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