TULLOW OIL PLC

• ◆

  Material uncertainty over going concern

  We draw attention to note (3) of the financial statements, which indicates that the group’s ability to implement a holistic refinancing and to cover the expiration of the $250 million Revolving Credit Facility at the end of June 2025... This condition indicates that a material uncertainty exists that may cast significant doubt on the group and parent company’s ability to continue as a going concern.

• ◆

  5 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

Figures converted to GBP from USD at 0.748 per USD (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

1. TULLOW OIL PLC 2000-04-28 → present
2. DMWSL 291 PLC 2000-02-04 → 2000-04-28

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

Ernst & Young LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to note (3) of the financial statements, which indicates that the group’s ability to implement a holistic refinancing and to cover the expiration of the $250 million Revolving Credit Facility at the end of June 2025... This condition indicates that a material uncertainty exists that may cast significant doubt on the group and parent company’s ability to continue as a going concern.”

Group structure

1. TULLOW OIL PLC · parent
   1. Hardman Resources Pty Limited · Australia
   2. Tullow Chinguetti Production Pty Limited · Australia
   3. Tullow Petroleum (Mauritania) Pty Limited · Australia
   4. Tullow Uganda Operations Pty Limited · Australia
   5. Eagle Drill Limited 0.5% · British Virgin Islands
   6. Tullow (EA) Holdings Limited · Cayman Islands
   7. DWT.T Company · Cayman Islands
   8. Tullow Argentina Limited · England and Wales
   9. Tullow Comoros Limited · England and Wales
   10. Tullow Côte d'Ivoire Onshore Limited · England and Wales
   11. Tullow Group Services Limited · England and Wales
   12. Tullow Jamaica Limited · England and Wales
   13. Tullow New Ventures Limited · England and Wales
   14. Tullow Mozambique Limited · England and Wales
   15. Tullow Oil 101 Limited · England and Wales
   16. Tullow Oil Finance Limited · England and Wales
   17. Tullow Oil SK Limited · England and Wales
   18. Tullow Oil SPE Limited · England and Wales
   19. Tullow Peru Limited · England and Wales
   20. Tullow Uruguay Limited · England and Wales
   21. Tullow Oil Gabon SA · Gabon
   22. Tullow Oil (Mauritania) Limited · Guernsey
   23. Tullow Oil Limited · Ireland
   24. Tullow Congo Limited · Isle of Man
   25. Tullow Gabon Holdings Limited · Isle of Man
   26. Tullow Gabon Limited · Isle of Man
   27. Tullow Mauritania Limited · Isle of Man
   28. Tullow Namibia Limited · Isle of Man
   29. Tullow Uganda Limited · Isle of Man
   30. Tullow Côte d'Ivoire Limited · Jersey
   31. Tullow Kenya Limited · Jersey
   32. Tullow India Operations Limited · Jersey
   33. Tullow Oil (Jersey) Limited · Jersey
   34. Tullow Oil International Limited · Jersey
   35. Tullow Hardman Holdings BV · Netherlands
   36. Tullow Kenya BV · Netherlands
   37. Tullow Overseas Holdings BV · Netherlands
   38. Tullow Suriname BV · Netherlands
   39. Tullow Zambia BV · Netherlands
   40. Energy Africa Bredasdorp (Pty) Limited · South Africa
   41. Tullow South Africa (Pty) Limited · South Africa
   42. T.U.S.A. · Uruguay

Significant events

• “On 14 February 2025, Richard Miller was appointed as Interim Chief Executive Officer (CEO). Rahul Dhir stepped down as Director from the Board of Tullow Oil plc.”
• “On 4 March 2025, the Group settled the 2025 Notes upon maturity with a payment of $510 million, comprising a $493 million principal repayment and $17 million final coupon. This payment was partially funded through a $270 million drawdown from the Secured Notes Facility, with the remainder sourced from cash at bank. Following the $270 million drawdown, the Secured Notes Facility was fully drawn at $400 million.”
• “On 24 March 2025, Tullow announced that it had signed a binding heads of terms agreement with Gabon Oil Company for the sale of Tullow Oil Gabon SA, for a total cash consideration of $300 million net of tax. Signing of a sale and purchase agreement is targeted for the second quarter of 2025, with completion of the transaction and receipt of funds expected around the middle of the year, subject to receipt of relevant governmental and regulatory approvals.”
• “The transaction is a corporate sale of Tullow’s entire Gabonese portfolio of assets, representing c.10 kbopd of 2025 production guidance and c.36 million barrels of 2P reserves. Conditions precedent for the completion of the transaction include all necessary approvals including from government ministries, CEMAC Competition Commission approval and Tullow’s provisioning of the 2024 dividend in compliance with Gabonese requirements.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

20

last 12 months

Capital events

1

last 24 months

Officers appointed

4

last 12 months

Officers resigned

5

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.