**Summary**
Tullow Oil PLC released its November 2025 trading update, highlighting progress in operational efficiency, strategic asset sales, and financial restructuring. Key points include
1. **Operational Momentum**
2025 Group production averaged ~40.7 kboepd (including 7.1 kboepd of gas) to end-October, with Ghana’s Jubilee and TEN fields performing <mark style="background-color:yellow">above</mark> expectations.
Ghana’s Jubilee production averaged ~61 kbopd (net ~23.9 kbopd), supported by new wells (J72-P and upcoming J73-P).
TEN production averaged ~16 kbopd (net ~8.9 kbopd), exceeding expectations due to strong performance from Ntomme and Enyenra.
Progress in Ghana includes 4D seismic data acquisition, an OBN survey, and an MoU to extend Jubilee and TEN licenses to 2040.
2. **Strategic Sales**
Completed sale of Kenya assets for at least $120 million and Gabon assets for ~$300 million net of taxes.
3. **Financial Focus**
Cost optimization efforts aim to save $10 million in 2025 and $50 million over three years.
Engaging with bondholders and creditors to refinance capital structure, including exploring amend-and-extend options for the May 2026 bond maturity.
4. **Guidance**
2025 production at the lower end of 40-45 kboepd range
2026 production guided at 34-42 kboepd.
2025 free cash flow expected at ~$300 million (at $65/bbl oil price), with 2026 pre-financing cash flow at $70-100 million.
Year-end 2025 net debt projected at ~$1.2 billion.
5. **Challenges**
Natural decline in existing well stock and outstanding receivables from the Government of Ghana (~$200 million net to Tullow).
CEO Ian Perks emphasized the focus on long-term financial sustainability, operational efficiency, and asset optimization to position Tullow for future growth.