Shares in Tullow Oil closed 9.6% higher last night after the London-listed firm said that its credit facilities remain unchanged following an asset assessment.
The company said that it demonstrates the continued support of its lending banks during this period of low oil prices.
The Africa-focused independent said that its cash and undrawn credit facilities amounted to £1.4billion with no near term maturities.
The firm said this “built on” a £297million capital increase and covenant renegotiation agreed in March.
Ian Springett, chief financial officer, said the firm was on track for first oil at its “TEN” development in Ghana.
He said: “Generating such significant liquidity at this time reflects our prudent hedging programme and the quality of our producing and development assets.
“We 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.”
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