Tullow Oil reaches deal to extend $250m credit facility

Tullow Oil has reached agreement with its lenders to extend the maturity of its revolving credit facility (RCF) to June 30, 2025, the company said on Tuesday.

The facility has been sized to $250m to align with lower headroom needs and to continue to reduce financing costs, with all other terms unchanged, it added.

"Extending the RCF is a key step in our refinancing plans. The extension was materially oversubscribed, demonstrating Tullow's strong and enduring relationships with our lenders and providing us with confidence as we progress our plans to address our remaining debt maturities," said chief financial officer Richard Miller.

Reporting by Frank Prenesti for Sharecast.com