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Tullow Oil reduced debt in first quarter after rights issue

Published 26/04/2017, 07:44
© Reuters. Tullow Oil reduced debt in first quarter after rights issue
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LONDON (Reuters) - Africa-focused oil company Tullow Oil (L:TLW) cut its debt in the first quarter by $200 million (£155.79 million), the company said on Wednesday, after announcing a surprise rights issue last month.

Net debt fell to $4.6 billion by the end of March, Tullow Oil said, down from $4.8 billion at the end of last year. It announced a $750 million rights issue on March 17 with the aim of raising money to pay down debt.

Tullow also said in its trading update on Wednesday that it had reached an agreement with Hague and London Oil (L:HNL) to sell its Dutch portfolio for an undisclosed sum. Production from the Dutch assets was forecast to be around 3,500 barrels per day (bpd) this year, Tullow said.

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