DAVY VIEW

Tullow has tried hard to stabilise its operations and deliver on carefully set expectations. By and large, the first six months of 2020 look to have achieved this despite the headwinds of the oil price crash and COVID-19. New management is now in place. We suspect the primary focus in the coming months will be to ensure production stability and deliver on corporate actions to reduce the group’s debt profile. This is likely to be the primary benchmark for the market’s view on the group.