Tullow Oil and Partners Secure License Extension for Ghana’s Jubilee and TEN Fields

Tullow Oil ( (GB:TLW) ) has shared an announcement.

The Government of Ghana, Tullow Oil, and its partners have signed a Memorandum of Understanding to extend the production licenses for the Jubilee and TEN fields to 2040. This agreement includes plans to drill up to 20 additional wells, representing a $2 billion investment, and aims to increase gas supply while reducing gas prices. The extension is expected to enhance Ghana’s energy sector, providing economic growth, job opportunities, and increased reserves, thereby benefiting both the country’s development and the stakeholders involved.

The most recent analyst rating on (GB:TLW) stock is a Sell with a £18.00 price target. To see the full list of analyst forecasts on Tullow Oil stock, see the GB:TLW Stock Forecast page.

Spark’s Take on GB:TLW Stock

According to Spark, TipRanks’ AI Analyst, GB:TLW is a Neutral.

The overall score reflects strong corporate event initiatives aimed at financial stability and strategic asset divestments, countered by significant balance sheet risks and weak technical indicators. Valuation suggests potential upside, but operational profitability challenges remain a concern.

To see Spark’s full report on GB:TLW stock, click here.

More about Tullow Oil

Tullow Oil is an independent energy company focused on responsible oil and gas development in Africa, with core producing assets in Ghana. The company is committed to achieving Net Zero on its Scope 1 and 2 emissions by 2030 and aims to deliver socio-economic benefits to its host nations. Tullow is listed on the London and Ghanaian stock exchanges.

Average Trading Volume: 6,217,361

Technical Sentiment Signal: Sell

Current Market Cap: £219.5M

See more data about TLW stock on TipRanks’ Stock Analysis page.