TULLOW OIL PLC

Capital/Financing Update • Apr 7, 2014

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

RNS Number : 1578E

Tullow Oil PLC

07 April 2014

News Release

Tullow refinances its corporate revolving credit facility

7 April 2014 - Tullow Oil plc (Tullow) is pleased to announce that it has refinanced its US$500 million corporate revolving credit facility and that it has successfully increased the size of the facility to US$750 million and extended the tenor to April 2017.

The arrangement is a fully committed, secured and revolving credit facility and replaces the previous facility which was due to expire in November 2014. Mandated Lead Arrangers are Bank of America Merrill Lynch, BNP Paribas, Credit Agricole Corporate & Investment Bank, HSBC Bank, ING Bank, Natixis, Société Générale, Standard Chartered Bank, The Royal Bank of Scotland and Standard Bank.

Ian Springett, Chief Financial Officer, Tullow Oil plc, commented today:

"This $750 million corporate facility forms an important piece of our debt capital structure which also includes $3.5 billion of reserve based lending facilities and $1.3 billion of senior notes, the second tranche of which was priced last week. We have taken advantage of currently strong debt markets to increase our bank commitments, further diversify our sources of funding and extend the maturity of our debt. With Tullow also benefitting from strong cash flow from production, the Company is well-financed with strong liquidity and considerable financial flexibility."

FOR FURTHER INFORMATION CONTACT:

Tullow Oil plc (London) (+44 20 3249 9000) Chris Perry (Investor Relations) James Arnold (Investor Relations) George Cazenove (Media Relations)	Citigate Dewe Rogerson (London) (+44 207 638 9571) Martin Jackson Shabnam Bashir	Murray Consultants (Dublin) (+353 1 498 0300) Pat Walsh Joe Heron

Notes to Editors              

Tullow Oil plc

Tullow is a leading independent oil & gas, exploration and production group, quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW) and is a constituent of the FTSE 100 Index. The Group has interests in over 140 exploration and production licences across 24 countries which are managed as three regional business units: West & North Africa, South & East Africa and Europe, South America and Asia.

Follow Tullow on:

Twitter: www.twitter.com/TullowOilplc                                         You Tube: www.youtube.com/TullowOilplc 

Facebook: www.facebook.com/TullowOilplc                                LinkedIn: www.linkedin.com/company/Tullow-Oil

IR App: bit.ly/TullowApp                                                                    Website: www.tullowoil.com 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCLFFEISIIRIIS