Africa-focused Tullow Oil PLC (TLW) said on Wednesday that it forecast $600 million in full-year operating cash flow, or unchanged compared to 2020, in case the price of oil remains at $60 per barrel on average during the remainder of the year.
The company added that its full-year operating cash flow would be $50 million higher, in case oil prices remain at $70 a barrel on average for the remainder of 2021.
Tullow Oil also said it planned to invest $250 million, primarily in drilling operations in Ghana, and that it expected its oil output to remain stable at nearly 60,000 barrels per day.
As of 7:09 GMT on Thursday the shares of Tullow Oil PLC were retreating 4.05% (GBP 2.11) on the day to trade at GBP 50.05 in London. Yesterday the stock closed 1.84% higher at GBP 52.16, while marking its third gain in the past ten trading sessions.