Tullow Oil PLC’s Chief Executive Rahul Dhir, said on Wednesday at the company’s annual general meeting that the company had seen a strong operational performance in the year.

Dhir said that the oil and gas company began the year in discussions to address our debt maturities. He said that now, thanks to asset sales, cost savings and some help from oil prices, the company was able to reset its capital structure with a $1.8 billion bond issue.

Since then, Tullow has recorded strong operational performances in Ghana and Gabon, though it noted some issue as its joint venture project in Kenya.

At its operated assets in Ghana, the company noted improvements in floating production storage and offloading uptime, gas offtake and water injection rates.

It also notable production growth at its Jubilee well where average daily production climbed to 90,000 barrels of oil per day by the end of the year from 70,000 barrels of oil per day at the start.

In Gabon, the company said it has continued to deliver stable production and have matured several prospects around the Simba and the Tchatamba South licences that can sustain and increase production.

In Kenya, the company said it has been working with its joint venture partner to revise its development to target more resources, higher production and reduce project unit costs.

Tullow explained that the plan has been restructured as it was a ‘commercially difficult’ project. It continued that it is working with potential partners to reduce its stake in the project to be ‘more in line with a company of [its] size’.

Elsewhere, Tullow said it retains material positions in emerging basins in Guyana and Argentina. It added that it expects to spud a well in Guyana imminently and anticipated to announce the results from the well in the third quarter of 2022.

Shares in Tullow Oil were up 1.6% at 55.10 pence on Wednesday morning in London.

Phuthuma Nhelko joins the company as non-executive chair, replacing Dorothy Thompson who left the board last year. The company also appoints Jonathan Swinney as its new chief financial officer. Swinney will join from oil and gas company Enquest PLC later this year.

Tullow Oil will publish a trading statement on July 13.

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