TUWOY - Tullow Oil to buttress finances with focus on West Africa fields

Tullow Oil ([[TUWOY]] +5.6%) rallies to a five-month high in London after setting aside its typical focus on exploring for new discoveries to say it will commit 90% of its investments in coming years on its producing offshore oilfields in West Africa and curb exploration to reduce its $2.4B debt burden.Tullow says it expects to invest ~$2.7B over the next 10 years and make $4B in cash flow to pay down debt and distribute shareholder returns at oil prices of $45/bbl in 2021 and $55/bbl from 2022."The scale of cash generation... assuming it is achievable, would go a long way towards addressing the market's funding concerns," BMO analyst David Round says.The company, which previously said it aimed to raise $1B from asset sales, now says it sees less need for more divestments after selling its stake in yet-to-be developed Ugandan fields to Total for $575M and following cost cuts.

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Tullow Oil to buttress finances with focus on West Africa fields