Tullow Oil's Ghana Tax Result Improves Debt Refinancing Ability -- Market Talk
Dow Jones01-03
0837 GMT - Tullow Oil's successful tax resolution in Ghana removes a contingent liability and improves the company's ability to refinance its debts, Davy Research analyst Colin Grant writes. Tullow is no longer liable for $320 million of taxes due to the Ghana revenue authority and will have no future exposure to branch profits remittance tax under its petroleum agreements, he says. The decision helps support the company's other two tax cases in the country, Grant adds. Shares are up 11% at 24.34 pence. (ian.walker@wsj.com.)
(END) Dow Jones Newswires
January 03, 2025 03:37 ET (08:37 GMT)
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