The analyst added: "We expect Tullow to generate $0.9bn of post-tax cash flow in 2019; management has reined in spending and, as a result, we expect the company to generate ~$0.4bn of free cash flow. "Indeed, we estimate that Tullow's 2019E spending of $0.5m is covered down below $55/bbl. "Moreover, management has rescheduled its debt-repayment obligations and, as a result, it has few near-term commitments." RBC now rates Tullow as 'outperform', up from 'sector perform', and it has raised its price target to 300p from 275p.