Low oil prices and capital commitments stretched Tullow's finances to the limit. Resetting the business and positioning for growth has been a key strategic objective during the downturn and the company has delivered on this objective. The business has now been restructured and the balance sheet strengthened. High-impact exploration was largely on the back burner from mid-2014 to 2017. E&A expenditure fell to just US$82 million in 2016, from peak rates of US$1 billion between 2011 and 2013. There was an increase in E&A spend in 2017 (US$98 million) but this fell in 2018 to US$70 million. The company plans to increase its exploration budget to around US$150 million per year and this will allow it to drill three to five high impact wells p.a.