Tullow reported free cash flow of US$0.5 billion in its FY 2017 results. Net debt was down 27% to US$3.5 billion (relative to year end 2016). With the underlying business in good shape, growth is back on the agenda. But additional work is still needed to demonstrate the viability of the Kenya project. Tullow is set to continue with its high-impact exploration campaign and the next well will be Cormorant-1,offshore Namibia.