Tullow Oil PLC (LSE:TLW) shares plummeted, losing some 32%, after it reported average group production of about 40,700 boepd to the end of October.
The company said output was in line with expectations after completing the sale of its Kenya and Gabon interests earlier in the year.
Chief executive Ian Perks said the company is focused on operational improvements and long-term financial stability, whilst noting challenges that remain.
"Since joining as CEO in September, I have been impressed by the calibre of our team and the quality of our assets. Our near-term priority remains to put Tullow on a long-term, sustainable financial footing.
"To achieve this, we are focused on maximising operational efficiency in Ghana, cost optimisation, and refinancing the Group's capital structure."
Perks added: "We continue to face challenges related to the natural decline in our existing well stock and are focused on exploring all options to help mitigate this.
"Looking ahead into 2026, we will look to optimise production through management of the decline and the additional production from new wells."
The company said the Jubilee operation averaged about 61,000 bopd, with drilling activity resuming in November.
Tullow shares were under pressure as investors see continuing headwinds in Ghana. The offshore oiler, meanwhile, said it continues to work with Ghanaian authorities on potential licence extensions for the Jubilee and TEN fields, out to 2040, whilst noting delays in receiving more than $200 million in payments due from the government.
Panmure Liberum analyst Ashley Kelty, in a note, also highlighted the lack of communication around Tullow's debt challenges.
"There was little discussion about the previously flagged liquidity squeeze due to the need to refinance $1.3bn of debt by 2Q25, other than to say discussions are ongoing with creditors over alternative options such as an amend and extend exercise and other forms of liability management transactions," he said.
And, if that wasn't stark enough commentary, the Panmure Liberum analyst added: "We think a debt for equity swap may be required to keep the company going, which would probably wipe out existing equity holders."
In London, Tullow shares fell 2.63p or 30% to trade at 5.9p.