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Trading statements

Tullow Oil continues to make good progress

28 June 2017 07:23

Tullow Oil said it continues to make good progress despite tough market conditions.

"Our recent Rights Issue and free cash flow from our low cost, producing assets have resulted in a significant reduction in our debt and provided the Group with greater financial and operational flexibility," said CEO Paul McDade.

"I have reviewed our medium-term plans and remain satisfied that we are making the right investment decisions with regard to our producing, development and exploration portfolio.

"Financial discipline and efficient capital allocation will be a key focus of my tenure as CEO as we seek to deleverage the Company and return to growth even at low oil prices."

Tullow's first-half 2017 West Africa oil production has performed in line with guidance, and was expected to average 81,400 bopd including production-equivalent payments received under Tullow's Business Interruption insurance policy for the Jubilee field.

In Europe, half year net production is expected to average 5600 boepd.

West Africa working interest oil production FY guidance of 78,000-85,000 bopd for 2017, including production-equivalent insurance payments, remains unchanged.

Europe FY gas production guidance for 2017 was now expected to average between 5500 and 6000 boepd.

Story provided by StockMarketWire.com

Related Company: TLW

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