Tullow hitting its stride

All of the financials are in line with expectations this year at Tullow, while the oil group remains on target to deliver average net production of 80,000 to 84,000 barrels of oil equivalent per day (boepd) for the full year.

All of the financials are in line with expectations this year at Tullow, while the oil group remains on target to deliver average net production of 80,000 to 84,000 barrels of oil equivalent per day (boepd) for the full year.

The group's interim management statement covering the second half of the year said operational and financial performance has remained strong.

In Ghana, the production capacity of the Jubilee field has been ramped up and is expected to exceed 90,000 bopd (gross) by the end of the year, while in Kenya, the second exploration well in the Lockichar Basin has successfully encountered oil, which has further de-risked the exploration prospects in the basin. Additional exploration drilling and testing results across Tullow's Kenyan and Ehtiopian assets are expected before the end of the year.

Forecast capital expenditure for 2012 remains in the region of $2.0bn. As of October 31st, net debt is around $0.9bn and unused debt capacity is in the region of $2.2bn.

"Growing production and cash flow from the Jubilee field continues to strengthen Tullow's financial base as we look forward to further significant exploration and development programmes in 2013," the group said.

Recommended

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
6 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
2 Feb 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023

Most Popular

Share tips of the week – 3 February 2023
Investments

Share tips of the week – 3 February 2023

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages
3 Feb 2023
The best one-year fixed savings accounts - February 2023
Savings

The best one-year fixed savings accounts - February 2023

Earn almost 5% on one-year fixed savings accounts.
6 Feb 2023
Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Wholesale gas prices are on a downward trajectory, but does this mean lower energy bills later this year?
6 Feb 2023