Oil giant Tullow said it is confident of delivering further significant growth in 2012 after what it called an excellent start to the year.
Year to date financials are in line with expectations, the board said, adding that capital expenditure for 2012 is expected to be in the region of US$2.0bn this year.
As of April 30th 2012, net debt is around $0.5bn and un-utilised debt capacity is about $2.7bn.
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"Tullow is continuing to deliver outstanding results from its high impact, exploration-led growth strategy. The Uganda farm-down and strong production performance give Tullow a firm financial foundation to carry out its extensive work programmes in Africa and the Atlantic margins," the firm's interim management statement said.
JH
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