Tuesday 12 December 2017

Tullow confident of strong results


Oil and gas producer Tullow Oil expects to deliver strong half yearly revenue despite reporting a $415m pre-tax write-off in net exploration in the first six months of 2014.

Shares in the London-listed energy company dipped slightly by less than 1pc to 852 pence yesterday morning as it confirmed disappointing results in Mauritania, Ethiopia and Norway.

Its gross first-half profit came to $650m and revenue reached $1.3bn, in line with the firm's expectations for the year, it announced in a trading statement.

The energy company is now counting on new drilling projects planned in Kenya and Ethiopia for this year and next to improve its exploration performance.

"Tullow has continued to move the business forward over the last six months," said chief executive Aiden Heavey. "Exploration and appraisal success in Kenya has further de-risked the 600m barrels of oil discovered resources. We are also making good progress", he said.

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