Tullow Oil's $95m loss
bad day for
Oil and gas producer Tullow Oil reported a net loss for the first half of the year after writing off more than $400m in exploration costs.
The company reported a net loss of $95m for the six months ending June 30, compared with a net profit of $313m a year earlier.
Revenues fell 6pc to $1.265bn. Tullow reported write-offs of $402m on drilling in Mauritania, Ethiopia and Norway over the past six months. It also had various licences cancelled. The British company is now counting on drilling in Kenya and Ethiopia.