Strong Performance for Tullow in 2H 2012

Africa-focused Tullow Oil announced Wednesday that it has maintained a strong performance, so far, during the second half of the year.

In an interim management statement, Tullow said it remains on target to deliver average net production of up to 84,000 barrels of oil equivalent per day for 2012 as a whole. The firm said that production capacity has been enhanced at its Jubilee field in Ghana, West Africa, which it expects to generate more than 90,000 barrels of oil per day by the end of this year.

In terms of its financial performance, Tullow said that figures were in line with expectations. Capital expenditure for 2012 remains in the region of $2 billion. At the end of October, net debt was approximately $0.9 billion and unutilized debt capacity is around $2.2 billion.

In an outlook statement, Tullow added:

"Tullow's exploration-led growth strategy continues to deliver outstanding results for the group. Exploration success in Kenya is opening up another new basin in East Africa with major upside potential. Growing production and cashflow from the Jubilee field continues to strengthen Tullow's financial base as we look forward to further significant exploration and development programs in 2013." 

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