Tullow Oil plc announced its results for the year ended December 31, 2009.
2009 Full year results
The reported financial results for 2009 are in line with market expectations and down compared with 2008. The successful completion of new debt facilities and equity placings, coupled with the proposed Uganda farmdown, are major steps in ensuring that the Group remains well funded to continue to execute its medium term exploration, appraisal and development programs.
Aidan Heavey, Chief Executive, said: "A strong performance in 2009 and an excellent start to 2010 has enabled the Group to continue to create material exploration and development opportunities. Although our 2009 reported results still reflect a period of financial transition, first oil in Ghana from the Jubilee field later this year will result in considerable production growth and increased cash flow. Our transformational exploration program continues apace with up to 30 wells planned for 2010. In Uganda we are working closely with the government and two potential new partners to accelerate development. Our future growth is well underpinned by a significantly strengthened capital structure and overall the performance prospects for the Group are very strong."
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