Tullow Oil Reports Preliminary Results for 2003

Tullow Oil announces its Preliminary Results for the year ended December 31, 2003.



  • Record Turnover £132.4 million (2002 - £112.6 million) driven by increased North Sea and West African production
  • Operating profit before exploration activities up 41% to £47.1 million (2002 - £33.3 million)
  • Operating cash flow up 35% to £85.0 million (2002 - £62.9 million)
  • EPS of 2.92p (2002 – 3.56p) impacted by increased tax and exploration costs written off
  • Net debt reduced to £62.4 million (2002 - £95.4 million) and total cash balances increased to £66.7 million (2002 - £44.8 million)
  • Disposal of non-core UK Onshore assets

  • Operational

  • Key strategic position achieved in Southern North Sea gas infrastructure through increased equity interests
  • CMS III development successfully completed
  • Côte d'Ivoire East Espoir development and infill well program completed in September
  • Côte d'Ivoire oil discovery at Acajou to be appraised in 2004
  • New operated license awarded in Gabon
  • 3 well program in Bangladesh commenced December

  • Outlook

  • Proposed $570 million acquisition of Energy Africa and Energy Africa Gabon Holdings announced
  • Encouraging gas shows in Lalmai-3 well, Bangladesh being progressed to testing
  • Monroe exploration success in UK Southern North Sea suspended for future completion

  • Patrick Plunkett, Chairman of Tullow Oil commented: –

    " Tullow has emerged from 2003 a stronger and more focused company and the proposed Energy Africa acquisition announced today would represent a significant acceleration in the Company's growth. Industry dynamics are continuing to present exciting opportunities within our core areas, while investors are once again recognizing the benefits that can result from exploration success. I would like to thank our existing staff and shareholders for their commitment and look forward working with the staff and management of Energy Africa as part of the Tullow Group. ''