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Tullow reports 85pc exploration success rate

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Tullow reports 85pc exploration success rate

11.11.2009
Dublin-listed oil and gas exploration company Tullow Oil has said its business continued to perform strongly during the five-month period between July and November, with an exploration success rate of 85pc over the year-to-date.

In an interim management statement issued today, the group said its producing and development assets are performing well and that it is maintaining production guidance at 58,000 boepd. 

At the group’s Jubilee field in Ghana, development drilling and facilities fabrication remain on track to deliver first oil in the fourth quarter of 2010, Tullow added.

The group’s net debt at 31 October 2009 was £664m. Capital expenditure for 2009 is expected to be in the region of £750m. 

Tullow said its business continues to perform strongly and said its outlook for the rest of 2009 and into 2010 is “very positive”.

Recent successes in Sierra Leone and Ghana have enhanced the potential of its West African portfolio, the group noted, adding that the inclusion of Shell as a partner in French Guiana is a strong endorsement of its Equatorial Atlantic acreage.

Tullow also said it will begin drilling a number of high-impact wells before the end of the year, and it said it expects to have a new partner in Uganda early in the New Year.

 

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