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Thursday, July 3, 2014
In preparation for the release of its Half Year Results, Tullow Oil issued a trading guidance for the first six months of the year. The company through H1 saw strong revenues and gross profits in line with expectations of approximately $1.3 billion and $650 million respectively. Not all of the company’s financials for the period were rosy with mixed results from exploration in Mauritania, Ethiopia, and Norway combined with license relinquishments leading to a $415 million write off for H1.
Despite Tullow’s write offs from exploration in the previously mentioned countries, its drilling program for H1 was successful. The company drilled a number of successful exploration, appraisal and testing results from the South Lokichar Basin onshore Kenya.
Activity will continue during H2 to refine and extend the basin potential including the Etom and Ekosowan exploration wells. Four new basins in Kenya and Ethiopia are being tested during H2 and five further basins will be tested in Kenya and Ethiopia during 2015.
The company also revealed that results from its latest drilling in Gabon, the onshore Ingongo well, should be in shortly. It will also spud the high impact pre-salt Sputnik-1 offshore exploration well in late-July or early-August.
The company saw working interest production for H1 average 78,100 boepd.
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