Tullow Oil plc said it was preparing to reap from its investments as its six-month profits halved and full-year guidance narrowed. FINANCES The group posted revenue of $777m (H1 2022: $859m) from falling oil prices despite an increase in sale to 56,900 boepd (53,500 boepd). Pre-tax profit from continuing activities decreased to $217m ($561m) The […]
Tag: Tullow Oil plc
Tullow sells Guyana subsidiary or potential $14.7m
Tullow Oil plc will sell its Guyana subsidiary, including its operated 60% in the Orinduik licence, to Eco Guyana Oil & Gas (Barbados) Ltd for an approximate potential of $14.7 million in cash and contingent payments. EXPLORATION Tullow said its decision to exit Orinduik was in line with its strategy to focus on its assets […]
Tullow granted more time for Gabon licences
Tullow Oil plc has increased its resource base in Gabon with the extension of several of its licences until 2046. TCHATAMBA The company said that government approval will add some 5mmbbls net 2P reserves that will deliver 100% 2P reserves replacement this year. “This activity is in line with the group’s strategy to focus on […]
Tullow adds second well at Jubilee South East
Tullow Oil plc has produced more than 100,000 bopd after bringing on stream a second well at the Jubilee South East (JSE) project, offshore Ghana. CASH FLOW The company said that both the JSE wells were performing in line with expectations and increased production rates by 50% compared with the first half of 2023. Two […]
Tullow Oil starts oil production at $1bn Jubilee South East JV project
Tullow Oil plc has started production from the first well at the $1 billion Jubilee South East (JSE) joint venture project in the Tano basin, offshore Ghana. FUTURE DRILLING In 2023, partners Kosmos Energy, Ghana National Petroleum Corporation, Petro SA and Jubilee Oil Holdings aim to bring on stream a further two producers and one water […]
Tullow Oil directors buy and exercise options for a total 7.6m shares
Tullow Oil plc reported option exercises and further purchases by directors of a total 7,565,289 ordinary shares each of 10 pence in the company. PURCHASES Non-executive director (NED) Roald Goethe yesterday bought 200,000 shares each at an average price of 27 pence for £55,994. On 28 June, NED Sheila Khama purchased 32,900 shares each at […]