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Tullow - TEN fields achieve first oil

October 2016

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • TLW
  • Price:
  • 237.5p
In what is a key milestone Tullow has announced that its TEN fields offshore Ghana, in which it holds a 47% stake, have achieved first oil on time and budget. It will gradually ramp up towards capacity of 80,000 barrels oil per day gross (bopd) by the end of this year – or c. 37,600 bopd net to Tullow -  and is expected to average a net 11,000 in 2016.Earlier its interims revealed profit after tax of US$30m on sales down 34% to US$541m, largely thanks to oil hedges, which meant its average price was US$60.7 / barrel compared with underlying prices of US$41 / barrel. Due to previously highlighted technical issues at its Jubilee field average production fell 22% to 58,400 boepd (H1 15: 74,600 boepd).Net debt rose 31% ...

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