Tullow announces record turnover
Tullow Oil plc has recorded record turnover of £132.4m (€196.8m) for the year ended December 31, 2003.
The oil and gas exploration and production company has interests in the UK North Sea, Cote d’Ivoire, Cameroon, Gabon, Pakistan, Bangladesh, India and Romania.
Operating profit before exploration activities was up 41% on 2002 to £47.1m (€70m), according to the company’s 2003 preliminary results, announced today.
Net debt was reduced to £62.4m (€92.7m), from £66.7m (€99.1m) in 2002.
Tullow was awarded a new licence in Gabon during the year, as well as completing an infill well programme in Cote d’Ivoire and starting a three-well programme in Bangladesh.
The company announced the proposed $570m (€472.8m) acquisition of Energy Africa and Energy Africa Gabon Holdings.
Chairman Patrick Plunkett said: “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 recognising 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.”
