Bright start to year for Tullow
Tullow Oil has announced its interim results for the six months ended June 30 2007.
The group demonstrated a strong operating performance in the first half of 2007. Production reached record highs and oil pricing continued to be strong, although the realised UK gas price was considerably lower than the exceptional levels of 2006 and this impacted reported results.
They continued to deliver major exploration success with a further world-class discovery in Ghana, where upside potential in excess of a billion barrels has been identified. Excellent results were also recorded in Uganda where ongoing programmes are extending the existing reserve base and reducing the risk of future prospects.
Finally, Tullow significantly enhanced and extended its worldwide exploration portfolio through the acquisition of Hardman Resources, which was completed in January and is now fully integrated.
