Tullow Oil reports strong 2009 performance
11/11/2009 - 09:03:25Tullow Oil's business continues to perform strongly, according to its Interim Management Statement, for the period July 1, 2009 to November 11, 2009.
Overall, operational and financial performance is in line with the oil exploration firm's expectations.
The group’s exploration programme delivered material successes in Uganda, Ghana and Sierra Leone which has contributed to a year-to-date exploration success rate of 85%.
The group’s oil production is expected to average 58,000 boepd, in line with previous guidance and they expect the Jubilee development in Africa to deliver its first oil in the fourth quarter of 2010.
Capital expenditure for 2009 is expected to be in the region of £750m.
Net Debt at October 31, 2009, was £664m.
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