| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: OIL & GAS PRODUCERS |
Tullow still going strong |
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Wed 11 Nov 2009
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LONDON (SHARECAST) - Tullow Oil is riding high and still performing “strongly”, the oil and gas group said Wednesday. It’s trading in line with expectations and has maintained production guidance for the year.
The firm, which has cemented its place in the FTSE 100 this year, said its overall, operational and financial performance between 1 July and 11 November was in line with expectations.
It enjoyed material successes in Uganda, Ghana and Sierra Leone and boasts a year-to-date exploration success rate of 85%.
Working interest production is expected to average 58,000 barrels of oil equivalent per day (boepd), in line with previous guidance.
“A number of high-impact wells will commence drilling before year-end and we expect to have a new partner in Uganda early in the New Year,” said Tullow. “The outlook for the remainder of 2009 and into 2010 is very positive.”
A full year trading statement will be issued on 20 January.
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